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…
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…
Recap August 18th was the last time we looked at NQ. The market was retracing after a strong bull trend that lasted the entirety of this year. Just as we expected, the drop was only a correction and provided us with opportunities to go long. The correction was much needed as the market’s most significant Read More…
Currency futures fell on Friday after the US jobs report. The dollar rose against the euro and Japanese yen due to a robust August jobs report, despite some concerning signs. US payrolls (Source: Bureau of Labor Statistics) In August, employers added 187,000 jobs, beating the expected 170,000 increase. However, July’s data was revised downward to Read More…
