Technical Analysis

S&P has its best day in more than a month The major US stock indices all closed higher.  Both the S&P and NASDAQ closed at record levels The S&P closed at a record level for the 52nd time this year Every sector of the S&P closed higher except healthcare and utilities The NASDAQ closed at record level

The markets turn to dollar buying The Cleveland Pres. Mester is speaking on CNBC and has gotten in line on the sooners is better than later with regard to tapering. The comments are not that different from other Fed officials, but the market is reacting in a “buy the dollar” way. For the EURUSD, the pair move back below its 100 hour moving

NASDAQ trades to record high before reversing lower The major indices are closing near the lows for the day.  Highlights: NASDAQ still on track for its best week in five weeks Dow breaks a four day win streak NASDAQ and S&P break as a five day win streak NASDAQ traded to a record high before reversing

The USD mostly higher but only modestly As the North American session begins, the snapshot of the strongest weakest shows the EUR it is strongest and the CHF is the weakest.  The USD it is mostly higher but only modestly.   US first revision to the GBP will be released at the bottom of the hour with the expectations for growth

Level corresponds with the 61.8% retracement level The NZDUSD is trading to new session highs for the day and in the process is testing a break level from last week’s trading and also the 61.8% retracement of the move down from the August high to the August low. Those levels come near 0.69796. Looking at the hourly chart,

Forex markets pause. The USD is the strongest and the CAD is the weakest as North American traders enter for the day. The major currencies are relatively scrunched together from high to low as traders pause ahead of the Jackson Hole virtual summit on Friday. Nevertheless today, the Durable goods will be released at the

Head and shoulders patterns don’t always work out Beware of textbook chart patterns. Charts that are nearly ‘perfect’ have a habit of not working out. Last week I highlighted a potential head and shoudlers top in CAD/JPY, which had been one of the best trades in FX this year. I even warned in the post

100 day moving average at 109.67 The USDJPY is moving to a new session low in early North American trading.  Helping the move to the downside has been a move back below its 100 day moving average at 109.627. Yesterday and earlier today, traders leaned against that moving average level. The break led to buyers giving up and sellers taking 

S&P and NASDAQ close at record levels The US major indices had a solid gains today led by the NASDAQ index which increased 1.54%. The Russell 2000 also had a solid gain of near 1.9%. The gains were help by the FDA’s full approval of the Pfizer Covid vaccination. The hope is that those who

Gold continues to shine Gold has now nearly recovered from the two-day rout earlier this month. It’s up $18 today to $1799 with most of the gains coming in the past few minutes. The market is increasingly confident that Powell won’t tip a taper at Jackson Hole on Friday, especially with the event going virtual

The January/February highs between 1.2669 and 1.2880 were broken earlier, but price has moved back below The USDCAD continued its run higher today with the pair breaking above its 2021 highs between 1.2869 and 1.2880 (from January and February).  The break saw increase momentum and the pair moving up to the next target area between 1.2926 and 1.29578 (see yellow area

Major indices close higher. The major European indices have erased earlier declines and are closing higher today. The provisional closes are showing: German DAX, +0.2%. The index was down -0.71% at the lows France’s CAC, +0.3%. The index was down -0.57% the lows UK’s FTSE 100, +0.4%. The index was down -0.39% at the lows Spain’s

The low was at $1770.60 and the high was at $1795.37 The price of gold has consolidated in a up and down trading range this week. The low was reached on Monday at $1770.60. The high was on Tuesday at $1795.37. The close last Friday was around $1778. The current price is trading around $1785. That is in

Stall at the key MA level The GBPUSD trended sharply to the downside yesterday and is modestly lower today. The EURUSD had an up and down day yesterday – closing lower – and is higher today.  That price action has been helped by a bid in the EURGBP  over the last two days. Looking at the hourly chart,

All 11 sectors higher The major indices all closed higher for the day led by the NASDAQ index which rose 1.17%. All 11 sectors of the S&P are higher indices close near the session highs Dow snaps a three-day losing streak S&P and NASDAQ close up for the second consecutive day major averages post weekly losses Dow

Crude oil is down for the 7th consecutive day The CHF is the strongest and the CAD is the weakest as flows are once again out of the commodity currencies with help from China regulation, concerns about slowing from Covid delta variant (at least now), lower stocks, and all that dynamic continues to hurt commodities.

What an ugly fall this week The final tell for an Australian dollar capitulation should have been yesterday’s jobs report. The numbers for July were surprisingly good and yet AUD/USD could only muster a 10 pip rally on the headlines. To be fair, it landed at a time of incredible USD/JPY buying and it’s a

Flight to safety flows lead the forex market today The JPY is the strongest and the AUD is the weakest as North American traders enter for the day. The moves in the forex, are the usual flight to safety ones. The USD and the CHF are just behind the JPY as the strongest. The commodity