Technical Analysis

Although the major European indices are closing the day with declines, the closes are nearer the highs for the day. German DAX -0.08% France’s CAC -0.09% UK’s FTSE 100, -0.16% Spain’s Ibex -0.11% Italy’s FTSE MIB, -0.03% Looking at the German DAX on the hourly chart below, the price today moved back below its 100

AUDUSD backtracks to the high from last week The AUDUSD moved sharply higher after stronger CPI data in the Asian-Pacific session. CPI came in at up 1.9% for the quarter. With the central bank targeting 2.0% for the year, the 1.9% is just too high. The YoY inflation moved up to 8.4%. A higher AUD

USDCAD gains above 100/200 hour MAs could not be sustained The USDCAD moved above the 100/200 hour MAs after the BOC said that they would raise rates by 25 basis points but would pause policy for a period of time. The gains fell short of the next topside swing area between 1.3436 and 1.3444. The

We don’t often, if ever, look at yearly candles. A bigger view goes a long way in trying to forecast where we are and where the stock market is going till the end of 2023. If you are interesting in a unique angle to predicting where this market is headed, please do watch the video

USDCHF back below the 100/200 hour MAs The USDCHF has seen a move to the downside today along with the mostly lower USD. Looking at the USDCHF on the hourly chart, the move to the downside has seen the price move below the 200 and 100 hour MAs. A snap back rally took the price

USDJPY ping pongs between trend lines The USDJPY – and all of the major currency pairs – is in a volatile up and down range. The earlier move in the US session was a move to the upside where the price stretched above the 50% of the January range at 130.989. However, the price ran

Natural gas futures are back below the 100 hour MA The price of natural gas futures are trading sharply lower with the prices down close to 4% on the day. The move lower comes after the price tried to move above its 200 hour moving average (green line in the chart above) at $3.50. The

2-10 year spread is heading back down and near bottom The 2-10 year spread moved below the 0.0% into negative territory back in July and it has been pretty much down since then. The spread is currently at -0.706 which is supposed to be a prelude to a recession. If the Fed overstays it’s welcome

The price of WTI crude oil futures are settling at $81.60. That’s down to cents or -0.02% on the day. The high price reached $80.64. The low price extended to $81.05. At the high, the price was up $1.00. At the low the price fell -$0.59. Gains were erased by the close. Looking at the

The AUDUSD moved higher in the Asian Pacific trading, continuing the bounce from yesterday that saw the buyers lean near the 50% midpoint of the move up from the January low (at 0.6875) and the low of a swing area near 0.6869. AUDUSD finds sellers near 100/200 hour MAs The move higher today was able

Fed’s Waller was the last Fed official to speak before the blackout period for the Fed ahead of their interest rate decision. In his question and answer he broke down a wall that other Fed officials have been reluctant to do and it led to some added optimism in the US stock market to close

Crude oil futures have moved back into negative territory and below the $80 level as well. The move below the $80 level did find buyers at $79.91 and has since bounced back higher. The price trades back at $80.42. Recall that on Wednesday, the price moved up to test its 100 day moving average. That

NASDAQ is moving back above its 100 day moving average The NASDAQ index is leading the way to the upside today with a 153.47 point rise or 1.41% at 11005. The high price has reached 11018.02. Looking at the daily chart, the falling 100 day moving average comes in at 11000.95. With the price back

The US stocks are bulled up today, with the Nasdaq leading the way in the major indices with a gain of 1.48%. The riskier stocks as measured by Cathy Woods ARK Innovation fund is doing even better with a gain of 2.85%. Typically, lower yields help that flow, but if you look at the US

Another volatile up and down day for the EURUSD The EURUSD is back testing the high from earlier today and in doing is completing another up and down (or down and up) session for the pair. Each day this week, the price moved higher or lower and reverserd lower or higher. Today, the price moved

Crude oil snaps back higher after larger than expected build For the second consecutive week, the crude oil inventory data showed a larger than expected build. Last week, the build was 18.962M barrels. This week, another 8.408M were added (well above the -0.593M drawdown expected). And for the 2nd consecutive week, the price of crude

EURGBP bounces off the 100 day MA The EURGBP took a turn to the downside earlier this week after an ECB “sources” story saying that the pace of the hike for the ECB was to slow. That gave the sellers the go-ahead to push lower. Helping technically, was that earlier in the day, the price

It’s not a great day for the US major stock indices. The declines are being led by the Dow Industrial Average which is down around -450.3 or -1.33% at 33460. That is a large decline since December 15 when the index fell -2.84%. Yesterday the Dow also fell over 1% (-1.14%). The biggest decliner is