The US$ was lower after the FOMC update and the Fed commitment to continue support as traders now wait for a decision about US Covid relief. Many instruments are little changed and hovering near key levels but Bitcoin seems to be bucking the trend with a continuation move after the recent breakout from the Bull […]
Market action has been pretty much sideways to start the week following on from the similar action of last week. I am reading that the concern over increased Covid-induced US lock-downs is moderating enthusiasm about the Vaccine roll-out. Don’t forget that there are four Central Bank updates this week, with FOMC as the major one […]
Last week: There were lots of indecision-style Spinning Top weekly candles printed last week as US stimulus talks failed and US Covid cases continued to climb. There have now been more deaths in 9 months due to Covid than in 4 years of WW11. All four of the major US stock indices tested new all-time […]
The FX Indices both look like closing with indecision-style Spinning Top weekly candles. This report has been prepared before the markets close though, as I have a trading course this weekend, so traders should confirm this once the markets close. This week bring the FOMC rate decision so watch to see if this impacts the […]
The latest bullish run on the S&P500 has been in play since around March 2020 and so I’m looking for any clues that it might be starting to get a bit tired. One charting indicator is suggesting that US stocks are reaching into an overbought region and this is worth noting given this lengthy bullish […]