Technical Analysis

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.

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 on the tightening side – it seems like they want

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. The move higher today was able to extend above the 200 hour MA

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

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 above that moving average, it helps to tilt the buys

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