Despite recently reaching an all-time high of 5,669, the S&P 500's monthly chart is on track to end July with a bearish shooting star candlestick pattern, snapping a two-month bullish phase. Follow-through selling on the chart could see the unit trade as far south as support at 4,776.
Meanwhile, on the weekly chart, last week ended in a bearish engulfing...
Upcoming Earnings:
PepsiCo, Inc. (ticker: PEP) is scheduled to report earnings before the market opens on 11 July. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $2.16. The reported EPS for the same quarter a year prior was $2.09.
Ichimoku Indicator Suggests Bearish Movement for the Stock
Since forming a top at...
The Bank of Canada (BoC) will take centre stage tomorrow at 1:45 pm GMT. Alongside the rate decision, the central bank will deliver the rate statement and the Monetary Policy Report, released quarterly and providing investors with a glimpse of what the central bank expects in Q3. This offers investors invaluable insight into the central bank’s thinking on future...
Upcoming Earnings
Alphabet Inc. (ticker: GOOG) is scheduled to report earnings after the market closes on 23 July. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $1.85. The reported EPS for the same quarter a year prior was $1.44.
Price Action Nearing Ichimoku Cloud
The stock is poised to register its first losing...
Ichimoku Support Calling Dip Buyers
Following the Dow Jones Industrial Average (Dow) refreshing all-time highs on Thursday at 41,414, the day ended as a bearish outside reversal.
While the bearish outside reversal could trigger an extended retracement slide, all of the Ichimoku Indicator’s signals are bullish. For example, price action is trading firmly...
Following on from last week’s spot silver chart (XAG/USD), local trendline resistance, etched from the high of $32.51, stood its ground, eventually forcing the precious metal south of neighbouring support from $30.73 (now marked resistance) and longer-term trendline support (drawn from the low of $22.31).
You may also acknowledge that price action on the daily...
As expected, UK unemployment remained at 4.4% from March to May 2024, its highest rate since September 2021 and points to a softening jobs market. Following the release, Sterling (GBP) was modestly lower against major peers.
In another sign of a softening jobs market, UK vacancies fell to 889,000 in May, down from 905,000 in April. Interestingly, this is the...
Down -2.7% month to date, July has erased June’s upside move (+2.3%) and is on track to potentially form a monthly outside reversal candle from resistance at ¥160.20, a level drawn from as far back as the 1990s. The selling is likely due to increased expectations of a Fed rate cut in September and an unwind in carry trades.
Monthly Chart Demonstrating Scope to...
Upcoming Earnings:
Johnson & Johnson (ticker: JNJ) is scheduled to report earnings before the market opens today. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $2.71. The reported EPS for the same quarter last year was $2.80.
Breakout Above Cloud?
The daily chart of Johnson & Johnson shows that this stock has...
Bitcoin (BTC) versus the US dollar (USD) is up +9% today, drawing BTC/USD out of negative terrain this month and considerably off worst levels.
Early July witnessed the unit shake hands with an AB=CD bullish formation at $54,678 – a 100% projection ratio – and a 38.2% Fibonacci retracement ratio at $55,151, an area aided by the Relative Strength Index (RSI)...
Overnight, the Reserve Bank of New Zealand (RBNZ) held its Official Cash Rate (OCR) unchanged at 5.50% for an eighth consecutive meeting, which was widely expected by markets and economists. What did surprise at today’s meeting, however, was the central bank's shift to a more dovish stance, indicating that a rate reduction may be closer than previously...
The Australian dollar (AUD) is on a tear versus the Japanese yen (JPY) and displays little sign of slowing, with the AUD/JPY currency pair recently refreshing all-time highs of ¥108.60 after rupturing the ¥107.86 peak formed in 2007.
All-Time Highs and H4 Ascending Triangle
Regarding current price action, ¥107.86 will likely be viewed as a potential support...
The CAC 40 – a major stock market index covering 40 of the largest companies by market capitalisation listed on the Euronext Paris – recently formed a double-bottom pattern off lows at 7,464. The neckline, taken from the high of 7,725, has also recently been challenged, yet price has failed to establish a close above the barrier to complete the pattern. Therefore,...
BTC/USD remains entrenched in a corrective slide, bolstered by the Fed minutes emphasising reluctance to ease policy until confidence in the disinflation process is observed.
Early Downtrend Signalled, But…
Down for a fourth consecutive week and shedding -6.3%, the major crypto pairing is now displaying early signs of a longer-term downtrend on the weekly...
According to the US Dollar Index, the US dollar ended last week at session lows, erasing approximately -1.0% and snapping a four-week winning streak.
Although the monthly chart exhibits a long-term uptrend, immediate space demonstrates limited support or resistance. Consequently, the break of the 50-day simple moving average (SMA) at 105.12 and daily support at...
Following the completion of a bullish pennant pattern, taken from 19,977 and 19,472, the Nasdaq 100 ended Wednesday’s session refreshing record highs of 20,186. Bullish pennant patterns CAN form in the direction of the underlying trend in strong upward markets (this is not a rising wedge as these are typically longer-term structures).
While a retest of the...
The AUD/USD currency pair is interesting at the moment.
From the monthly chart, a recent upside move in the currency pair has seen price inch above key resistance, made up of a horizontal base from $0.6670 and an upper boundary derived from a symmetrical triangle, or ‘coil’, drawn from the high of $0.7158. This has potentially opened the door to the $0.6872ish...
With just one day to go until Election Day in the United Kingdom, the only thing in doubt is the scale of the Conservatives’ defeat.
Despite Boris Johnson’s surprise appearance last night in Chelsea asking voters to support the government in spite of his complicated relationship with Prime Minister (PM) Rishi Sunak, the PM is preparing for his exodus as the...
