It is almost like someone hit the pause button on most trading instruments today. The US$ index has shaped up with another indecision daily candle and that kind of sums up a lot of things.
BTC/USD is back making headlines as it marches higher in value. I haven’t posted charts, or Tweeted, in this space for a while but I’m still wondering if this move higher is part of a broader based Wave 3 style Elliott move?
The latest market rally paused following the release of disappointing US Retail Sales data and the rising Covid case load across the USA and Europe. Keep an eye on the US$ index for clues about the next move as it trades down near a recent support trend line.
I was asked to review charts of two ASX stocks today, Beach Energy (BPT.asx) and Cleanaway Waste Management (CWY.asx) and my technical thoughts are published here. Both are displaying bullish momentum on the daily chart time frame and are trading well below their all time High.
Last week: The first full week of trading after the announcement of the Biden/Harris US Election win was skewed towards risk-on with flows into stocks and copper, out of the safety-haven Gold and with a lower VIX. Monday’s announcement from Pfizer about positive Covid vaccine news helped to support this momentum. The S&P500, DJIA and […]