Technical Analysis

Dow lags as Boeing, Chevron, AMEX slumps The S&P and NASDAQ index closed at record high levels and near highs for the day. Facebook shares gave the NASDAQ index a boost in the last few hours of trading as the district court dismissed the FTC antitrust case against Facebook (up 4.18%). Intel (up 2.81%) PayPal (up

GBP/USD up 0.4% to 1.3940 to start European trading The pound is among the early movers to start the day as cable jumps up from 1.3900 to 1.3940 but faces a bit of near-term resistance from the confluence of the key hourly moving averages @ 1.3928-34 currently. There was a decent retracement last week that

Price dipped below the March low at $776 The price of lumber has moved to the downside today and in the process is moving away from its 200 day moving average at $867.67 (green line in the chart below). It is also falling below the 61.8% retracement of the move up from the April 1 low at $817.60.  

Runs away from its 100 hour moving average now The price of bitcoin tried to move above its 200 hour moving average earlier in the day. Yesterday, there was another attempt above that moving average but both tries failed. Since failing today, the price has been stepping down in a steady fashion. More recently, the price fell back below its

The low today was lower than yesterday’s but above the low on Wednesday The USDCAD reached its high this week on Monday at 1.24863. That high was also the highest level since April 26, and took out the high from last week at 1.24801. However, that new high was only 6 pips above the April

Nasdaq 3 day string of record closes snapped The US major stock indices are closing mixed with the Dow leading the way. The S&P closed higher for the 2nd consecutive day. The Nasdaq snapped it’s three day of record closes with a modest loss.  S&P index rose 14.33 points or 0.34% at 4280.81 NASDAQ index

AUD/USD analysis The Australian dollar perked up earlier today, hitting 0.7617 but it’s given it all back on USD strength due to rising yields. It’s now trading flat on the day at 0.7585. For me, this is the most-interesting chart at the moment because it captures the uncertainty in the US dollar, risk appetite and

Dow rises over 300 points and leads the way with a gain close to 1% The major indices saw solid gains across the board with the Dow industrial average leading the way after Pres. Biden and a group of 20 centrist senators agreed on a $1 trillion infrastructure plan. The NASDAQ and S&P index both closes higher and at

Only a 29 pip trading range The USDCHF has not had a lot of price action today. Apart from the AUDUSD which only has a 26 pip trading range for the day, the range for the USDCHF is next lowest at 29 pips. Looking at the hourly chart, the high price today was able to extend above the 100

The 100 day MA and the 50% retracement stalled the rally today The price of gold has move negative on the day and in the process traded to a new session low of $1777.28. The high for the day reached $1794.98. Looking at the daily chart, the high for the day stalled near its 100 day moving

EUR/USD down 5 pips to 1.1936 today Credit Suisse discusses EUR/USD technical outlook and sees a scope for further upside in the near-term. “EURUSD has extended its recovery and above resistance at 1.19232/27 sees a minor base established to suggest this can extend further. We thus look for a move back to a cluster of

Major indices higher. S&P falls short of it record high The NASDAQ index is closing at a record high level. The new intraday all time high price reached 14269.77. The S&P index got to within two points of its all-time record high at 4257.11. The high price reached 4255.84. A look at the closing levels shows: S&P index

USD/CAD down 27 pips to 1.2336 today USD/CAD touched 1.24 again today but that’s where it found sellers and the better tone in risk assets along with Western Canadian Select crude near $60/barrel leaves the loonie in a good spot. The market is trying to figure out what to do next with commodities more broadly.

Dow up nearly 600 points as Fed concerns ease a bit. All the major indices are closing higher on the day led by the Dow industrial average which rallied near 600 points. Stocks were supported by less hawkish than expected comments from Feds Bullard and Kaplan. S&P rises for the first time five trading days S&P

100 day MA at 1.39367 The GBPUSD is moving closer to its 100 day MA at 1.3937 (off the bid side prices). The high price  just reached 1.39317.  The move back to the 100 day MA should solicit sellers looking to lean against the risk defining level. The price moved below the MA on Thursday,

50 hour MA at 14060 The Nasdaq index has moved back lower after a rebound from opening levels. The price is back down retesting the 50 hour MA at 14060 area.  A move below that MA, should solicit more selling momentum. For the S&P index, it as already cracked below it’s 50, 100 MAs. Today, the index opened below

Big fall today and down for the week The major European indices are ending the week on a sour note with big declines on the day. For the week the indices are also lower. Looking at the provisional closes: German DAX -1.9% France’s CAC -1.5% UK’s FTSE 100 -2.0% Spain’s Ibex -1.9% Italy’s FTSE MIB -1.8% For the week, the indices are

Lows at 0.69405 and 0.69446 broken today The NZDUSD has continued its move to the downside over the last three days and in the process has dipped below the March swing low at 0.69405 and the April 1 swing low at 0.69446. The low price today reached 0.69223. The price is currently training 0.6936. Last week, the price move below its