Last week: The S&P500 and DJIA are back navigating all-time Highs as Earnings season continues and the US$ remains weak. There were some mixed earnings reports, with weaker guidance on SNAP triggering a 26% pullback in the share price and INTC noting its struggle with supply chain issues, but all four of the major US stock […]
All eyes will be on the major US index of the S&P500 as it negotiates a previous all time high region. Traders will be watching for any hesitation that may lead to a bearish Double Top. Momentum has declined across many trading instruments so watch for any new momentum-based trend line breakouts.
Upbeat earnings helped to lift stocks last session with the DJIA printing a new high and the S&P500 fast approaching its previous all-time high. The US$ remains weak which is helping to fuel a classic-style risk on environment.
The US$ is trading lower and this weakness set in at the start of the last Asian session helping to lift the EUR/USD. US stocks continued higher on the back of strong earnings and this may continue into the next session given the strong earnings from Netflix that was released after market close.
It has been a steady start to the week as investors wait for some big US names to report earnings this week. The charts are not very different from the w/e update BUT the S&P500 and EUR/USD are both holding up well and edging higher.