US$, Gold, Stocks
Trader Scott’s Market Blog
October 20, 2016
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And lastly the US$. I continue to get plenty of push back for my consistent bullishness on the US$. Tonight the Dollar hit another new high since putting in the “spring” low (Wyckoff spring) which occurred on May 3rd. On the included chart of the US$, there is a very important resistance area at 100.5 approximately. I do expect it to get there, and if so, then we’ll see where we stand technically. But for now the Dollar is at an interim resistance area tonight (the red arrow). And the euro is at an interim support area (marked on the chart) from the Brexit lows on June 23rd. And shorter term this will have an effect on both stock markets and PMs. But the large upside pressure on the US$ still remains.
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day.Scott returned to markets over fifteen years ago where he continues as an independent trader.