NASDAQ index is looking to test the swing lows from January The NASDAQ index is trading below the lowest close going back to May 2021. The low close this year was on January 27 at 13352. The current price is trading at 13298. The high price for the NASDAQ was at 16212.23 back on November
Technical Analysis
EURUSD retest its 100 hour moving average/38.2% retracement The EURUSD has dipped back to retest its 100 hour moving average and 38.2% of the 2022 trading range. That level comes in at 1.13516. The pair is trading just above that level as I type. Recall from yesterday, the price in the New York session
GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The GBPUSD moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The
USDJPY on the hourly chart The USDJPY moved higher in the Asian session helped by the Lavrov/Blinken meeting announcement. The USDJPY moved higher as did stocks but the pair stalled well ahead of its falling 100 hour MA currently at 115.378 (blue line) and just above the broken 38.2% at 113.236. The high reached
USDCAD is stuck in the mud The USDCAD remains stuck in the mud and the tires are going deeper and deeper. The low to high trading range is only 45 pips that is well below the 81 pip trading range over the last 22 trading days. The low today tested the low from yesterday
EURUSD breaking to new lows The ECB sources headline did give the EURUSD a modest boost off of the lows, but not so fast. The pair remains well below the 100 hour MA at 1.13519. The pair could only get to 1.1345 (from a low today of 1.13267). Now there has been report of
AUDUSD bounces off the 100/200 hour MAs again The Nasdaq is down 3.5% from the close on Wednesday. The S&P is down about -2.35% (they are bouncing from lows too). Those types of declines would typically lead to “risk off” flows out of pairs like AUDUSD. However, over that time period the price close on
The WTI crude oil futures are settling at $90.21. That is up $0.17 or or 0.18%. That is for the April contract. The high for the day reached $91.07. The low extended to $87.46 The March contract settled at $91.07 down $0.69 on the day. A week ago, the price closed the day at $93.10.
The dollar has moved higher on the large explosion news out of Dontsk. The explosion is reported to be a car bomb. It may be the false flag that kicks off a bigger offensive by Russian troops, but the market is taking comfort it wasn’t mortar. Nevertheless, the uncertainty increases The move higher in the
US stock losses have accelerate to the downside into to the day close. Some of the negative highlights for the day. The Nasdaq is down near 2.8% S&P tech sector down near 3% The major indices are down for the week Dow has it’s worst day in 2022 Nvidia falls -7.5% AMD -4.47% Paypal -4.8%
Breaks from wedge consolidation patterns are one of the toughest patterns out there because there are so many old highs in place that could transform the move into a broader range trade. That said, the spoils of getting a breakout right are incredible. We could be seeing that in gold today as it climbs $30
Crude oil falls below its 100/200 hour movinng averages The price of crude oil has tumbled lower over the last few hours, and in the process has pushed back below its 100 hour moving average at $92.59 and 200 hour moving average and $91.60. The low price reached $90.94. Yesterday the low price reached $90.65
USDCAD rotates back to thee lower extreme today The price action in the USDCAD since January 26 has been stuck in the mud mostly between 1.26496 and 1.27958. Yesterday, and on Monday, the price highs stalled near swing highs between 1.27745 and 1.2786 (see blue numbered circles four and five). The price had traded
The major US stock indices snapped a three day losing streak. The gains were led by the NASDAQ and the Russell 2000. The Dow 30 lagged. The snapshot of the closing levels shows: Dow industrial average +422.67 points or 1.22% at 34988.85 S&P index up 69.4 points or 1.58% at 4471.06 NASDAQ index up 348.85
The major European indices are closing higher on the day. The biggest gainer was the Italian FTSE MIB which rose high over 1.8%. You look at the closes shows: German DAX, +1.76% France’s CAC, +1.64% UK’s FTSE 100 +0.77% Spain’s Ibex, +1.74% Italy’s FTSE MIB +1.86% In the benchmark 10 year yields, yields were little
The major indices are ending the day with modest losses. The Dow was the worst performer of the majors, while the Nasdaq was the best performer. The final numbers are showing: Dow -171.89 points or -0.49% at 34566 S&P -16.99 points or -0.38% at 4401.66 Nasdaq -0.23 points or 0.0% at 13790.93 Russell 2000 -9.35
EURUSD pushes to a new low. Can it stay below the 50%? The EURUSD is making a new day low and in the process is back below the 50% midpoint of the years trading range at 1.13075. The price is also below the 1.1300 level (reached a low of 1.12953 so far). The 50%
The strongest to weakest of the major as London traders exit As the London/European traders look to exit for the weekend, the snapshot of the market currently shows the CAD and GBP as the strongest of the majors, while the EUR is the weakest. The EURGBP is one of the weakest pairs with a decline