It feels as if the equity markets have lost some upside momentum as we approach the end of the month. But the big question is whether this is simply due to the quiet holiday trade we saw last week, or if investors are now unwilling to take on more long side exposure after such a strong month-long rally. Looking at the numbers since the close on Friday 27th...
On the daily chart, it looks as if WTI crude oil could go either way currently. It also looks as if the catalyst for the next move will be the OPEC+ ministerial meeting which was postponed to this Thursday from Sunday.
But a quick peek at the 4-hour chart (see above) shows definite positive divergence between price and the MACD. Prices have been trending lower...
Like other markets, trade in gold has been subdued and is likely to remain so as many US participants extend yesterday’s Thanksgiving holiday into the weekend. There has been little change in geopolitical events and no catalyst to move gold either up or down. So it continues to consolidate just below the key $2,000/2,010 area of resistance. We have seen a...
US stock exchanges are closed today and are only partially open tomorrow due to the Thanksgiving holiday. Bad news for turkeys of course, and also potentially risky for investors as the futures markets are open for two truncated sessions. Lower trading volumes mean less liquidity, which can lead to greater volatility, so traders can’t switch off completely.
US...
It’s hard to remember when sentiment was this negative towards crude oil. Yet front-month WTI was perilously close to trading in triple digits less than two months’ ago and all the commentary was around how much further it would rise once it broke above $100. But since then, the decline has been almost continuous, save a small bounce in mid-October. On Thursday it...
The gold price recovered last week following a sell-off that began towards the end of October. Over that time, gold fell from just north of $2,000 per ounce, breaking below support at $1,950 before it found support around $1,930. At the end of last week, it was once again closing in on $2,000, but has sold off sharply overnight. It’s possible that the current...
The NASDAQ and S&P 500 have both enjoyed their longest run of positive gains in two years. But the rally smashed into a brick wall last night. There had been a strong start to Thursday’s session which saw the S&P come within a few points of 4,400, a gain of 7% in under a fortnight. But Federal Reserve Chair Jerome Powell upset the apple cart during a speech...
Gold is down again this morning and trading below $1,950. This is a level which acted as support between May and June, and resistance in September and February this year. But as with breaks of all support or resistance levels, traders should be wary of acting in haste. It’s important to establish whether the break is significant or not before pulling the trigger...
Crude oil fell sharply this morning. Several significant support levels have now been broken, and front-month WTI back to levels last seen at the end of July. Crude has managed to rally off its lows today, but it still feels as if the path of least resistance is down, with the next support for the front-month WTI contract coming in around $75 per barrel. Having...
Crude oil has fallen sharply this morning, with front-month WTI breaking below the key $80 per barrel level. Without a quick rebound, the next significant target for the bears comes in around $77.50.
Crude prices have been declining steadily since 20th October. Yesterday’s attempted rally petered out later in the day and prices continued to slide overnight. This...
Gold continues to consolidate and trade within a relatively narrow band just below the $2,000 level. In mid-October, $1,950 gave way as resistance and since then there’s been no serious retest of this area as support. For most of the time since, gold has traded between $1,970 and $1,990 with the occasional spike above $2,000. But every attempt at a more...
The S&P 500 has shot higher over the last week. The index was trading near 4,100 last Friday, and has rallied sharply since then. As of the time of this post, it’s putting in a fresh high for the day around 4,365 – that’s a gain of over 6% since last Friday.
A big chunk of the move followed the Fed’s decision on Wednesday to keep rates on hold, together with Fed...
Last night the US Federal Reserve kept interest rates unchanged, as expected. This was the second successive pause, and the market reaction was initially negligible. But US equities pushed higher as Fed Chair Jerome Powell began his press conference, perhaps surprisingly since he was only mildly dovish. He wouldn’t rule out raising rates at the Fed’s next monetary...
Yet again, gold bulls have been thwarted in their attempts to push the price above $2,000, and then see it hold this level as support. Currently, every attempt has failed just below $2,010 as buying momentum fades. Today we’re seeing a deeper pull-back, and while gold has so far held the $1,975 level, there is a danger that there’s a bigger test waiting around...
All the major US indices ended Monday’s session up over 1%, managing a last-minute bounce ahead of today’s month-end. In fact, the upside momentum has continued in early trade this morning, before giving back gains ahead of the US open.
US indices later recovered their poise, although they don’t look as if they’ll manage to put much of a dent in their October...
European Markets
European stock indices were firmer in early trade, thanks to this morning’s rebound in US stock index futures. HSBC reported first thing and was little-changed after releasing a strong quarterly profit when compared to the same period last year, but which came in below expectations. There are also concerns about the bank’s exposure to Chinese...
US stock indices sold off sharply yesterday, with the S&P 500 crashing below 4,200 to hit its lowest level since May. There was an bounce this morning, thanks in part to a stellar set of earnings from Amazon. Revenue was up 13% for the quarter, and earnings per share came in at $0.94 versus $0.58 expected. A restructuring plan which included 17,000 layoffs was a...
Tech stocks have been at the vanguard of this week’s sell-off. We’ve seen some of the ‘Magnificent Seven’ release results this week, which, while beating expectations for revenues and earnings, have sold off sharply regardless.
Two cases in point: Alphabet after the close on Tuesday and Meta Platforms last night. With the former, the stock ended down 9.5%...
![SPX: [b]S&P looks fragile[/b]](https://s3.tradingview.com/6/6PlutF4g_mid.png "[b]S&P looks fragile[/b]")
