Technical Analysis

NASDAQ index needs the charge for the second consecutive day The major indices are openly higher after the tame inflation data. The NASDAQ index is leading the way with a gain of over 1%. The snapshot of the market currently shows: S&P index up 27 points or 0.71% at 3903.26 NASDAQ index up 161 points or 1.21%

What sellers need to do to change the short term bias The USDCHF reached its highest level going back to July 2020 on Monday. That my stalled near a swing area between 0.9360 and 0.93753.  Sellers leaned against the swing area and push the price lower yesterday. Today, the pair is higher on the day after taking out yesterday’s lows, but not

Pair remains in up-and-down consolidative range The BOC will announce their latest interest rate decision at 10 AM ET. To read Adam’s thoughts click here. From a technical perspective, the USDCAD has been consolidating in an up-and-down trading range over the last 8 – 9 trading days. Most of the trading has occurred between 1.25865 at 1.26976. There were two extensions to

Found sellers against its 50% and 100 hour moving average The NASDAQ erased its earlier gains and moved modestly into the red. At the high, the index was up 1.55% or 203 points. After dipping briefly into the red, the index is now back up 58 points and volatile trading. Technically, at the highs for the day, the pair tested the 50%

German DAX closes at all-time high for the third consecutive day The major European indices are closing higher for the third consecutive day.  The German DAX closes at all-time high once again (3rd day in a row).   The provisional closes showing German DAX, +0.7% France’s CAC, +1.1% UK’s FTSE 100, unchanged Spain’s Ibex, +0.18% Italy’s FTSE MIB, +0.4% A snapshot

First break since Feb 26th was short lived The AUDUSD extended above its 200 hour MA in the early NY dollar selling. That MA comes in at 0.77352. The high for the day reached 0.77452.  However, momentum faded (with the Nasdaq index mainly although the Dow and S&P kept most of strength), and the price

But price action is choppy around the MA level The EURUSD has moved back above its 100 hour MA for the 2nd time today. The first look earlier in the NY session, found willing sellers.  Will the 2nd look above keep the buyers in control.  Recall, getting back above the 100 hour MA is often

Yield moves toward the low for the day at 1.5177% The U.S. Treasury will auction off $38 billion of 10 year notes at 1 PM ET. Ahead of that auction, the 10 year yield has recently moved back down into negative territory for the day. It currently trades at 1.523%, down -0.3 basis points. The low

Crude oil futures settle up $0.43 or 0.67% The price of WTI crude oil futures is settling at $64.44. That is up $0.43 or 0.67%. The high price reached $64.96. The low extended to $63.10. Looking at the hourly chart, the price action today spent most of the time above its 200 hour moving average

Yields are mixed but off highs The 10 year auction had a 1 bp tail but the other numbers were not all that bad. As a result, yields moved lower. The 10 year yield is down to 1.519%, down -0.7 bps on the day. The low reached 1.5039%, while the high reached 1.5647%. The 2

Back above the 200 hour MA for the first time since January 12 The EURJPY is making a break(s) higher in trading today.  The first break was to get back above the 200 hour MA. That break took the price up to a topside trend line where sellers initially leaned. After a retest of the

Steady as she goes Cable is 45 pips above the session low and set for the highest weekly close since May 2018. It had a setback today after touching a two-and-a-half year intraday high today but the market is taking the soft PMI and retail sales numbers in stride. It’s another example of the market’s

Major indices down around -0.3% to -0.6% in early trading the US stocks opened lower but are seeing some early buying.  A snapshot of the market currently shows: S&P index -16.7 points or -0.43% of 3836.20. The low reached 3833.24 NASDAQ index -42 points or -0.31% 13489.30. The low reached 13463.66 Dow industrial average -175 points or -0.56% the

Russell 2000 index also lower The US stocks are closing mixed with the Dow down, the S&P near unchanged and the Nasdaq higher. The small cap Russel 2000 also closed lower on the day.   All indices closed at records yesterday. The close higher in the S&P and NASDAQ are therefore new record closes today.  The final numbers are showing: S&P

NASDAQ leading the way. Gains in Dow more modest The US stock market is now open and all three of the major indices are trading higher. With each of them closing at record levels yesterday, any gain today is a new all-time record.   The NASDAQ index is leading the way. The Dow is just above unchanged. The snapshot currently shows S&P index

Higher for the 3rd day China’s Shanghai composite index is trading up 0.22% at the opening at 3590.93.  the index is moving higher now and trades at 3597.04. Looking at the daily chart the price is approaching a topside trend line at 3599. Move above that level will target the January 18 high at 3608.48. Above

GBP/USD touches its highest levels since May 2018 For bank trade ideas, check out eFX Plus The pound is the standout performer on the session as cable climbs to a high of 1.3718 on the day, its highest levels since May 2018. The move here comes as the pound strengthens amid a breakdown in key

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