Technical Analysis

Dow has best day since October 7 but off intraday high of +541 points The major indices closed higher with the Dow industrial average leading the way to the upside. Dow 30 had his best day cents October 7. Honeywell and Walgreens leads the charge in the industrials Stocks close higher for the 2nd time

GBP/USD falls to a session low of 1.2863 on the day For bank trade ideas, check out eFX Plus That is the lowest the pair has traded in nearly 3 weeks, as we see sellers try to push the agenda and contest the 100-day MA (red line) @ 1.2878. The level previously held at the

Big declines for the week for the major European stock indices The European major indices are ending the session with mixed results for the day. For the week gets a different story as shares plunged across the European continent. The provisional closes are showing: German Ibex, -0.19% France’s CAC, +0.61% UK’s FTSE 100, +0.14% Spain’s Ibex, +0.4%

Tested yesterday and rebounded. After an up and down day, the pair is back down retesting the MA level The NZDUSD is back down retesting the 100 day MA. Recall from yesterday, the pair moved down to that level and found support buyers.    Today after some ups and downs, the pair has returned to

Down $0.38 or -1.05% The price of crude oil futures settle at $35.79. That is down -$0.38 or -1.05%. The high price reached $36.60. The low price reached $35.21. The price last week closed at $39.85. With the close this week at $35.79. That represents a -10.2% decline for the week. Driving the price lower

Treasury yields break the high US 10-year yields are now up 4.4 bps on the day to 0.8670%. It’s highly unusual to see US stocks down 2-3% and Treasury yields higher. There are two possible explanations: Month end flows Treasuries sensing a Biden win Flows are flows so we will get an answer to that

NASDAQ index leads the way to the downside The major indices are closing lower on the day but did rebounded into the close which eased some of the downside pain. Dow close that is lowest level since July 31 Amazon, Apple close over 5% lower. Apple closes 20% below its all-time high Twitter plunged 21%

Dollar keeps steadier after its advance in trading yesterday Besides USD/JPY, all other dollar pairs are keeping within 0.1% changes as we get things going on the session, reflecting a more tepid mood despite the push lower in stocks. In the case of USD/JPY, the pair continues to be largely dragged between 104.00 to 104.50

Rebound in crude, lead to some profit taking The USDCAD moved above its 100 day MA at 1.3331 earlier today (after testing and backing off on the first look).  The move above was the first time since June 2020.   The high price reached 1.3389, but as crude oil bottomed and started to move back higher,

Big day tomorrow on the earnings front The major indices fell sharply on Covid/election fears. European countries imposed new restrictions. Case count continue to rise putting pressure on hospitals. A lack of a coronavirus stimulus deal in the US is also weighing. Finally, uncertainty about the upcoming election is also frightened traders. The volatility index (Vix index )rose

Some slowing of the run higher The USDCAD pushed higher after the BOC decision and in the process squeezed up to test the 100 day MA at 1.33341 (blue overlay line on the chart below). The high price reached 1.3333 and has backed off. The current price is at 1.3311. The run to the upside took

Dow closes lower for the 3rd straight day The major indices are closing mixed with the Dow taking the brunt of the selling. The Nasdaq index closed higher ahead of Microsoft’s earnings. Highlights: Dow and S&P closed near session lows Dow post 3 day losing streak NASDAQ close higher for the 3rd time in 4 days Dow close that

The greenback trades higher as European traders enter the fray The dollar has erased its earlier slight losses from Asia Pacific trading, and is now trading to a session high against the likes of the euro and pound in particular. EUR/USD is down to a low of 1.1801 and sellers defended the 100-hour moving average

Levels to eye in the new trading day The dollar rose for the day, but is ending off the highs for the day with the exception of the USDCHF.  The pair is rising to a new high as the day comes to an end in that pair.  The USD is the strongest of the majors

Swing area and topside trend line on hourly stalls the rally The USDJPY move higher yesterday and in the process tested a topside channel trendline and a swing area in the 104.92 – 104.94 area.  That trend line and swing area stalled the rise.  Trading in the new day has moved back lower and gotten closer to the

It wasn’t a dumpster fire, so sellers cover The S&P futures have turned positive now with the index up 0.14% at 3454. The move to the upside is probably attributed to the debate that was more debate vs. the yelling and screaming from the 1st debate. Going forward, the other story that traders have been

EUR/USD pares its decline in a slight nudge higher from 1.1804 to 1.1819 For bank trade ideas, check out eFX Plus The German economy is keeping more resilient in the wake of the second virus wave in Europe, as the manufacturing sector is doing the heavy lifting – helped by export demand – in limiting

The dollar slips to its lowest levels on the day The more upbeat German manufacturing PMI data earlier is helping to give regional stocks a broader lift and in turn that is translating to some weakness in the dollar now. This also comes as the euro is nudging a little higher and buyers have seized