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NFP Impact on FX and S&P 500
Traders, the persistent strength in the S&P's/weakness in DXC ahead of Friday's NFP may well be lulling traders/investors into a slightly false impression of how prices will unfold - at least that is how we see it. For weeks now we have been tracking a running triangle count in the S&P 500, that when completed, will be quite bullish. However, based on the current count in the triangle, prices likely have another push lower first - thus we urge caution at getting too bullish stocks/bearish the dollar for the time being. With Friday's NFP release, it is the perfect scenario whereby 'overconfident' bulls could take a ... (full story)