Technical Analysis

Dow rises modestly The US major broad indices closed solidly higher on the day. The gains were led by the Nasdaq index which rose by 1.53%. A look at the closing numbers shows: S&P index rose 30.66 points or 0.81% to 3798.93 Nasdaq index rose 198.67 points or 1.53% 13197.30 The more narrowly focused Dow 30 index rose by

NASDAQ index up 1% in early trading The major US stock indices are opening up with solid gains with the NASDAQ index leading the way. It is currently up 1% in early trading. The S&P index is up around 0.68%. A snapshot of the market 5 minutes into the opening is showing: S&P index up

The dollar continues to pick up from where it left off last week European indices are keeping slightly lower but more tepid in general while S&P 500 futures are seen down 0.2%. That points to a more subdued risk mood but nothing too defensive on the session so far. However, the dollar continues to go

Gold woke up on the wrong side of the bed following the weekend but is managing to hold up for the time being Precious metals are among the notable movers today with gold having witnessed a drop to near $1,804 to start the day before rebounding by $36 to $1,840 at the start of European

USDJPY 100 hour moving average at 103.935. The 200 hour moving averages at 103.70 The USDJPY tried for the 2nd consecutive day to break below the 200 hour moving average. However, like yesterday, the momentum on the break could not be sustained, and the price has rebounded higher. The moved to the upside took the price up to 103.895. Going back in time that

Support at 0.88603 to 0.8878. Low in EURUSD moved to 0.88649 today. The EURGBP bounced off key support for the 2nd consecutive day.  Looking at the daily chart, the 0.88603 to 0.8878 area is home to a number of swing levels going back to April 2020.  Yesterday, the low price reached 0.88688 and bounced.  Today the low price reached 0.88649 and

Down $1.21 or -2.26% The price of the February WTI crude oil futures is settling at $52.36. That is down -$1.21 or -2.26%. The high price reached $53.83 the low price extended to $51.83. Looking at the hourly chart, the fall today took the price back below its 100 hour moving average of $52.91, and closer

The EURUSD has traded most of the week below the close from last week The EURUSD closed last week week at 1.22159. The price initially fell on Monday to a low of 1.21315 and formed a bottom between that level and 1.21364 on Tuesday before moving higher, and retesting the close from last week. The high for the

NASDAQ down -0.87% All 3 major indices are ending the day lower. The NASDAQ led the way with a decline of -0.87. Both the S&P index and Dow industrial average never traded above unchanged on the day. The Russell 2000 which outperformed yesterday, underperform today with a decline of -1.46% The final numbers are showing: S&P index -27.29 points or -0.72%

The USD is stronger to start the session As the North American session begins, the JPY is the strongest while the AUD is the weakest of the major currencies. The USD is trading higher after Powell reiterated that the Fed is not ready any time soon to change policy and Biden proposed a $1.9T stimulus

Dow first 2 day losing streak since December 10 The major indices are all closing lower with the S&P index losing the most ground on the day. In contrast the small-cap Russell 2000 is closing at a record. The Dow closed lower for the 2nd consecutive day. This was the 1st 2 day losing streak since December 10. The final numbers

USD/JPY gains remain limited by key trendline resistance levels as the market awaits further clues from the Fed and Biden’s proposal For bank trade ideas, check out eFX Plus The earlier report on the $2 trillion spending got the market a little jumpy but there hasn’t been any major momentum push in the market just

Wide ranges continue The bitcoin chart is starting to look better. The big drop to $30,100 from $41,986 highlights a couple things: 1) The bitcoin market likes big round numbers. We’ve seen it before and we’ll see it again 2) There’s panic, but no real panic A 28% drop is no joke in any market

AUD/USD falls back to test its key hourly moving averages For bank trade ideas, check out eFX Plus The dollar is keeping firmer on the session as we see the push and pull in the market this week continue to play out. Following the move lower yesterday, the greenback is returning back to favour amid

Major indices rebounds off the lows into the close The major indices opened modestly higher, moved lower into the midday, and rallied back higher into the close before finding some selling at the bell.   The Nasdaq led the way higher with a gain of 0.28%. The Dow was not far behind with a gain of

Gold pushes higher to $1,862 as buyers hold a defense of its 200-day moving average upon the recent drop Besides the pound, precious metals are one of the more notable movers so far on the session as we see gold trade up by 1% from around $1,850 earlier to $1,862 now. Of note, buyers are

The 1st down day in 5 trading sessions for the S&P The major indices in the US are closing all lower. The Dow, S&P snap a 4 day winning streak. The NASDAQ closes down for the 1st time in 3 trading days. The Russell 2000 close lower for the 2nd consecutive day. A look at

EUR/USD keeps lower to start the week as the dollar holds firmer The dollar is looking to post three straight days of gains against the euro for the first time in over a month, as we see a continued retreat in EUR/USD after having hit highs last seen since April 2018 last week. Looking at