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Market Update – August 21
The EURUSD drop from Tuesday’s high is in 5 waves and price has retraced 38.2% of the decline so weakness could resume now. If that fails to materialize, then the 61.8% is proposed resistance at 1.1903.
US Nonfarm Payrolls: Record 20.5 Million Jobs Lost in April
The devastating effect of Covid-19 on the US economy became clearer on Friday with the release of the highly anticipated US employment report.
Market Update – April 28
‘The market’ continues to levitate. Each turn lower from a well-defined level (the most recent turn lower was from where the rally from the March low consisted of 2 equal legs) is met with another leg up. Volume has died, as is tends to do when markets rally. From here, I am paying attention to 2 levels for potential resistance. The first is 2923/35 in ES. This is the 61.8% retrace and 2020 VWAP. In cash (chart is below), the 61.8% retrace is 2935. The 2nd level to note is the 200 day average and July 2019 high on cash, which is 3007/28.
Market Update 11/30 – More USD Topping Evidence
The DXY high is right on the trendline that was pointed out last week (see chart below for the full picture)…we may have just seen a major top. Trading wise, I’m looking towards 93.30/50 with 95.20s as a possible bounce level. The lower zone is channel support. That will be the big test. If DXY is a bear then 96.20s should provide resistance.
Market Update: December 27
DXY is trading in a tight holiday range. Strength above the 12/21 high of 91.02 is needed in order to suggest that a low (maybe wave 5 of 5) is in place. A longer term chart is shown below. The recent low is a few ticks above the March 2009 high…good spot for a low. 95.00ish is eventual resistance.