Nasdaq up for the 2nd consecutive day. The US stock market made through the taper talk from the Fed Chair Powell. The indices also have the positive from less bearish implications from the China Evergrande situation. The final numbers are showing: Dow industrial average up at 338.48 points or 1.0% at 34258.33 S&P index up 41.45 points or 0.95% 4395.63 NASDAQ
Technical Analysis
Can a more hawkish Fed spur an upside break in Treasury yields? The bond market has been rather unimaginative since mid-July trading and as the range since then continues to trap price action, it isn’t giving traders much to work with in terms of identifying a clear trend in the market right now. There are
The pair remained below its 100 hour moving average on the corrective move higher The EURUSD is testing a lower swing area near 1.1721 and 1.17264. The move to the downside has nearly retraced the earlier session lows which came in just below that swing area at 1.17177. The earlier move to the upside today peaked at 1.1748. The low from
USD/CAD down 0.6% to 1.2746 on the day Risk trades are faring better today, finding some comfort after the meltdown yesterday in the wake of Evergrande/China fears. US futures are pointing higher and that is helping to keep sentiment more buoyed as we get into European morning trade. As such, commodity currencies are leading the
First time below the 100-dma in the Biden era The S&P 500 hasn’t been below the 100-day moving average since late October. Even then it was only for a few days. Before that you need to go back to May 2020 for a sustained stretch below the key level, which is at 4326 today. The
Third time’s the charm for sellers? The pair is down 0.4% on the day to fresh lows in a month, falling to 85.70 and the drop back below the 200-day moving average (blue line) now calls into question key daily support from the April low @ 85.42. However, the bounce was not all too significant
Trendline cuts across at 1.1722 The EURUSD is traded to a new session low and in the process is testing a swing area between 1.1723 and 1.17264 and a lower trendline at 1.1722. Drilling to the five minute chart below, the price corrected in the Asian session into the European session and in the process moved above
The 200 hour MA is breached in the Nasdaq but can’t reached the week low The NASDAQ and S&P remain under the most pressure today. The NASDAQ index is currently down -1.1% at 15014.01. The S&P index is down -41.61 points or -0.93% at 4432.02. Looking at the NASDAQ index (see hourly chart above), it did reach below its 200
Yield up from 1.344% a week ago The 10 year yield closed last Friday at 1.344%. The current yield is around 1.372%. So for the week, the yield is up a little less than three basis points. That’s not all that much. Looking at the week, the yield move down on Monday and Tuesday bottoming
Both the NASDAQ index and S&P index declined by -0.91% in trading today The major indices are closing lower for the day and also lower for the week. Both the NASDAQ index and S&P index fell by equal -0.91%. The Dow industrial average fell by -0.48%. The final numbers are showing: Dow industrial average -166.44
The 200 hour moving averages at 109.869 The USDJPY continued the run higher started on Wednesday when the price stall against the August 16 in August 17 lows near 109.11. The move to the upside yesterday cracked above the 100 hour moving average but stalled against the 100 day moving average and backed off. Today, the price retried the move to
FX showing little poise for the most part to start the day The greenback is mildly weaker to start the day but it isn’t saying much when we’re seeing major currencies keep in narrow ranges: EUR/USD: 14 pips (1.1759-73) USD/JPY: 23 pips (109.68-91) GBP/USD: 20 pips (1.3784-04) USD/CHF: 16 pips (0.9265-81) USD/CAD: 23 pips (1.2667-90)
Tests the falling 50 hour MA The NASDAQ index is trying to snap victory from the jaws of defeat and close higher on the day. The pair has erased the earlier declines that saw the index fall by -114.40 points. It is currently trading up around 12 points or 0.09% at 15173.40. The price is currently
Major indices all higher The US stocks are closing near their highs for the day. The Russell 2000 index of small-cap stocks was the biggest gain or with a 1.1% rise. Dow and S&P up to the last three trading days NASDAQ snapped a five day losing streak The major indices closed near their highs
Dow and S&P lead the way The major US indices are trading near session highs, with the S&P and Dow industrial average both rising by 0.78% and leading the way. The snapshot of the major indices currently shows: Dow industrial average up 269.9 points or 0.78%at 34847.90 S&P index up 34.53 points or 0.78% at
All 11 sectors of the S&P are lower. The majors stock indices are all closing lower with the Dow industrial average the worst performer. The S&P and Dow have been down for five the last six trading days The NASDAQ index has fallen five straight days All 11 sectors of the S&P index are lower
USD still lower vs the JPY and CHF as flow of funds head into those pairs The USD is making new dollar highs vs the AUD, NZD and GBP. It is just off the high vs the CAD. The greenback is still lower vs the JPY and CHF as those currencies are being supported by
AUD/USD down 0.3% to 0.7342 currently His remarks earlier weren’t anything new but they just reaffirmed the more dovish sentiment when it comes to RBA policy at the moment, as compared to other major central banks which are at least taking more progressive steps in normalising policy. There was also an attempt to jawbone the