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Charting the Markets: 20 September

FTSE, DAX and Nasdaq rebound expected to falter. EUR/USD and GBP/USD hold firm while USD/JPY edges higher. And Brent crude oil, gold and lumber hold above recent lows ahead of FOMC.

 

 

16 Candlestick Patterns Every Trader Should Know | IG US

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Market data to trade on Wednesday: US rate decision; GFRD earnings

Galliford Try (GFRD) and General Mills (GIS) are the only areas of corporate interest in what is otherwise a day dominated by the US rate decision.

The FX markets will be absorbed by positioning on the expectations of a 75-percentage point rise in US rates or the slim chance of a full percentage point increase.

 

 

 

 

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Today’s coverage:

 

Just one game in town today and that’s the Fed which is twisting pretty much all markets. Yields are rising on expectations that Fed action will crush appetite for risk assets. 2yr UST yield now at 15yr highs  

Indices: Down across the board, despite hopes that the Fed will soon be done in raising rates – economists still looking for 75bps although could there be one more big market shock with 100 percentage point rise?

FX: USD rising although no runaway recent highs for the dollar, just keeping pretty much all crosses at recent levels. If anything there’s a bigger bid on USD vs NOK and CAD as commodity currencies which are underperforming  

Equities: Nothing particularly standing out, although earnings today from GFRD and GIS

Commods: Gold consolidating at recent lows poised for more declines should the Fed go big and tell markets there no let up. Oil down for a 3rds day but not scoring recent lows

 

 

 

 

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Early Morning Call: dollar shows strength ahead of Fed rate decision

Yields are rising on expectations that Fed action will crush appetite for risk assets. Two-year UST yield now at 15-year highs.

 

 

 Jeremy Naylor | Writer, London | Publication date: Wednesday 21 September 2022 

Macro overview

Indices in the Asia-Pacific region traded lower overnight, following the negative lead of the US, as markets expect another oversized rate hike by the Federal Reserve (Fed).

Indeed, a 75-basis point (bps) hike is fully priced in, but some wonder whether the Fed could go even higher this time. The latest data shows a 17% probability of a full percentage point increase. This probability went as high as 35% on September 13 on the back of the latest US consumer price index (CPI).

Last August, headline CPI came in at 8.3% year-on-year (YoY), lower than the 8.5% recorded in July, but beating expectations of an 8.1% rise. Core CPI unexpectedly rose by 6.3%, from 5.9% in July.

Since the Jackson Hole symposium, Fed members have been very vocal, from Atlanta's Fed president Raphael Bostic saying the Fed still has 'some work to do', to Fed vice chair Lael Brainard saying 'we are in this for as long as it takes to get inflation down', to Jerome Powell's statement last week: "we need to act now, forthrightly, strongly as we have been doing." And charts reflect that. US treasury yields are at their highest since 2011, the dollar index trades near two-decade highs and gold is at a 2 ½-year low.

Elsewhere the Bank of Japan (BoJ) announced an unscheduled bond buying operation overnight as the authorities there continue to try to support the market. Also, a survey by Reuters indicated that economists are split on whether there will be intervention on the yen.

The Bank of England (BoE) is expected to raise its interest rates by 50-basis points tomorrow. Today in the UK we have some stats that are perhaps more important to the UK chancellor Kwasi Kwarteng, ahead of his first budget that is to be delivered on Friday.

Public sector net borrowing for reached £11.06 billion in August, after £2.1bn in July.

In the US we see that start of building permits and housing. August data will be published at 1.30pm, followed at 3.30pm by EIA crude oil inventories.

Commodities

Yesterday API reported an increase in inventories across the board. Crude oil stocks rose by one million barrels, lower than the 2.3-million barrel increase anticipated by analysts. Note that the Department of Energy released another 6.9 million barrels from SPR.

Gasoline stocks rose by 3.2 million barrels, distillates by 1.5 million barrels.

Equities

Elsewhere, Galliford Try PLC posted a 68% pre-tax profit increase to £19.1 million, and announced a total dividend of 8 pence, up 70% on last year.

French industrial conglomerate Schneider Electric SA has agreed a deal to buy out minority shareholders in British software company Aveva Group PLC at a cost of £31 per share.

In the US, General Mills Inc is due to report its first quarter (Q1) earnings before the US market opens. Analysts expect earnings of 99 cents per share on revenue of $4.72bn.
 

 

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This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

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Charting the Markets: 21 September

All eyes on the Fed for FTSE 100, DAX 40, and S&P 500. EUR/USD, GBP/USD, and AUD/USD hit hard as the FOMC gears up for another rate hike. And gold, oil and copper rise after recent losses.

 

 

16 Candlestick Patterns Every Trader Should Know | IG US

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Market data to trade on Thursday: BoE, BoJ rate decisions

Central bank activity continues tomorrow. IGTV’s Jeremy Naylor looks at EUR/JPY around the Bank of Japan (BoJ) rate announcement and EUR/GBP as a tradable opportunity for the Bank of England (BoE).

Outside of this, will FedEx say any more after its dire warning last week?

 

 

 

 

 

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For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

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Today’s coverage:

After Fed’s 75bps move and expectations of 125bps at next 2 mtgs and a note to the effect that there may be a US housing correction, three areas of the markets showing green – VIX, USD & bond yields

Indices: Global mkts drop now on the way to a total retracement of recent bear mkt rally. Europe expected to open lower  

FX: After the Fed’s move & BoJ’s no change overnight, it’s the turn of the BoE today, markets pricing in 50bps. USDJPY breaching 145 despite possible  ‘stealth intervention’ comments. GBPUSD new 35yr lows  

Equities: Earnings – JDS CINE FDX

Commods: BTC approaching key support. Gold near 30-mth lows. Oil small gains after 3days of losses – similar price action in copper and other base metals

 

 

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Early Morning Call: equity markets slide after Fed warns of more hikes to come

Global markets drop and are on the way to a total retracement of the recent bear market rally. Europe expected to open lower.

 

 Jeremy Naylor | Writer, London | Publication date: Thursday 22 September 2022

Macro overview

Equity markets in Europe opened today’s session lower, matching the performance of US and APAC indices, after the US Federal Reserve (Fed) raised its interest rates by another 75-basis points (bps).

The dollar basket has set a new two-decade high, now trading above 111. As expected, the Fed raised its target for Fed funds rates to 3%-3.25%, a decision unanimously taken by Fed board members, as the latest inflation data showed no improvement despite its efforts.

Federal Reserve

The Federal Open Market Committee (FOMC) statement reiterated “the committee is strongly committed to returning inflation to its 2% objective.” Fed chair, Jerome Powell said "we have got to get inflation behind us. I wish there were a painless way to do that. There isn't."

The Fed funds rate projection indicates a further 125 basis point increase by the end of the year.

During the press conference that followed the announcement, Powell singled out the housing market as a persistent source of rising consumer inflation: "What we need is supply and demand to get better aligned ... We probably in the housing market have to go through a correction to get back to that place."

Alongside the rate decision, the Fed published its latest economic projections and expects the economy to slow. New projections see the economy growing by 0.2% in 2022, rising to 1.2% in 2023. Unemployment, currently at 3.7%, is anticipated to rise to 3.8% this year and to 4.4% in 2023.

As for inflation, new projections put it on a slow path back to 2% in 2025.

Bank of Japan

As widely expected, the Bank of Japan(BoJ) kept its ultra-accommodative policy in place. The short-term interest rate remains at -0.1%, and 10-year bond yields target around 0% by a unanimous vote.

BoJ governor, Haruhiko Kuroda, has ruled out a near-term withdrawal of stimulus, arguing that wages need to rise more to sustainably achieve his 2% inflation target.

Kuroda’s dovish message further weakened the yen. USD/JPY briefly climbed above ¥145 for the first time since August 1998.

Bank of England

Having delayed its meeting from last week after the passing of Queen Elizabeth II, the Bank of England (BoE) decides today on its interest rates. Economists expect another 50-basis point hike, which would take the main rate to 2.25%.

As opposed to the Fed and the European Central Bank (ECB), the BOE hasn't yet opted for a larger, one might say more courageous rate increase of 75-basis points, which is one of the reasons why GBP/USD has fallen some 15% in the past eight months.

It's worth recalling that second quarter (Q2) gross domestic product (GDP) contracted for the first time in more than a year, and last Friday's retail sales showed a much larger than forecast drop for the month of August. Therefore, any rise in sterling on the back of a hawkish BoE move could be short-lived as the risk of recession is mounting.

Equities

Elsewhere on the equity market, JD Sports Fashion PLC posted first half (H1) results at the top end of the board's expectations. Profit before tax and exceptional items reached £383.5 million, lower than £439.5m posted a year ago.

In the US, FedEx Corp is expected to confirm weak earnings and revenue, after its warning last week. FedEx shares tanked in extended trading after the company withdrew its full-year financial forecast.

FedEx says it expects to post earnings of $3.44 per share, well below analysts' consensus of $5.17. Revenue should also fall short of expectations, at $23.20 billion. FedEx CEO, Raj Subramaniam, said in a statement that "global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S. We are swiftly addressing these headwinds, but given the speed at which conditions shifted, first quarter results are below our expectations".

Also expected today are quarterly reports from Accenture PLC and Costco Wholesale Corp.

Commodities

On the commodity market, oil prices fell after the Federal Reserve announcement. Yesterday the EIA confirmed API estimates of a stock increase across the board. Crude inventories rose by 1.1 million barrels last week, gasoline stocks rose by 2.6 million barrels, while distillates also rose by 1.2 million barrels.

 

 

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This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

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Charting the Markets: 22 September

FTSE 100, DAX and S&P 500 recover slightly following sharp losses. GBP/USD slips to 37-year low, EUR/USD to 20-year low while EUR/GBP rallies. And gold, Brent crude and lumber remain under pressure as recession fears dominate.

 

 

16 Candlestick Patterns Every Trader Should Know | IG US

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

Link to comment

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

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Today’s coverage:

Indices: Another day…day of losses. Europe set to open down as more and more economic data reveals a strained consumer, corporates under pressure and economies seeing growth shrink

FX: GBP under more pressure after another new record low for cons conf. Watching GBP EUR USD ahead of flash PMI data. UK mini Budget (fiscal statement) at 9:30am

Equities: BA (Boeing) says it will pay $200mln to settle SEC probe into claims BA misled investors over 737 MAX crashes. Earnings – SMIN  

Commods: Gold little moved off the weeks lows. Oil holding close to recent lows

 

 

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Early Morning Call: another day of losses for indices while GBP under more pressure

Indices see another day of losses: Europe set to open down as more and more economic data reveals a strained consumer, corporates under pressure and economies seeing growth shrink.

 

 Jeremy Naylor | Writer, London | Publication date: Friday 23 September 2022 09:40

Equity overview

Asia-Pacific equity markets fell overnight, following the lead of the US, as investors continue to assess the Federal Reserve’s (Fed) latest decision and comments.

Australia’s S&P/ASX 200 dropped 1.87% as trade reopened after a holiday on Thursday.

After Goldman Sachs Group Inc (All Sessions) earlier this week, Nomura Holdings Inc lowered its forecast for China's 2023 annual growth to 4.3% from 5.1%.

Forex

The yen is on track to post its first weekly gain against the dollar following five weeks of decline, after Japanese authorities intervened in foreign exchange markets yesterday. USD/JPY fell as much as 1% yesterday, down to ¥140.3, before rising again and settling above ¥142.

This government intervention, the first since 1998, came only hours after the Bank of Japan (BoJ) decided to maintain its ultra-low interest rates.

In the UK, GfK Consumer Confidence fell to a new all-time low of -49 in September, largely beating expectations of -42. Gfk’s Joe Staton said: “consumers are buckling under the pressure of the UK's growing cost-of-living crisis driven by rapidly rising food prices, domestic fuel bills and mortgage payments.”

Alongside its decision to raise interest rate by 50 basis points, the Bank of England (BoE) indicated yesterday it expected inflation to peak at 11% in October.

Later this morning, the market will get further indication of how the economic slowdown is shaping up, with the publication of manufacturing and services PMI flash for the month of September. Investors will be particularly attentive to France's manufacturing PMI, expected to join Germany and UK in contraction territory, and UK services PMI, expected to fall to 50, from 50.9 the previous month.

The new chancellor of the exchequer, Kwasi Kwarteng, is expected to deliver a budget that will promise a "new era for Britain". Despite being billed as a mini-budget, expectations are that it will deliver a significant package of measures to turn the 'vicious cycle of stagnation into a virtuous cycle of growth".

Corporate overview

Elsewhere on the corporate front, FedEx Corp published its quarterly earnings in session yesterday evening, and confirmed what it had announced last week. It posted earnings of 3.44 per share on revenue of $23.20 billion. For the current quarter, FedEx sees revenue between $23.5bn and $24bn.

FedEx also announced a cost cutting plan of up to $2.7bn in full-year (FY) 2023

In the UK, Made.com Group PLC has decided to withdraw its FY forecast due to “challenging” market conditions and will conduct a strategic review which includes a formal sale process.

Smiths Group PLC reported a rise in full-year profit and revenue and added it expects moderate margin improvement next year.

Commodities

On the commodity market, lumber is back to testing support after Fed chairman, Jerome Powell, singled out the housing market as a persistent source of rising consumer inflation: "What we need is supply and demand to get better aligned ... We probably in the housing market have to go through a correction to get back to that place."

WTI and Brent are on track to post a fourth straight week of losses, ahead of Baker Hughes data. Last week, total rig count rose by four to 763, as the number of oil rigs in operation increased by eight to 599.

 

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This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

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Charting the Markets: 23 September

FTSE 100, DAX 40 and Nasdaq 100 on track for second weekly loss. EUR/USD, GBP/USD, and AUD/USD head lower as dollar bulls continue to dominate. And gold, oil and natural gas drop back.

 

16 Candlestick Patterns Every Trader Should Know | IG US

This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

Link to comment

For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

igtv.PNG

Today’s coverage:

 

Indices: Europe expected to open mixed after the Dax and CAC hit a new low for the year on Friday. FTSE100 up as weak GBP benefits exporters. Asia down overnight

FX: GBP in the mire, record low (since decimalisation) vs USD but down across the board

Equities: none to speak of today as it’s all about the sell-off and GBP etc

Commods: Gold lowest since April 2020 (at a record high vs GBP). Oil near low for the year. Lumber 28mth lows

 

 

 

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Early Morning Call: GBP/USD at lowest level since decimalisation in 1971

GBP in the mire dropping to a record low against the dollar, but down across the board. Europe expected to open mixed after the DAX and CAC hit a new low for the year on Friday. FTSE 100 is up while Asia is down overnight.

 

 Jeremy Naylor | Writer, London | Publication date: Monday 26 September 2022 

Risk-off prevails in APAC

Risk-off sentiment prevailed in the Asia-Pacific region overnight, as investors reacted to Friday’s selloff in European and US equity markets and saw the dollar basket briefly rising above 114 in the early hours.

UK mini-budget

Sterling continues to lose ground against all major currencies as traders are still assessing the “mini-budget” unveiled by the Chancellor of the Exchequer, Kwasi Kwarteng.

GBP/USD hit an all-time low of $1.0322 overnight, falling as much as 5% on Friday’s close.

The FTSE 100 is starting the week higher paring some of Friday’s losses. The index dropped as much as 200 points after the presentation of the “mini-budget”, a hit three-month low.

Among the biggest fallers in Friday's session were energy and materials producer, a direct consequence of a weaker pound. BP PLC, Shell PLC, Glencore PLC (LSE), Antofagasta PLC and Anglo American PLC all fell in excess of 5%.

Macro overview

In Japan, the Jibun Bank Manufacturing PMI fell to 51 in September, from 51.5 in August. This is the 20th straight month of expansion in the sector, but the lowest since January 2021.

Services PMI rose to a three-month high of 51.9, from 49.5 in August, which meant that composite PMI climbed back to expansion territory at 50.9.

Markets await Germany Ifo business climate at 9am. Economists expect the index to fall for a third straight month in September, to 87 from 88.5 in August. The same goes for the other two indicators, current conditions and expectations, expected at 96 and 79 respectively.

This week will be a testing week for the DAX. German Gfk consumer confidence on Wednesday is expected to fall to a new record low in October. On Thursday, consumer price index (CPI) is forecast to jump to 9.5% in September, from 7.9% the previous month. And on Friday, retail sales in the country are anticipated to drop by 5.1% in August, twice the decline posted in July.

A couple of indicators are expected in the US: the Chicago Fed national activity index for August and the Dallas Fed manufacturing index for the month of September. The dollar is very likely to stay strong. Overnight the dollar basket set a new two-decade high, rising as high as 114.41.

Commodities

On Friday afternoon, WTI fell below $80 per barrel for the first time since January. The highest point last week for WTI was on Wednesday morning, hours before the Federal Reserve (Fed) raised Fed funds rates by another 75-basis points. Since the announcement, oil dropped as the dollar strengthened.

Last week was the fourth weekly decline for WTI and Brent, which was a first since November last year, and well on track for a fourth consecutive monthly decline, which hasn't happened since the first four months of 2020.

Last Friday, Baker Hughes total rig count rose by one to 764. That's 243 up on this time last year. The number of oil rigs in operation increased by three to 602, while the operational gas rigs fell by two to 162.

Dollar strength is also affecting base metals. Copper and zinc now trade at two-month lows. Aluminium ($5 Mini Contract) is at its lowest since March 2021.

Lumber showed signs of weakness in the second part of last week, after Fed Chairman, Jerome Powell, highlighted the imbalances of the US housing market, and has now gone through an important support level, back to levels not seen since July 2020.

Finally, a quick look at gold, which fell as low at $1,640 on Friday, its lowest level since April 2020.

 

 

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Charting the Markets: 26 September

FTSE 100, DAX and S&P 500 hold their ground in early trading. GBP/USD at 37-year lows, EUR/GBP at 2-year highs and EUR/USD at fresh 20-year lows. And gold, Brent crude and lumber head lower as recessionary fears lift the dollar.

 

 

16 Candlestick Patterns Every Trader Should Know | IG US

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Market data to trade on Tuesday: China output; US inflation

With the dollar remaining so strong, IGTV’s Jeremy Naylor looks at two trend trades that seem to indicate that there is no let-up in direction.

USD/CNH is looking likely to break the near-term resistance on expected soft industrial production data in China, then US durable goods is likely to underscore the downward direction of trade for EUR/USD.

 

 

 

 

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For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

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Today’s coverage:

 

Indices: Wall St down again, more companies complaining about strong $. Europe expected little changed

FX: USD on a breather today. GBPUSD has regained much of the loss it saw on Monday

Equities: Earnings – FERG CBG UU. POR to price at the top end of IPO range at €75bln

Commods: Gold and oil both up, but remain firmly on the downtrend. Lumber 4th straight day of decline

 

 

 

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What markets to trade on Wednesday: USD/JPY, AUD/USD, Dax & BOO

With economic data key on Wednesday IGTV’s Jeremy Naylor looks at how it would affect the Yen, the Aussie and the Dax. On the corporate agenda Boohoo (BOO) delivers H1 earnings.

 

 

 

 

 

look ahead Wednesday.PNG

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For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

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Today’s coverage:

 

Indices: Europe another lower start and new lower lows for the year for many markets apart from UKX, NKY and ASX200

FX: USD continues climb. GBP resumes drop as IMF warns UK govt about working against monetary policy. Watching Dax and EURUSD around German Cons Conf data

Equities: Earnings – BOO H1. AAPL ditches iPhone production increase as demand drops – highlighting potential drop in Q3 earnings  

Commods: Gold down at new 28mth low. Oil reversing Tuesday’s first gain in a near a week. BTC near 14wk low

 

 

 

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Early Morning Call: Risk assets being beaten up again

USD continues to benefit from the market edginess.

 

 

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This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.

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What market data to trade on Thursday: EUR/USD, NXT, MU & NKE

The downward trend for the Dax is expected to continue on Thursday with the upside risk to German inflation data. IGTV’s Jeremy Naylor looks at EUR/USD.

Earnings out on Thursday include Next (NXT), Micron Tech (MU) and Nike (NKE).

 

 

 

 

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For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

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Today’s coverage:

 

Relief for the markets as the mighty USD saw one of its biggest single day declines since the early days of Covid

Indices: New lower lows and a mini capitulation for most markets before a rebound. Europe expected to open up. APAC all higher

FX: USD weakness unwinding a small degree. EURUSD awaiting German inflation expected to tick up by a margin of more than 150bps to 9.4%’ GBP weaker again 

Equities: Toyota global vehicle sales up 44.3% in Aug, a record for the month

Commods: Pretty much all of the commodity complex showing an upward retracement in the wake of that weaker USD. Today a small drop apart from oil which is holding Wednesday’s gains

 

 

 

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What market data to trade on Friday: EUR/USD, GBP/USD, EUR/GBP, HSI

Economic data from Japan, Australia, China US, UK and the eurozone, IGTV’s Jeremy Naylor takes a trip around some of the big FX pairs. Also, with PMI data from China, could we see the downtrend in the Hang Seng (HSI) continue?

 

 

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For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

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Today’s coverage:

 

Indices: Global declines continue Europe expected to open down

FX: USD remains the big story and a retracement continues – look for  better point to buy the dip. Despite chaos GBP looking at best week in 2yrs  

Equities: NKE fell after poor earnings last night. DIS regroups Florida parks after hurricane Ian. META warns of restructuring

Commods: Gold up for a 4th day. Oil drifting after Wednesday’s big gains. Lumber another new lower low. Aluminium up after LME proposal to limit Russian aluminium on its books

 

 

 

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For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK.

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Today’s coverage:

 

A lot of chat on social media over the weekend about the collapse of an international investment bank… DBK or CSGN??

Indices: After the worst quarter since the first covid lockdowns markets open the acct for the 4th qtr down across the board. Apart from NKY after Tankan survey  

FX: USD has had its best year so far since the inception of DXY in 1985 (CNBC). Watching GBP ahead of Kwarting speech at Tory conf as party prep to delay 45p top rate tax cut. BoJ ready to intervene again as Yen back above 145

Equities: TSLA Q3 deliveries short of ests. Watching INTC as it readies Mobileye, its AI driving unit, for IPO   

Commods:  Oil starts Monday up as reports OPEC+ is preparing up to 1mln bopd supply cut. Gold holds last week’s rally

 

 

 

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    • Stocks: AAPL, AMZN, NVDA, TSLA, GOOGL, BRK.B, SQ, META, NFLX, ENPH, MSFT, BAC, JPM. Elliott Wave  SP500 US Stock Bear Market: AMZN, AAPL, NVDA, TSLA, GOOGL, BRK.B, SQ, META, NFLX, ENPH, MSFT, BAC, JPM, GS. Elliott Wave Technical Analysis  Stock Market News: Stocks rise, however the move up continue to move up on lower volume, divergence and corrective bear market rally, that should complete in the next trading session Stock Market Summary Elliott Wave Count: Elliott Wave Analysis - (iv) of c) of 4 of (1) Analysis US Stocks: Tesla TSLA, Amazon AMZN, Nvidia (NVDA), Apple AAPL, Microsoft MSFT, Berkshire Hathaway (BRK/B),Block, Inc (SQ), Meta Platforms, Netflix (NFLX), Enphase (ENPH), Alphabet GOOGL. XFL Finance Sector ETF, JPMorgan JPM & Bank of America BAC, Goldman Sachs Group Inc (GS) Stock Market Trading strategies: Looking to short the top and turn in the trading session Video Chapters 00:00 SP500 06:58 Apple (AAPL) 12:22 NVIDIA (NVDA) 14:40 Amazon (AMZN) 18:35 Meta Platforms (META) 20:17 Netflix (NFLX)  21:41 Enphase (ENPH) 24:14 Tesla (TSLA) 27:59 Alphabet (GOOGL)  30:35 Microsoft (MSFT) 31:31 Berkshire Hathaway (BRK.B) 32:33 Block Inc. (SQ)  33:38 Banks JPM, GS 36:14 End. Thanks for supporting! US Stocks: Basic Elliott Wave Counts Apple AAPL  Elliott Wave 4  Corrective rally Amazon AMZN  Elliott Wave 4 Nvidia (NVDA) Elliott Wave  ii) Berkshire Hathaway BRK/B Elliott Wave 4 Alphabet GOOGL  Elliott Wave 4 Meta Platforms FB Elliott Wave iv) Netflix (NFLX)  Microsoft MSFT  Elliott Wave 4 Tesla TSLA  Elliott Wave iii) Square SQ /Block Inc. Elliott Wave 4 JPMorgan Chase (JPM) Elliott Wave 4 Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  
    • US DOLLAR TALKING POINTS: The US Dollar has dropped by as much as 3.3% from the high that was set last Wednesday and many are asking if the USD has topped. Given how aggressively overbought the greenback had become, this retracement looks to be a correction in the trend with no evidence yet of anything larger. However – price is approaching some major supports and performance around those levels will be key for determining near-term strategy. Of particular importance is the fact that the US Dollar is a composite of global currencies so the bigger question is when sell-offs in EUR/USD or GBP/USD might return and, in a related item, how will USD/JPY hold up with the pair pegged to the 145 level thought to be the line-in-the-sand for Japan’s Ministry of Finance? Oct 4, 2022 | Full article on DailyFX James Stanley, Senior Strategist
    • EUR/USD and GBP/USD edge up while USD/JPY falters at ¥145.00 again A pause in the dollar rally sees USD/JPY stuck below recent highs, but both the euro and sterling have made gains in early trading against the greenback.    Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 04 October 2022  EUR/USD rebound continues After falling to a twenty-year low last month, the euro continues to rebound against the US dollar with EUR/USD. This still looks very much like a counter-trend bounce that sees the price head back to the 50-day simple moving average (SMA), currently $1.1018 and then begins to falter. This would be in line with previous bounces since April, all of which have found it impossible to hold above the 50-day SMA. This move could see the price head back to $1.01. Further targets lie at $1.02 and then $1.0374. Source: ProRealTime GBP/USD recovers $1.13 The GBP/USD continues to defy the doomsters with a recovery above $1.13. Its own counter-trend bounce remains intact, and if previous bounces are any guide there is still some potential for upside, even if it only reaches the 50-day SMA. Like EUR/USD, the pound is still making lower highs and lower lows against the dollar, with the previous peak at $1.176 marking out the initial target for this bounce. Both stochastics and moving average convergence/divergence (MACD) have room to move up to support this move, but selling the rallies still appears to be the approach here for this downtrending market, although it looks like for now there is still a desire to push the pair higher in the short-term. Source: ProRealTime USD/JPY stalls below ¥145.00 It does look like ¥145.00 is the ceiling in USD/JPY for the time being – repeated attempts to break higher have come to naught, despite the continued strength of the US dollar. Indeed, it is perhaps precisely that we need a pullback in order for the trend to revive. The pair rallied hard from the August-lows, and now sits at some distance from the 50-day SMA (currently ¥139.15). A pullback towards this level might ‘clear the air’, create a higher low and provide a springboard for fresh bullish momentum. Source: ProRealTime
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