Major indices all closed lower The US major indices all closed lower for the 1st time in 5 trading days. Each of the major indices have been up for 4 consecutive days. The NASDAQ tried to rally but is ending the day marginally lower. The introduction of the new iPhone 12 could not push Apple
Technical Analysis
Down over $30 now The price of gold has moved sharply lower as the USD moves higher. Looking at the rankings of the major currencies, the USD has taken over as the strongest of the majors. The GBP remains the weakest. The dollar was behind the NZD and the CAD at the start of the NY session. The move higher
NASDAQ index has its best day since September 9 The major indices are all closing higher with the NASDAQ index leading the way. Highlights include major indices rise for the 4th consecutive day NASDAQ index has its best day cents September 9 S&P and NASDAQ close lesson 2% below its all-time high 10 of 11
EUR/USD testing waters below 1.1800 once again The dollar is advancing slightly on the session, as we see EUR/USD start to move back towards the 1.1800 handle as the pair falls to a session low of 1.1795. Elsewhere, GBP/USD is also nearing 1.3000 and AUD/USD is down 0.5% close to 0.7200. Gold is also down
Down $0.56 or -1.3% The price of crude oil had an up and down day today. The price was initially higher rising to $41.47. However after headline news saying the Norwegian strike was called off, the price rotated into the red and is closing down $0.59 or -1.43% at $40.60. The high for the day reached $41.47. The low extended
Range for the day has reached 120 pips The GBPUSD has continued the run to the upside seen in the NY session. The range at the start of the NY session was only 50 pips. That range has been extended by 70 pips to 120 pips so far. Although higher, it is still below the 22 day average of
Range is above the average range The USDCHF as trended lower with the dollars move lower today. The range today has been an extended 75 pips. That is 21 pips above the average trading range seen over the last 22 trading days. For the week, last Friday the pair closed at 0.9196. The price traded to a
CFTC commitments of traders data for the week ending October 5, 2020 EUR long 174K vs 188K long last week. Longs trimmed by 14K GBP short 11K vs 13k long last week. Shorts trimmed by 2K JPY long 21K vs 25K long last week. Longs trimmed by 4K CHF long 13K vs 13K long last week.
Indices close near the highs for the day The US stock markets are closed for the day. All 3 major indices close higher on the day led by the NASDAQ index. Highlights for the day include Dow’s close positive for 2020 Major indices close at the highest level since September 2 Dow enjoys its best week in
Gold can’t be pinned down There are two lines of thinking on the easy-money trade (low rates & high government spending): Bet on it now because Democrats are way ahead in the polls Wait and see what the election brings I lean to option #2 but maybe I’m being overly cautious. In the past two
UK monthly GDP data for August shows that the economy grew at a pace of less than half compared to estimates It looks like the UK economic recovery has peaked in the summer and things are looking less rosy as we head towards the tail-end of Q3 and going into Q4. Although the report earlier
A look at bond rates The battle for the election, the battle for economic stimulus and the battle for the economy are captured best right now by the US long bond. 30-year yields are at a pivotal spot, fighting to break the 200-day moving average for the first time since 2018 and fighting to break
Dow also erases its losses from yesterday The major US stock indices are extending their gains. In the process the S&P has erased the losses from yesterday as has the Dow industrial average. The S&P index fell by 47.66 points. The S&P index is currently up around 46 points after reaching a high of 3408.65.
Stimulus is off the table for now The case for buying gold is that easy money policies at central banks and governments are going to last for years. Trump’s decision to call off discussions on a $1.5-$2.2 trillion package put that in doubt, at least for now. Gold responded by falling to $1875 from $1910.
NASDAQ index rises 2.25% The major US stock indices surged higher as investors cheered the potential for a stimulus package. Mnuchin and Pelosi are said to be exchanging new ideas. The stocks were also buoyed by a better-than-expected ISM services index for September which rose to 57.8 from 56.9 last month. The expectations were for a
S&P index test the 50% retracement of the move down since September 2 high The NASDAQ index and S&P index continue to push to the upside. The NASDAQ index is now up over 200 points or 1.86% at 11281.10 That is just off the high for the day. The S&P index (see chart above) is trading at 3396 up
Down -$1.67 or -4.31% The price of WTI crude oil futures settle at $37.05. That’s down $-1.67 or -4.31%. The low for the day reached $36.63. The high reached $38.65. The low price was just short of the September 9 low of $36.60. The pair also fell just short of the 38.2% retracement of the move up from the
Swing area on daily between 1.1695 to 1.1710 The EURUSD is higher on the week and in the process is moving above a swing area defined by swing lows going back to the end of July in the 1.1695 to 1.1710 area. Last week, the price moved below that area but found support buyers near