The Dollar Breaks Through Key Levels

By: Scott Johnson Wednesday, November 25, 2009 9:46 AM

I am currently short, and will be adding to the position on a move below 16.24.

Looking toward equities, watch for SPY to break to new highs today, a bullish signal for stocks.

In the longer term, traders are advised to look at the monthly charts of the major indexes. While we are still clearly trending higher, volume is decreasing, and price is approaching the 200 period moving averages. Given the technical signals on the monthly charts, we are approaching an area where we could logically see a major pullback.

I will try to get some individual stock charts up before the market opens.

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