There hasn’t been a lot of change with the charts I monitor and it seems that most instruments are simmering in the lead up to today’s FOMC. US Earnings also remain in focus as big tech names report this week.

Last week: It was another relatively quiet week for trend line breakouts and this was likely due to the distraction surrounding the Inauguration of the new US President. The markets seem to have welcomed this transition though as the S&P500, NASDAQ and Russel-2000 closed at new all-time Highs. The Emerging Markets ETF (EEM), Copper and […]

The S&P500 and NASDAQ carved out new highs following the Biden Harris Inauguration but there has been little change elsewhere. The same mantra applies: watch for any new momentum-based trend line breakouts.

Earnings and Optimism drove the US index majors of the S&P500, DJIA and NASDAQ to new closing highs following the Inauguration of President Biden. Netflix gapped higher after earnings due to increased subscriber numbers. The US$ index remains range-bound but watch to see f the two Central Bank updates get the US$ moving at all.

There hasn’t been a lot of movement and, as previously mentioned, I suggested this could be the case until after Inauguration Day. The GBP/JPY was one outlier giving another small trend line breakout.