Technical Analysis

Broad indices move up over 3% on the day The US stocks moved up to a new session high but backed off just a bit into the close.  It was still a solid day higher. The major indices are closing at: S&P index rose 5.02 points or 3.35% to 2626.49.  Nasdaq index rose 271.77 points or 3.62% tp 7774.15. 

The pair is waffling up and down in trading today The AUDUSD is mired in a range between 0.6183 on the topside and 0.6111 on the downside. There are three separate lows in the AUDUSD at 0.6111, 0.6112 and 0.6111.  A move below that level would be more bearish intraday with the swing high from

It took a 50 BP cut by the BOC to win the weakest battle (for now at least) The USD was mixed at the start of the NY session with gains vs the NZD, CAD and EUR, and declines vs the JPY. The greenback was near unchanged versus the GBP, CHF and AUD. Since then, the dollar

A close back above the 200 day MA at 1.1080 would be the first since March 16 For the month of March, the EURUSD peaked on March 9th at 1.14918. It spent the next 9 -10 trading days trending to the downside.  The low was reached on March 23 (on Monday). The last 5 days

The last hour has been a roller coaster ride of late.  We are heading into the last hour of trading. The good news is the price action has been somewhat contained today  After early weakness, the market has been improving. The S&P and Nasdaq trade near session highs (although still lower on the day).  The

Forex futures positioning data for the week ending March 24, 2020 EUR long 61K vs 32K long last week. Longs increased by 29k GBP long 11K vs 19K long last week. Longs trimmed by 8K JPY long 24K vs 33K long last week. Longs trimmed by 9K  CHF long 5K vs 7K long last week. Longs trimmed by 2K AUD

Another big move in the last hour of trading The major indices are closing lower on the day after the late day rally fizzled out. Starting the last hour of trading, the major indices were trading at: S&P index 2584.95, down -45.12 points or -1.72% NASDAQ index 7648.96, down -148.57 points or -1.91% Dow 22046.95, down -505.18 points or -2.24% The closing levels are lower

100 day MA above and 200 day MA below The USDJPY is trading lower in sympathy with lower stocks, lower rates today (at least that is the reaction today). Yesterday, stocks were higher and rates were marginally lower and the USDJPY moved lower. So there is some uncertainty with the correlation between rates and stocks

The Dow and S&P rises for the 3rd day in around. Yesterday both the S&P index and the Dow closed higher for the 2nd day in a row. The NASDAQ did not join them as it fell in trading yesterday. However all 3 indices are closing higher in trading today with solid gains. The indices

Stimulus passed and so has the claims data The US stocks are opening with gains and moving higher in the 1st few minutes of trading after digesting the record initial jobless claims and cheering the passing of the stimulus measures. The snapshot of the current markets are showing: S&P index up 45 points or 1.82% at 2520.58 NASDAQ index up 124

100 day MA at 0.97585. Lower trend line at 0.9749. The USDCHF trades to a new session low and in the process is back down testing the 100 day moving average at 0.97585.  A move below that level would target the lower trend line at 0.9749.   The price action today also solidified a topside trend line, AND traded most

Hourly trend line stalls the lows today The USDJPY yesterday was able to extend above a swing area at the 111.35-583 area twice. And on each break, the price ran out of momentum and rotated back lower.    In the Asian session today, the price rotated down to a lower trend line on the hourly

Up $0.65 or 2.78% The US crude oil futures are settling at $24.01. That is up $0.65 or 2.78%.    The high for the day was up at $25.16. The low for the day fell to $23.09.  Looking at the hourly chart below, the pair traded above and below the 100 bar MA at $23.75.

The 100 hour MA is at 1.0777 level The EURUSD has moved higher in the session today and in the process has been able to extend above its 100 hour moving average currently at 1.0775. The price has not traded above that 100 hour moving average since March 11. That shift today was the minimum to give the buyers more

Dow was down -960 at the lows The major indices close lower on the day. The Dow is on pace for the worst month since 1931.  The major indices to close off session lows. The Dow was down -960 points and is closing down -597.94 points.  Other indices had similar rebounds.  The NASDAQ index tried to close higher, but gave up small

Stocks rocket higher The Fed came in and threw “all but the kitchen sink in” (they did not say they were buying ETFs or stocks).  The Dow was down about 900 points over night. It is implying a gain of 417 currently (and changing rapidly).  That is the good news. The not so good news

German DAX, +3.0% France’s CAC, +4.3%, UK FTSE +0.1% The European shares are closing the session higher, with the UK FTSE lagging: German DAX, +3.0% France’s CAC, +4.3% UK’s FTSE 100, +0.1% Spain’s Ibex, +0.9% Italy’s FTSE MIB, +1.4%  After a few days of rising yields, the trajectory of rates push back to the downside

The price of the EURUSD has reached back to the lows for the day The EURSUD reached a low at 1.06518. The price moved higher into the London session but found sellers against the topside trend line. Since then, the price has chopped back to the downside.  The price has just reached to a NY session low at 1.06536,