S&P500 & Euro Positively Correlated
- Posted by JC Parets
- on October 26th, 2011
Are you looking for clues about the next big move in stock market? It might not be a bad idea to follow the Euro. Take a look at the correlation between $SPY and $FXE going back a little over a month (30-min timeframes):
Equities are ripping this morning, but Euro weakness is telling us that something might be wrong. Both $SPY and $FXE are running into former support from this summer. This support appears to be turning into a resistance for $FXE.
Will $SPY follow?
Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.blog comments powered by Disqus
J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He is a 10-year veteran and Market Technician who actively manages money incorporating Technical Analysis and Behavioral Finance into his practice. JC’s work has been featured regularly on CNBC, Fox Business, Bloomberg, Business News Network, Wall Street Journal and Yahoo Finance among many other financial media outlets. More...
- Was That A Failed Breakout in Russell2000?
- When Do We Buy McDonalds?
- How High Can Chipotle Go?
- Is It Time To Buy Apple? Or Is It A Sell?
- Where Are U.S. Treasury Bonds Heading From Here?
- A Top/Down Look at Shares of Google
- Here’s A Look At The U.S. Large-Cap Indexes
- BNN Appearance: Interest Rates and Apple
- This S&P500 Chart Still Makes Me Nervous
- How To Prepare For a Lower Rate Environment
Archive by Year