The fairy tale continues from friday as bad news is ignored just as indicated in the trade room. A bad ISM number could do not even put a 1% down distance between the prev close and today low. With the 100 DMA at 1357 still holding key to ES SPX futures, we expect the sloppiness in price action to continue.

A few charts and setups for today. Latest trades can be checked on the trade sheet.

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Our weekend post which covers both fundamental and technical setup can be found here: Short Covering of highest order. Over 25 technical setups are used in the weekly analysis for arriving at our final bias for the week.

Please join me as we take a look at todays charts and setups (2 July 2012).

Steady H1 uptrend remians intact as long as above 110.527 but stochastics and vortex are continuing to paint bullishness. The upper BB25,2 comes in at 110.596.

EU schatz has its 50 DMA at 110.6 the 55 DMA at a110.597 and the 25,2 BB mid line at 110.6. This is the level which Schatz need to take outfor EURJPY to renew its downtrend towards 97.

BTP has stayed afloat all day above 100 levels which forms the mid line of the BB25,2. With traction in the Italian bonds, EURUSD will rise and it is only a matter of time now.

The pair is wedged between the 200 DMA …..

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