Month: June 2020

Scandinavian Capital Markets

Market Update – June 22

ES traded around noted resistance last week before finally turning down on Friday. Focus is towards 2777.25 and 2849. This the 38.2% retrace of the rally from March and 2 equal legs down. Lows from August and October reinforce the levels.

Scandinavian Capital Markets

Market Update – June 19

***Happy Phi (6/18) Day! Another day of quiet for the most part (GBP was down big) but tomorrow could get interesting intraday due to June expiration.***

Scandinavian Capital Markets

TradingView – A Charting Application or a Social Network?

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Scandinavian Capital Markets

Gold Consolidates as Coronavirus Fears Endure

Gold prices inched higher in early trading on Thursday, as an increase in coronavirus cases threatened to derail economic recovery from the pandemic. A more dovish than expected June FOMC meeting has also bouyed the yellow metal.

Scandinavian Capital Markets

Market Update – June 18

Today was extremely quiet and as a result I don’t have much to update. Australian employment is tonight however so it’s worth another look at AUDUSD. If the flat interpretation is correct, then a lower high is in place at .6977 (and price shouldn’t move much above .6900). The ‘cleanest’ downside level is .6685-.6700. This has been a major level since July (almost a year), 2 equal legs down, and the 200 period midpoint on the 4 hour chart (magenta line).

Scandinavian Capital Markets

AUDUSD and Copper: Breakdown Soon?

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Scandinavian Capital Markets

Market Update – June 17

USDOLLAR focus remains towards 12428. In fact, 2 equal legs up from the low would be 12418. The upper parallel of the Schiff fork and short term bullish channel intersect 12418/28 on Thursday/Friday. The level is also marked by the 4/30 low.

Scandinavian Capital Markets

GBP/USD Underpinned By Optimism Over Trade Talks, Rebound in Equities

Risk appetite returned to the market on early on Tuesday as the US Federal Reserve prepared to begin purchasing up to $250 billion in individual corporate bonds. In addition, a report from Bloomberg stating that the Trump administration is preparing a nearly $1 trillion infrastructure proposal helped to lift investors spirits.

Scandinavian Capital Markets

Market Update – June 16th

I’m thinking that ES carries into 3110/37 before encountering stronger resistance for another leg lower. The zone is defined by the 61.8% retrace and underside of the line that crosses pivots (high and lows) since 2018 (red line).

Scandinavian Capital Markets

Market Update – June 15

My view is that the USDOLLAR bounce is counter trend but it should carry higher before rolling over. The upper parallel of the Schiff fork is a candidate for resistance along with the 61.8% retrace of the decline from 5/18 at 12428. Watch for support from 12304 (more or less now).