The NASDAQ continues its scorching rise higher. It Is currently up 396.2 or 3.35% at 12212.77. That leads the way for the major indices. The S&P is up 63.41 oiubts or 1.53% The Dow Industrial Average is still lower by -93 points are -0.27%. The small-cap Russell 2000 is also having a good day with
Technical Analysis
The USDCAD moved higher in early North American trading today, and in the process the price moved up to test it’s 200 hour moving average . The 200 hour moving average (green line in the chart above) comes in a 1.33477. The high price reached 1.33469, stalled, and rotated back to the downside. At the
This video provides a technical analysis of the Apple stock, prior to its earnings announcement on 2nd February 2023, based on the weekly time frame. The expected move for APPL earnings, to be announced on 02 Feb AMC (after market close), according to the options market, is 4.1% Within the video, you will see a
The benchmark 10 year yield in the US is moving closer to its rising 200 day moving average (see green line in the chart below). Recall from January 19, the yield moved down to a low of 3.321%. The 200 day moving average was at 3.331% on that day. Momentum could not be sustained to
The JPY is the strongest and the AUD is the weakest as the NA session begins. The Fed will start their two day meeting today and conclude with their rate decision tomorrow followed by the Fed Chair press conference at 2:30 PM ET. The BOE will next announce their rate change on Thursday at 7
The USDCHF has followed the US dollar lower after the employment cost data came in touch weaker than expectations. Yields are lower with the five-year down 6.4 basis points at 3.618%, the 10 year is down 5.2 basis points at 3.497%. Looking at the hourly chart of the USDCHF above, the price did move higher
The price of WTI crude oil is settling at $77.90. That is down -$1.78 or -2.23%. The high for the day reached $80.49. The low extended to $77.74. Looking at the daily chart above, the price highs over the last 8 or so trading days have been skimming near the 100 day MA (blue line)
The major US stock indices took a turn back to the downside and are closing the day near session lows Dow Industrial Average is down -260.42 points or -0.77% at 33717.69 S&P index is down -52.68 points or -1.29% at 4017.89 NASDAQ index is down -227.89 points or -1.96% at 11393.82 For the NASDAQ index,
The EURUSD has moved to a new high for the day and in the process has moved closer to the Monday high price at 1.09261. Above that level and traders would eye a swing level around 1.0940. Going back to March and April 2022, there were a series of swing lows and highs between 1.0935
The EURUSD is continuing its ups and down. The good news for the sellers is that the high from Monday stalled the rise. That turned buyers into sellers. The good news for the buyers is that the low just reached stalled at the high of the old swing area from before this week at 1.0874
The USDCAD has been waffling up and down post decision and through the press conference as well (Macklem just concluded that presser). However, from a technical perspective, the pair remains above the 200 hour MA at 1.3404. The 100 hour MA is not too far from that level at 1.33956. On the topside, the 1.34369
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
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 is needed to lower import inflation at least.
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 inability to move above that level, and the subsequent rotation
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
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 back toward the 100/200 hour MAs, but
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 into the topside trend line and
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 high price reached $3.59 before rotating back to the downside.
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