Chris Kimble, a 30-year+ market technician and student of Sir John Templeton, has been following the Euro and the Euro/Yen for several weeks, looking for clues about the US market. See, for example, his chart of June 3rd. Here is Chris's latest take on the Euro and the possible implications for stocks.
Chris comments: In the chart above it appears that the Euro is a leader in the future direction of the S&P 500. Over the past two weeks the Euro has rallied, creating a global sense of relief, and the 500 index has rallied along with it. Now the Euro is facing a couple of resistance lines.
Keep an eye on the Euro, since the 500 index seems to be riding its flight path.
