The USD has found a way to make another higher high for the move early today and this suggests we may see even more short covering ahead. However, we would not discount the potential for a flare higher off jobs data and potentially from the elevation of daily infections in the headlines. Apparently disgust and embarrassment of the US system is not a deterrent to strength in the USD, with the index apparently retaining some measure of flight to quality interest. In the end, we do not expect the downtrend to end and suggest a rally today could be a potential short entry point for more aggressive traders. Technically speaking, stochastics are rising from oversold levels, which is bullish and should support the market moving higher. Resistance is around 9007 and support hits today at 8945.

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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