Economic and political challenges from a Christian worldview.

Update on the most important chart…

Doug Tjaden | December 22, 2009 | 0 Comments

Here is an update on “the most important chart in 100 years.” The dollar broke out to the upside, but did so in a manner that suggests a short squeeze more than a major turn. If it can consolidate here without turning down sharply, it should set up a sideways trading range. It may even make 80 for a final test of the major multi-decade breakdown level. However it could just be a bull trap where it turns back down violently. It will bear watching closely. 74 has now become a very important technical level. When it is broken to the downside it will bring on accelerated selling similar to the buying we have seen on the upside breakout.