The topic for this article addresses the technical analysis concepts of Support and Resistance. I was chatting recently with the Sydney Chapter President of the ATAA, Darryl Nagel, about a new ATAA Blast article and I mentioned that I wanted to try and find something that gave a good example of Technical Analysis in action, […]
The S&P500 and NASDAQ continue their slow grind higher, as does the XJO, and Gold is a bit lower but, apart from that, there hasn’t been a whole lot of change. Most instruments remain in the range-bound patterns they were in for my weekend update.
Earnings and Optimism drove the US index majors of the S&P500, DJIA and NASDAQ to new closing highs following the Inauguration of President Biden. Netflix gapped higher after earnings due to increased subscriber numbers. The US$ index remains range-bound but watch to see f the two Central Bank updates get the US$ moving at all.
US$ weakness has continued which helped to trigger the wedge breakout on Gold, new breakouts on AUD pairs and extend gains for the EUR/USD. The risk-on vibe extended to stocks as well with the S&P500 making a new all time high close.
The US$ has not enjoyed the ‘flight to safety‘ moves seen into the Yen, Bonds and Gold and looks likely to close with a bearish, almost engulfing, weekly candle. Coronavirus has sure spooked stock and Bond markets but not so with some FX pairs. The EURX weekly candle is currently bullish although printing an ‘Inside‘ […]