S&P fails on attempt to close at record Selling into the close today pushed the S&P index into the red after trading higher for most of the day. However it is still ending the day with a small gain. The NASDAQ index is also closing near it’s session lows but had a more solid gain
Technical Analysis
100 day moving average up near 0.70811 The NZDUSD has just moved to the highest level since August 4. That was the day that the price moved to the highest level since July 6. It also was the day that the price for the pair got close to the near converged 200 and 100 day moving
Little change for the most part The greenback is keeping steadier following mixed trading amid month-end yesterday, with EUR/USD still seen closer to 1.1800 for the time being after having hit a high of 1.1845 before reversing that advance in US trading. The franc is softer as USD/CHF is up 0.3% to 0.9180 while USD/JPY
100 hour MA and 38.2% tested The GBPUSD has moved down to retest its 100 hour moving average and 38.2% retracement near 1.3745. Yesterday, the price stalled against that moving average line and bounced. Today, just before the dollar buying into the London fix, the price cracked above the 200 day moving average at 1.38021, but then reversed lower
EUR/USD seen above 1.1800 to its highest level since 6 August With the dollar looking like it is languishing a little to start the day, EUR/USD is marked higher and trading close to 1.1820 ahead of European trading. The pair is holding at its highest levels in over three weeks and the push above the
AUDUSD lower on the day despite gains in stocks The AUDUSD is not seeing a lot of “risk on” flow despite soaring Nasdaq and solid gains in the S&P as well. Both those indices are on pace for yet another record close. The S&P will be gunning for its 53rd record close in 2021. For the Nasdaq it is on
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No explicit taper timeline The dollars move lower on the headlines from Fed chair Powell’s speech. No explicit taper timeline has sellers pushing the greenback lower. Yields are moving lower as well. The comments run counter to what most Fed officials have been saying which will make for an interesting September meeting. Of of course the jobs report in September will be a key talking
Swing area between 1.2577 and 1.2596 is the next downside target The CAD has followed the other currencies in moving higher versus a weakening dollar after Chair Powell did not satisfy the taper hawks. Looking at the hourly chart, the price has moved back below its 100 hour moving average at 1.36372. Stay below that moving average keeps the bears
Gains of 0.30% to 0.60% for the major indices The European major indices are ending the session higher after earlier declines. The indices have been dried higher by solid gains in the US after Fed Powell’s Jackson Hole speech. The provisional closes are showing: German DAX, +0.3%. The index was down -0.3% at session lows France’s CAC +0.2%. It was down -0.32%
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
…and overall dollar selling The AUDUSD is racing higher encouraged by the overall dollars selling after Fed chair Powell’s Jackson Hole speech and overall risk on sentiment help by rising stock prices. The NASDAQ index is currently at 148 points or 1%. The Dow industrial average is up 231 points or 0.65% and the S&P is up
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
Erase yesterday’s modest gains The major US indices are ending the day lower, erasing the modest gains from yesterday: German DAX, -0.4% France’s CAC, -0.2% UK’s FTSE 100 -0.3% Spain’s ibex -0.9% Italy’s FTSE MIB -0.7% in other markets as London/European traders look to exit for the day: Spot gold is up $4.50 or 0.23%
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,
German Dax lower, France’s CAC higher The major European indices are ending the session with modest gains German DAX, -0.3% France’s CAC, +0.2% UK’s FTSE 100, +0.3% Spain’s Ibex, +0.3% Italy’s FTSE MIB, unchanged In other markets as European/London traders look to exit Spot gold is down $-15.68 or -0.87% at $1786.26 Spot silver is down
Russell 2000 leads the way with a gain of 1% The S&P and NASDAQ are both closing at record high levels. S&P and NASDAQ up for the fourth consecutive day Russell 2000 leads Way with a 1% gain Dow rises for the second consecutive day NASDAQ index closed above the 15,000 level for the first
Midpoint of the August trading range comes in at 0.72659 The AUDUSD is working on its second up day in a row, after falling every day last week. The move to the upside has now retraced 50% of the August trading range (from the August 4 high). It has also corrected 61.8% of the move down from