On Wednesday, oil prices increased by one dollar per barrel due to the rise in US corn and soybean prices, which reached multi-month highs. This surge in agricultural prices led to expectations that global crop shortages would decrease the blending of biofuels and subsequently increase the demand for oil. Traders noted that Chicago Board of Read More…
Recap On June 12th, we analyzed the ascending triangle formation on the daily chart in the Dow Jones futures. You can view that article here. YM gapped up on June 9th and continued to rally while it tested the horizontal resistance level at $34,221. The bulls have failed on this attempt, so there are some short-term Read More…
On Tuesday, US equities declined, closing with negative results as investors took profits after a sustained rally amid indications of weakening global demand. Fed Chairman Jerome Powell’s upcoming congressional testimony on Wednesday could further impact the market. The S&P 500 and the Dow were weighed down by Exxon Mobil Corp, causing all three major US Read More…
Technical Recap The last time we did technicals on NQ was June 9th. Bulls looked steadfast on hitting the 78% Fib level at $15,147, which has officially happened. The Nasdaq rallied 8% since June 9th, and doesn’t look like it’s slowing any time soon. Targets From here, there is very little evidence for a bearish Read More…
European equities declined on Monday as investors awaited additional stimulus measures from China and focused on the upcoming testimony from Federal Reserve Chair Jerome Powell. US markets were closed for a public holiday, resulting in thin trading. China’s cabinet met to discuss measures for boosting economic growth. According to state media, China lowered its key Read More…
Currency futures closed mixed on Friday after a week full of policy decisions. The Japanese yen weakened against the greenback, reaching its lowest point in six months. The Bank of Japan, as anticipated, maintained its short-term rate target of -0.1% and its 10-year bond yield cap of 0%. Despite higher-than-expected inflation, the central bank continued Read More…
