Recap The last time we looked at YM was almost a month ago when we watched price break out of an ascending triangle. It has been a rocky road for YM traders as the breakout did not last, and a retracement to the triangle has occurred. There may be opportunities arising as we speak, though, Read More…
On Wednesday, US equities closed down, with the Nasdaq leading the decline with a 1% loss. This drop was driven by concerns that persistent inflation, fueled by stronger-than-expected services sector data, might lead to prolonged high interest rates. US services activity (Source: Institute for Supply Management) The Institute for Supply Management disclosed that its non-manufacturing Read More…
Dollar Too Strong For Euro The Dollar is just too strong for the Euro at this point, which has caused 6E to plunge 5.6% since its high back in July. The market has pushed the price below a support trend line, and the bulls are trying to hold it within a minor support zone. Technical Read More…
US equities ended Tuesday in the red. The Dow led the decline as Treasury yields climbed, along with oil prices as investors evaluated the Federal Reserve’s interest rate trajectory. Although all three primary US stock indices had seen gains the previous week, driven by hopes of a more lenient Fed stance, that optimism faded by Read More…
Technical Analysis Once gold reached a high of $2,085 this year, we saw an 8.8% retracement a few weeks back. GC has now settled at $1,960.3, and the price action is forming a rectangle formation that could send it soaring or crashing with great volatility. The last time we looked at Gold, we noted an Read More…
On Monday, oil prices rose due to expectations that OPEC+ would maintain limited supplies and speculations of a halt to the aggressive interest rate hikes by the US Federal Reserve. US crude rally (Source: Nymex) Saudi Arabia led efforts to boost prices by implementing significant voluntary output cuts as part of the OPEC+ production agreement, Read More…
