Broad Markets We are Watching for the Week of 8.29

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CBT - U.S. TEN YEAR NOTE (Sept) – Daily 
Near Term Trend: Positive
Friday's Close: 130'090 (+9.5) Yield: 2.19%

UPDATE: As we stated two weeks ago, If the Stock Indices can find some footing, then the September contract could retrace back toward the 125'00 region- which is aggressive.
At the start of last week, the Ten – year had fallen 2 full points rapidly, but recovered slightly before the week closed.
For now, near term support is 129'130. A daily settlement below 129'130 could produce a rather quick move to 127'000.

CME -Australian Dollar vs. U.S Dollar – 
Weekly Intermediate Trend (3 Months): Negative
Friday's Close: 1.0529 (+129)

UPDATE: Recurring theme which we stress constantly- Aussie Dollar moves pretty much in tandem with the U.S. Stock market . Friday was no different. S&P was up significantly on Friday, as was the currency, enabling the AD to trade directly back to key resistance at the long term trend (green) line (see chart).
The (blue) M.A. Line which continues to cap price action lies directly on top of Friday's settlement, and appears to be neutralizing its slope.

CME- EURO vs. U.S. Dollar - Weekly Intermediate Term 
Trend (3 Months): Neutral
Friday's Close: 1.4480 (+116)

UPDATE: The Euro continues to ratchet its way higher in a relatively low volatility environment.
Major support is currently near 1.4000, which is represented by the lower blue uptrend line, and currently quite far from current price action.
A weekly settlement (Friday close) below 1.4000 could shift the Euro negative for an extended period of time, and thereby allow the slope of the Moving Average Line, which has been positively sloped since September 2010 to turn negative.

Intermediate Trend (3 Months): Negative
Friday's Close (ASIA): 19,529 (-254)

UPDATE: In light of the severe sell off, which witnessed the market trade from 22843 down to 18786 (over a 3000 point drop); the Index found support near the 19200 region. This region which we had the foresight to denote in the chart, since March of this year, was critical last past week in defining a major support region (see chart), when just two months ago, it appeared impossible the market would even trade to that level. Four weeks ago, we stated – “A weekly settlement (Friday close) above 19200, is critical to stabilizing the market”. As of the last three weeks, the Index has settled above 19200, and that is a critical first step in stabilizing the Chinese security market- as is ensuring the S&P 500 Index trading above 1150.00.
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