Technical Analysis

S&P fails on attempt to close at record Selling into the close today pushed the S&P index into the red after trading higher for most of the day. However it is still ending the day with a small gain. The NASDAQ index is also closing near it’s session lows but had a more solid gain

Commodity currencies lead as the yen, franc lag on the day The market is starting European trading with a more positive mood as the push higher in equities is spurring more of a risk-on trade in FX, as commodity currencies pull slightly ahead on the day now. The narrower ranges earlier are starting to stretch

USD rises in August So how did the USD do in August? The US dollar rose against all the major currencies with the one exception being the NZD. Recall that in August the RBNZ was expected to raise rates by 0.25%, but put the rate hike on hold after the decision of the Government to impose Level 4 COVID

EUR/USD seen above 1.1800 to its highest level since 6 August With the dollar looking like it is languishing a little to start the day, EUR/USD is marked higher and trading close to 1.1820 ahead of European trading. The pair is holding at its highest levels in over three weeks and the push above the

Up 140 points on the day the NASDAQ index has just reached a new intraday high (taking out the reviews high of 15270.20). The index is up over 141 points or 0.94% on the day.  The index is trading at yet another all-time new high. A close higher today would be the 32nd close higher for

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No explicit taper timeline The dollars move lower on the headlines from Fed chair Powell’s speech.  No explicit taper timeline has sellers pushing the greenback lower.  Yields are moving lower as well.  The comments run counter to what most Fed officials have been saying which will make for an interesting September meeting. Of of course the jobs report in September will be a key talking

Swing area between 1.2577 and 1.2596 is the next downside target The CAD has followed the other currencies in moving higher versus a weakening dollar after Chair Powell did not satisfy the taper hawks.  Looking at the hourly chart, the price has moved back below its 100 hour moving average at 1.36372. Stay below that moving average keeps the bears

…and overall dollar selling The AUDUSD is racing higher encouraged by the overall dollars selling after Fed chair Powell’s Jackson Hole speech and overall risk on sentiment help by rising stock prices. The NASDAQ index is currently at 148 points or 1%. The Dow industrial average is up 231 points or 0.65% and the S&P is up

S&P has its best day in more than a month The major US stock indices all closed higher.  Both the S&P and NASDAQ closed at record levels The S&P closed at a record level for the 52nd time this year Every sector of the S&P closed higher except healthcare and utilities The NASDAQ closed at record level

Gains of 0.30% to 0.60% for the major indices The European major indices are ending the session higher after earlier declines. The indices have been dried higher by solid gains in the US after Fed Powell’s Jackson Hole speech.   The provisional closes are showing: German DAX, +0.3%. The index was down -0.3% at session lows France’s CAC +0.2%. It was down -0.32%

NASDAQ trades to record high before reversing lower The major indices are closing near the lows for the day.  Highlights: NASDAQ still on track for its best week in five weeks Dow breaks a four day win streak NASDAQ and S&P break as a five day win streak NASDAQ traded to a record high before reversing

Geopolitical anxiety helps to kick the indices lower The geopolitical anxiety – and perhaps a bit overbought conditions – have sent the US stocks lower.  A snapshot currently shows: Dow -36 points or -0.10% 35372 S&P index -16 points or -0.37% at 4478.90 NASDAQ index -51 points or -0.34% 14991.78 The NASDAQ and S&P index are up

Level corresponds with the 61.8% retracement level The NZDUSD is trading to new session highs for the day and in the process is testing a break level from last week’s trading and also the 61.8% retracement of the move down from the August high to the August low. Those levels come near 0.69796. Looking at the hourly chart,

50% retracement above and swing area/200 hour MA below The AUDUSD is not going very far today with a 28 pip trading range.   The pair has found sellers ahead of the 50% retracement above at 0.72659, and buyers below near the 200 hour moving average at 0.7240 and a swing area between 0.72368 and 0.72452.   THe current price trade at

Russell 2000 leads the way with a gain of 1% The S&P and NASDAQ are both closing at record high levels.  S&P and NASDAQ up for the fourth consecutive day Russell 2000 leads Way with a 1% gain Dow rises for the second consecutive day NASDAQ index closed above the 15,000 level for the first

NASDAQ and S&P up for the fourth consecutive day The US stocks opened and after a few minutes of trading, the major indices are trading higher. The gains are led by the NASDAQ index which has extended to a new record high. A snapshot of the market currently shows: Dow industrial average up 80 points

S&P and NASDAQ close at record levels The US major indices had a solid gains today led by the NASDAQ index which increased 1.54%. The Russell 2000 also had a solid gain of near 1.9%. The gains were help by the FDA’s full approval of the Pfizer Covid vaccination. The hope is that those who