Stock Market Highs

Chart courtesy of Metastock. Data provided by Reuters and TSA Group.

According to Morgan Stanley data, it seems the US Options traders think we are heading for a crash. Heavy protection has been taken out on the S&P in case of a major correction taking place.

I have placed the GBPUSD charts above including the smart money behaviour. Watch the GBPUSD this week for a possible break of the consoldation pattern. We have a daily sell signal on todays bar so I will watch for a break below todays low tomorrow as long as the sell stays put by midnight.

The Empire State Businesss Conditions Index has just been released at nearly double the forecast which will be dollar positive news.

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Good luck.