Technical Analysis

The major US indices are higher led by the Dow industrial average is up 377 points or 1.21% at 31458. The S&P index is up 34.16 points or 0.91% at 3787. The NASDAQ index is up 32 points or 0.30% at 10892. Looking at the Dow industrial average, the move higher has taken the pair

The GBPUSD has tried on three runs to the upside today. The first in the early Asian session stalled against a downward sloping trend line on the hourly chart. The second move higher stalled near the high of a swing area between 1.1350 and 1.13835. The high price reached 1.13816. The third move higher stalled

Tesla has just reported profits that were a little bit underwhelming, and as a result, the stock price is now down slightly over 6% after hours. This makes it quite near to the even amount of $200. When a stock price is really near to a natural “magnet” that many people take into consideration, the

The NZD is the strongest and the USD is the weakest as the NA session begins. The UK political turmoil continues with Truss now meeting with 1922 committee chair Brady (and is being reported that “It is over” for the PM). The GBPUSD is back higher after briefly dipping below its 200 hour MA in

The EURUSD has moved to a new session high and in the process is moving toward the 200 bar MA on the 4-hour chart at 0.98515. Early this week, the price tried to extend above that moving average level on 4 separate bars on the 4 hour chart, but each attempt failed. The price highs

Let’s face it…. the markets are really sensitive and that leads to weak hands on the upside and the downside. Fed’s Harker brought the markets back to reality saying that inflation will be around 4% next year and 2024 at 2.5%. Both are probably above the bulls expectations who see inflation moving down. Josh Brown,

The USDJPY tried to move down after reaching a peak of 150.079 in the early London session. The price moved lower in the NY session and traded to a new low of 149.545, as yields came off highs and stocks moved higher. However, Fed’s Harker ruined that idea saying that he sees inflation at 4%

The USD has moved lower helped by a rotation off the highs in US yields. That is helping to support US stocks which are trading higher on the day. In the US debt market: 2 year yield 4.573%, +2.2 basis points. The 2 year yield reached a high of 4.614% 10 year yield 4.142%, +1.5

The EURUSD has moved to a new session low of 0.9756. The 200 hour moving averages just below that level at 0.97545. Breaking below that moving average level would tilt the bias more to the downside. However the risk focused buyers are leaning against the level on the first look. The price currently trades back

The USDCAD is a chopping up and down with the 100/200 hour moving averages converged near 1.3774 (see blue and green lines in the chart above). When the 2 averages converged it is indicative of a non-trending up and down trading market. Looking at the hourly chart since September 21, the price has spent most

The S&P index moved above its 100 hour moving average yesterday. That moving average (blue line in the chart above) comes in at 3666.77. The index moved above the moving average in the first hour of trading and stayed above it for the rest of the day. Today, was a another gap higher for the

The USDJPY is not letting up. The pair is trading to a new high going back to 1990. The high just reached 148.95. The tries to the downside today could not get very far. Looking at the 5 minute chart, the pair moved below the intraday 100/200 bar MAs on a number of occasions, but

The major US indices are ending the day with sharp gains. The moves to the upside in the major indices erased the sharp declines from Friday. A lower dollar, and steady to lower yields helped the tone. A shift in some of the technicals are also a help. Looking at the S&P index, it closed

The USD is trading to new session lows to start the US trading session. US stocks are higher and rebounding off of the sharp declines on Friday. Yields are lower. EURUSD : The EURUSD is moving above its 200 hour moving average for the 2nd time today. Buyers are making a play. Risk is a

The USDCAD is trading to a new session high that took the price to 1.3881. In the process, the pair moved above the September 28, September 30, and October 11 highs between 1.3837 and 1.38548. On Wednesday and pre-CPI on Thursday, the price approached those levels before breaking higher after the CPI data yesterday. The

The major US stock indices are rushing to the downside and trading to new lows for the day. The NASDAQ is leading the way with a decline of over 2.00%. Coming into the day, the NASDAQ was near unchanged for the week. For the S&P index is trading down -1.67% at 3608. That is within

The AUDUSD reached it’s high for the week on Monday when the pair rallied but stalled against a downward sloping channel trendline. That channel followed the price down to a low on Tuesday before the market started to consolidate into the CPI data on Thursday. The lows on Tuesday and Wednesday stalled between 0.6237 and

The weekly Baker Hughes rig count data is showing: Oil rigs +8 at 610 Natural gas rigs -1 at 157 Total rigs +7 at 769 The price of WTI crude oil is trading at $86.07. That’s down close to $3 on the day. Looking at the hourly chart, the price low today at $85.65 tested