While the tech-heavy Nasdaq 100 is struggling, "The People's Index" is breaking out to fresh record highs.
The Dow has comfortably broken above previous resistance near $40K, stretching its gains to above GETTEX:41K so far. While a near-term dip is possible given the overbought RSI indicator, the longer-term bias will remain to the topside (and bulls will be...
The Nasdaq 100 has come under pressure in recent days, dragged down by the same Big Tech stocks that had boosted it in recent years.
The index has now broken below its near-term bullish trend line and is now pressing against previous-resistance-turned-support near $20K. A drop below that key horizontal level could expose the 50-day MA in the mid-19Ks next.
-MW
GBP/JPY consolidates after rallying to a fresh yearly high (208.12) during the previous week, but the exchange rate may continue to track the positive slope in the 50-Day SMA (200.24) as it holds above the monthly low (204.74).
GBP/JPY Outlook
Keep in mind, the recent decline in GBP/JPY pulled the Relative Strength Index (RSI) back from overbought territory,...
WTI is testing a major resistance pivot here at 84.58-85.40 . Looking for a reaction off this mark with the immediate rally vulnerable while below.
Initial support now 81.81 backed closely by the monthly open at 81.44 . We remain constructive while above the 200SMA at 79 .
A topside breach / close above this region exposes the yearly high-close (HC) /...
Silver has held its own above its bullish trend line, potentially on the verge of breaking higher after a short-lived dip post US retail sales data.
Our gold and silver outlook remains bullish. With gold only a few dollars shy of hitting a new record high, silver could play catch up and head to a fresh multi-year high.
Gold's recent performance has been...
The world's most widely-traded currency pair has seen a big bullish run over the last 2+ weeks, but today's price action shows some hesitation around the 4-month highs at 1.0900.
The combination of a daily doji candle (in progress) and relatively stretched RSI and MACD oscillators hints at a pullback if tomorrow's US Retail Sales report can beat expectations. To...
Cable has rallied in 10 of the last 12 days, taking the pair up to its highest level in nearly a full year. For this week, the key level to watch will be psychological resistance at 1.3000: If that level, which also represents the late July 2023 high, is convincingly broken, GBP/USD could make a run at its 2+ year high near 1.3150 next.
Meanwhile, given the...
USD/JPY snapped back from 160.00 last week and it's highly-suspected to have been driven by intervention.
When the BoJ last intervened in late-April and early-May, the pair retraced more than 800 pips before finding support at prior resistance, with bulls resuming the prior trend. With rollover still positive on the long side and negative on the short side,...
Following the release of today’s weaker-than-expected US CPI report, the US dollar slumped and bond prices rallied. This helped to fuel a fresh rally in precious metals. As well as silver we saw big gains for the small-cap Russell 2000. With rate cut expectations on the rise, our silver forecast remains positive.
Given the recent break out from the bull flag...
Traders should be on alert for a bullish breakout in Dow E-mini futures.
Sitting in a triangle and having found plenty of support on dips towards and below 39400 over recent weeks, the price closed marginally above downtrend resistance on Wednesday, managing to do what it was unable to on the prior three ventures above the level. With RSI and MACD providing...
EUR/GBP extends the decline from the start of the month to approach the June low (0.8397), and the exchange rate may track the negative slope in the 50-SMA (0.8503) as it holds below the moving average.
EUR/GBP Rate Outlook
EUR/GBP snaps the range bound price action from earlier this week to register a fresh monthly low (0.8426), and failure to defend the June...
WTI was testing a key support area after falling for the third consecutive day. As can be seen on the chart, US oil was testing support around the upper end of the 80.00 - 81.50 support area, which had been resistance in the past. Here, we are expecting to see a rebound given the bullish price structure of crude oil over the past several days. If so, another test...
WTI Crude Oil has been trending consistently lower dating back to Friday reverting to the $80 "magnet" that has continually attracted prices since Q4 2022.
In a rangebound market like this, traders may consider selling rallies meaningfully above $80 and buying dips toward $70, using oscillators like RSI to identify overbought and oversold markets.
-MW
Gold is making another run at its 2-week high near $2385, even with China stopping its purchases for a 2nd straight month.
A breakout here could expose the record highs near $2450 in short order. Watch US CPI as a possible fundamental catalyst in one direction or another.
-MW
Today’s RBNZ rate decision could be an nothing-burger or a very big deal. I doubt we’ll see anything in between. There are no updated forecasts, nor a press conference from RBNZ Governor Adrian Orr. Just a statement. The last time that occurred it was one of the shortest updates in history.
Risks for NZD/USD appear skewed to the downside considering the RBNZ...
AUD/JPY may attempt to test the 1991 high (109.70) as it pushes above the opening range for July.
AUD/JPY Rate Outlook
AUD/JPY continues to register fresh yearly highs after clearing the 2007 high (107.82), with the ongoing rally in the exchange rate keeping Relative Strength Index (RSI) in overbought territory.
AUD/JPY may continue to appreciate as the RSI...
Euro is exhausting just ahead of the upper bounds of a massive multi-month consolidation pattern. An embedded near-term ascending pitchfork formation has been guiding this recovery with price turning from the 75% parallel late-last week.
Initial support rests with the 200DMA (~1.0784) backed by 1.0755- losses should be limited to this threshold IF price is...
As with the S&P 500, the Nasdaq 100 continues to rally day after day with nary a meaningful dip since April.
While the 14-day RSI isn't at it's most overbought level this year, it is showing a potential bearish divergence at the recent highs, where price makes a higher high and the momentum indicator makes a lower high (so far).
Index traders will be watching...
