Volatility spiked Friday and market prices fell into support. When the USD finally reversed off its highs, commodities, gold and the markets ignited a short squeeze. We ended the session with high volume bullish hammer reversal sticks all round. That leaves the door open for retracements going into this week. The CPC level is too bearish which confirms the potential for a bounce.
$USD strength attributable to macro economic concerns over Greece, Spain and Portugal. But the move is extended into resistance zone.
Commodities and financials and many other sectors well positioned for technical bounce from oversold levels.
A couple of trades from Friday.
Trade setup in futures for this week. Price may pull back towards lower blue line, in which case we'll start scaling in ahead of the bigger move at the base.