US stocks Show Signs of Weakness. How far Can It Drop?
Market Updates at a Glance: 24 March 2022 (Thursday)🌎
☛US stocks Show Signs of Weakness. How far Can It Drop?
➤US stocks tumbled more than 1%, with Dow -1.29%, S&P 500 -1.23% & Nasdaq -1.32%.
☛On Technical Front:
-S&P 500 failed at the first test of 200-day moving average. Need an additional candle as a confirmation.
-Nearest support: 4383-4410, 4300 (head & shoulder neckline)- to gauge the strength of the trend &how far can it drop?
-Bellwether S&P 500 futures: Bearish engulfing bar rejected the 200-day moving average-indicated a possible weakness unless it closes above the 200-day moving average.
➤The US dollar index edged higher to 98.60. The 10-year treasury yields slipped to 2.29% while the TLT jumped +2.19%.
☛On Technical Front:
-US dollar index setting up for Possible a bullish pennant formation in Daily Chart.
➤GBPUSD dipped to 1.3205 after CPI & Budget Statement. Yesterday's candle rejected the Fibonacci 38.2% indicated the weakness. Need additional confirmation from market to drop below 1.32 (big round number).
➤Gold rose to $1944 as the possible shift on market sentiment.
➤Oil (Brent) extended the gains to $121 with the decline in US crude inventories as demand jumped.
☛Like & follow so you won't miss any market updates ☟
lnkd.in/d38iHCkV
lnkd.in/enTgEqYB
☛Follow my tweets @ce83lim to look at charts
☛US stocks Show Signs of Weakness. How far Can It Drop?
➤US stocks tumbled more than 1%, with Dow -1.29%, S&P 500 -1.23% & Nasdaq -1.32%.
☛On Technical Front:
-S&P 500 failed at the first test of 200-day moving average. Need an additional candle as a confirmation.
-Nearest support: 4383-4410, 4300 (head & shoulder neckline)- to gauge the strength of the trend &how far can it drop?
-Bellwether S&P 500 futures: Bearish engulfing bar rejected the 200-day moving average-indicated a possible weakness unless it closes above the 200-day moving average.
➤The US dollar index edged higher to 98.60. The 10-year treasury yields slipped to 2.29% while the TLT jumped +2.19%.
☛On Technical Front:
-US dollar index setting up for Possible a bullish pennant formation in Daily Chart.
➤GBPUSD dipped to 1.3205 after CPI & Budget Statement. Yesterday's candle rejected the Fibonacci 38.2% indicated the weakness. Need additional confirmation from market to drop below 1.32 (big round number).
➤Gold rose to $1944 as the possible shift on market sentiment.
➤Oil (Brent) extended the gains to $121 with the decline in US crude inventories as demand jumped.
☛Like & follow so you won't miss any market updates ☟
lnkd.in/d38iHCkV
lnkd.in/enTgEqYB
☛Follow my tweets @ce83lim to look at charts
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.