Last week: I noted in my last weekly update how US stocks were flashing a signal of hesitation. This evolved in the last week to a signal of mild warning with all four of the US stock index majors, S&P500, DJIA, NASDAQ and Russell-2000 printing bearish weekly candles, in spite of better than expected Earnings […]

There hasn’t been much movement on the instruments I monitor but it is interesting to note how key S/R levels are coming into play for a number of them.The drill is always the same:watch for any momentum-based trend line breakout.

The US$ traded lower following FOMC as the Fed Chair reaffirmed an accommodative approach to interest rates. The US$ weakness has helped a number of FX pairs but the Kiwi was probably the best performer on the day.

Some Yen weakness helped to deliver a wedge breakout on the USD/JPY and GBP/JPY but most other instruments are little changed ahead of today’s FOMC rate update. Momentum is declining across many instruments so watch for any new momentum-based trend line breakouts BUT caution is needed with FOMC.

Last week: The weekly charts of the four major US stock indices reveal some new hesitation. Indecision-style candles, albeit bullish coloured, were printed on the S&P500, NASDAQ and Russell-2000 but the DJIA printed a bearish-reversal candle. Whilst 83% percent of US earnings reported thus far have beaten expectations it is suspected that much of this […]