Stocks have re-bounded off recent Lows but the point to note with these moves is that they are of low momentum. Most chart patterns are little changed since my weekend update so keep watch of trend lines for any momentum breakouts. Also, keep a close eye on Oil as this looks like it’s shaping up […]
It’s been raining pips and points from trend line breakouts based off the chart patterns profiled on the weekend. I had also warned on the weekend that the US$ was butting up against major resistance and to watch for weakness and this has played out as anticipated. The latest risk-on sentiment is hard to fathom […]
US stimulus has resulted in a lower US$ and a second day of gains for stocks. The Covid-19 situation has a long way to go for most western countries so this latest risk-on enthusiasm should be taken with extreme caution. As always, adjust trade size and risk appropriate to these volatile and uncertain market conditions.
Most global stocks indices traded lower to start the week with the continued risk-off sentiment due to Coronavirus. Gold finally caught a flight to safety bid though and gave a great trend line breakout and TC signal as well. Many of the other instruments I monitor are little changed and trading on declining momentum.
Risk-off continued last session and flows have accelerated into the US$; I’m reading the liquidity of the US$ is the reason here. The Aussie XJO is getting down close to a major support so watch for any technical pause or possible bounce here; especially after today’s 4pm RBA rate announcement.