Market Update – June 25
SPX initial downside focus is 2888, which is 2 legs down from the June high and a well-defined horizontal level. Notice how price churned around the red line on this chart for most of June before turning sharply lower today.
Buying EURUSD and GBPUSD Dips
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Market Update – June 24
QQQ is back at the red line that was presented on 6/10. The magenta line is at about 253 now and intersects a short term upper channel line tomorrow (see below). That’s a great spot for a top.
Aussie Jolted By US/China Trade Tensions
The Australian dollar and the S&P/ASX 200 stock index were shaken after White House trade adviser and outspoken China critic Peter Navarro said the trade deal between Washington and Beijing was “over”.
Market Update – June 23
After Friday’s action, the extent of today’s USD drop was a surprise. Additional EURUSD downside is possible though if price reverses right now, which is the 200 hour average, upper parallel of the short term bearish fork, 75 line within the channel from the March low, and VWAP from the June high (see below). Bottom line, the current level is important so let’s see what happens here before determining strategy.
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.
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.***
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.
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).