Today's interesting charts
Comment of the Day

September 16 2013

Commentary by David Fuller

Today's interesting charts

Price action remains subject to sudden changes in this choppy environment

David Fuller's view The Indian Rupee plunged against the US dollar (INR/USD) (weekly & daily) between May and August, reaching a climactic low on the 28th of last month. That remains a floor of at least near-term significance and this rate is still well beneath its declining 200-day moving average. While overhead trading may slow the recovery, a clear downward dynamic (large red candle) will be required to check this rally beyond a brief pause.

US Indices including the Dow (weekly & daily), S&P 500 (weekly & daily), Nasdaq (weekly & daily) and Russell 2000 (weekly & daily) remain in their overall upward trends and are testing their highs, but they are also short-term overbought. Nevertheless, closes beneath the late-August and early-September lows are required to alter the medium-term uptrend consistency.

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