Friday saw the S&P and Dow Jones Industrials continue to post gains as other indices drifted along in narrow trading. The S&P is on a ribbon rally of small, steady gains that brings its relationship to the 200-day MA to 16.1%, which is between the 99% to 95% of historic price extremes; this is a rally which is running hot. There is no slowdown in technical strength, or bearish divergences to worry about, and relative performance remains good after an extended period of underperformance – so no reason to not see this rally continue despite its extended nature.The Nasdaq and Russell 2000 had similar days, with little net change and both rallies remaining below prior swing highs. The Nasdaq still enjoys good technical strength, and relative … [Read More...]
Blog post: $QQQ short term down trend may end Monday with up/flat day; 525 yearly highs in US stocks Friday, most since March 15; 17 OSBs (oversold…
IndicatorsGMI: 5/6GMI-2: 4/8T2108: 60%These 17 stocks passed my scan for stocks with recent ATHs that bounced up from oversold levels. Note that JCOM and APG report earnings this week. These stocks are provided to teach the method and are not recommendations. Study their charts and review their fundamentals. If a bounce fails, I sell immediately. WMS, ALGN and ASGN are good examples. Note black dots indicating oversold bounces. The GMI is 5 (of 6) and remains on a Green signal. The post Blog post: $QQQ short term down trend may end Monday with up/flat day; 525 yearly highs in US stocks Friday, most since March 15; 17 OSBs (oversold bounces) listed including $WMS $ALGN and $ASGN first appeared on Wishing Wealth Blog. [Read More...]
Venus Ingress Impact on Bank Nifty
As Discussed in Last Analysis Now Bulls need to move above 32900 for move towards 33040/33160/33333. Bears will get active below 32760 for move towards 32610/32400/ 32222. Today we have Venus Ingress suggesting another big move should be seen in next 2 trading sessions after series of DOJI’s in Bank Nifty. Bulls need to move above … Read more The post Venus Ingress Impact on Bank Nifty appeared first on Bramesh's Technical Analysis. [Read More...]
Will Japan Household Spending rebound?
The Japanese yen is drifting in the Monday session. In North American trade, USD/JPY is trading at 108.67, up 0.05%. The yen has posted four winning weeks out of the past five, as the US dollar continues to struggle. Still, the US/Japan rate differential continues to support USD/JPY, which remains in no man’s land slightly below the 109 level. Japan will release Household Spending (GMT 23:30), and the consumer spending indicator is expected to rebound after two straight declines of 6.1% and 6.6%. The March release is projected to show a gain of 1.7%, which would mark a five-month gain. US Nonfarm Payrolls miss badly The market was gearing up for a blowout party from US nonfarm payrolls on Friday. In the end, however, … [Read More...]
Morning Post 05/10/221 SPX
I must hold out and remain positive, it’s just the way I am. I’m that dude that watching football can always find that magical scenario to win when it’s obviously impossible. I’m not a total idiot. I know when it’s time to throw in the towel. We’re not there, yet. Good vs evil is raging right now. On to the lie – I guess not having any gas is a market positive these days. Fuck, no one wants to work anyway cause we’re paying them too much to sit on their fat asses, so why does it matter if there’s no gas for the economy to work? At this point I’m thinking anything other than a meteor directly deleting the USA is going to be market positive. More … [Read More...]
Fed’s Evans: Unemployment benefits could have partly affected April employment
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Euro pauses after strong week
The euro is coming off a strong week, with gains of 1.19 per cent. EUR/USD soared on Friday with gains of 0.81%, buoyed by the poor performance for US nonfarm payrolls. On the fundamental front, Germany releases ZEW Economic Sentiment on Tuesday (9:00 GMT). The indicator slowed to 70.6 in April, down from 76.6 beforehand. Analysts expect a rebound in May, with a consensus of 72.0. The eurozone indicator is also expected to improve to 68.0, up from the current level of 66.3 points. US Nonfarm Payrolls misses forecast The April nonfarm payroll report was expected to be a blowout. There were expectations that NFP would break above the one-million mark, and some analysts even projected a reading above the two-million mark. At the end of the day, however, the … [Read More...]
Canadian Dollar Outlook: USD/CAD May Plunge- Loonie Breakout Levels
The Canadian Dollar breakout is approaching initial technical hurdles as USD/CAD plummets to multi-yearly lows. Here are the levels that matter on the Loonie charts. [Read More...]
Weak bounce for Nasdaq; S&P Breakout
I wanted to see more from the Nasdaq support test but Friday’s doji came in with a neutral ‘spinning top’ – not the ideal candlestick you want to see off a successful support test. Technicals are mostly negative with a relative underperformance to the Russell 2000. When you look the big picture, the current action in the Nasdaq llloThe S&P managed to break to a new closing high; helped by bullish technicals – except for the MACD. However, the relative gain against the Russell 2000 will keep this index in the news, even if it’s more important to have leadership in the Russell 2000. The Russell 2000 built on Thursday ‘dragonfly’ doji with an upside gain. There was some good volume but given this whole scenario played out within a larger consolidation … [Read More...]
Revised OSB stock list–modified scan
IndicatorsGMI: /6GMI-2: /8T2108: %The post Revised OSB stock list–modified scan first appeared on Wishing Wealth Blog. [Read More...]
Trading using Supply Demand :NMDC,TATA STEEL,GLENMARK
NMDC Positional Traders can use the below mentioned levels Close below 193 Target 184 Intraday Traders can use the below mentioned levels Buy above 197 Tgt 199, 202 and 204 SL 195 Sell below 193 Tgt 191, 189 and 186 SL 195 GLENMARK Positional Traders can use the below mentioned levels Close Above 623 Target … Read more The post Trading using Supply Demand :NMDC,TATA STEEL,GLENMARK appeared first on Bramesh's Technical Analysis. [Read More...]
Asian equities are in the green
Asia follows Wall Street higher Asia-Pacific equities markets are posting solid if unremarkable gains across the region today. Sino geopolitical tensions are being shoved aside as Asia concentrates on the global recovery play, which continues from Wall Street overnight. Yesterday, Wall Street finished higher, with the Dow Jones making yet another record close. The S&P 500 rose 0.82%, with the Nasdaq edging 0.37% higher and the Dow Jones leaping 0.92%. In Asia, index futures on all three have moved slightly higher, led by Nasdaq futures, up 0.25%. Improving US jobless claims, various Fed speakers steadying the dovish ship, anticipated robust US labour market data and impressive China numbers this morning, give Asia every reason to be positive today. The Nikkei 225 is 0.10% higher, tempered by Covid-19 … [Read More...]
GBP/USD seems to have all the ingredients to extend its gains
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US dollar wilts on global recovery flow
Dollar dips ahead of NFP report The US dollar abruptly changed direction once again overnight, the dollar index retreating 0.40% to 90.90, easing slightly in Asia today to 90.86. Ongoing global recovery hopes and sky-high Non-Farm Payroll expectations were behind the demise, helped along by US yields unexpectedly reducing as well. The euro was the primary beneficiary amongst the index components, EUR/USD rising 0.50% to 1.2067, lifting it clear of important support around 1.2000. The commodity currencies were the primary beneficiaries of the US dollar rotation as commodity prices continued climbing overnight, notably platinum group metals, iron ore and copper. USD/CAD fell 0.95% to 1.2150, with the loonie seemingly unstoppable whilst the commodity rally flames burn high. Canadian labour market data could cause the USD/CAD to pause, … [Read More...]
US Dollar Outlook: DXY Plunges into May – USD in Free-Fall Post-NFP
The US Dollar plummeted on the heels of NFP with an outside-weekly reversal risking further May losses. Here are the levels that matter on the DXY charts. [Read More...]
Ideas and Weekly Forecast for Nifty 50
We have Venus Ingress tommrow and Jupiter Ingress on 12 May suggesting both Nifty and Bank Nifty should see trending move in coming week. Nifty Harmonic Pattern Holding 14729 price heading towards 15100/15225. Nifty Gann Angles Price bounced from support zone Planetary Cycles and Nifty Movements Price bounced from support zone. Nifty Supply and Demand … Read more The post Ideas and Weekly Forecast for Nifty 50 appeared first on Bramesh's Technical Analysis. [Read More...]
Oil dips, gold makes sharp gains
Oil bucks the trend and retreats One notable laggard in the commodity rally was oil overnight, with both Brent crude and WTI testing range highs again before retreating. Once again, it appears that speculative fast money has no stomach for the slightest reversal of loss of price momentum, leading to a tail-chasing rush for the door. With the Brent crude futures curve back in sold bullish backwardation, any fall in prices should be limited. However, the bad news from India keeps getting worse, with record Covid-19 cases recorded yesterday. As the third-largest oil importer globally, India remains the weak link in the oil rally narrative. It appears to be tempering gains, even if oil’s broader technical picture looks strong. The first signs that India’… [Read More...]
Forex Today: Dollar set to keep falling, pound could be the exception
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Weekly Australian Dollar Technical Forecast: Fresh Highs in Sight for AUD/JPY, AUD/USD
It may not be the most seasonally friendly time of year for the Australian Dollar, but a prevailing ‘risk-on’ mood in global financial markets is giving a bid to the commodity-linked currency. [Read More...]
Non-Farms is a crowded trade
Friday is finally here, and with it the week’s data highlight, the US Non-Farm Payrolls. It has been a choppy week of trading across most asset classes. As the dust settles, only the commodity sector shows a clear win instead of a nil-all draw. Markets overnight were solidly in global recovery mode, with iron ore and copper powering higher along with platinum group and precious metals. The commodity rally saw the US dollar retreat, notably versus the commodity currencies. That accelerated after robust Initial Jobless Claims data and despite more pseudo hawkish comments from Fed Governor (non-voting) Kaplan. Fellow Governors Bostic and Mesler resolutely stuck to the Fed’s dovish mantra, which dovetailed nicely with what financial markets, in buy-everything mode, wanted … [Read More...]
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