US stocks closed higher on optimism about the economy re-opening but the US$, although lower on the day, remains range-bound near 100 S/R. This bit of US$ weakness did trigger some small trend line breakouts. The S&P500 is almost up to the key 61.8% Fibonacci level so, as per my weekend analysis, watch this region […]
Markets are very choppy at the moment and not suited for longer-term trend trading. There is great uncertainty about the ongoing economic impact of Covid-19 and the S&P500, despite the recent bounce, still has potential to track the same bearish route seen during the GFC.
The US$ continues to creep higher but stocks received a boost as Oil pricing recovered. Gold is also higher and gave a new Bull Flag breakout from yesterday’s chart pattern.
The US$ and S&P500 index are trading near major resistance zones as the week comes to an end. This is keeping many of the trading instruments that I monitor in range-bound activity. However, some late news about plans to re-open parts of the US and about a Covid-19 drug have helped to lift risk-on with […]
The last trading session saw a more aligned shift to risk-off as concern about the impact of Covid-19 on global economies resurfaced. However, most chart patterns are in a time-out kind of mode with price action consolidating on low momentum. President Trump is just out claiming the peak of the virus has passed in the […]