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…
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…
Update On May 29th, we looked at the inverse head and shoulders breaking out of the neckline. Today we look at how that trade is going and what bulls could do to manage their position moving forward. ES has surged through the neckline, now up 7.5% from the last technical article we did. Bulls are firmly in Read More…
Gold prices increased from a three-month low due to a decline in the dollar and bond yields caused by US economic data. The dollar dropped after the European Central Bank raised interest rates following the Federal Reserve’s pause in rate hikes. The European Central Bank lifted interest rates to a 3.5% high, indicating the possibility Read More…
