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Market Update 11/22 – The Powell Top?

ByJamie Saettele November 23, 2021

Is this the ‘Powell top’? XLK (tech ETF) made a daily volume reversal today and Nasdaq futures (see below) topped a few ticks under channel resistance. This channel was resistance for the September top. From a very big picture perspective, I’ll note that the market cap of the 5 largest companies as a percentage of the S&P 500 is extreme (see 2 charts down). The 5 largest companies are all tech companies by the way. In other words, it’s a highly concentrated market. Historically, this is unsustainable.

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Guide to forex trading costs

ByScandinavian Capital Markets November 22, 2021September 29, 2023

Forex trading is associated with different types of fees and commissions. Understanding forex trading costs can be very helpful for traders.

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Market Update – 11/18 – USDTRY (gasp!) Channel

ByJamie Saettele November 19, 2021

The TRY crisis has led to USDTRY near (or at…I’ll explain) the top of a decade + channel. The channel top when using intraday highs/lows is about 11.61. When using daily closing prices, USDTRY is at the line now. An interesting juncture and one that wouldn’t be surprising as resistance. That’s as bold as I’ll get regarding USDTRY comments right now.

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Market Update 11/17 – USD Reversal?

ByJamie Saettele November 18, 2021

EURUSD low today was 1.1263. How about that trendline! I can’t think of a better technical combination, a Fibonacci level and long term well-defined trendline, to mark an important turning point. I am bullish against the low. The first hurdle on the upside is the weekly opening price at 1.1446 followed by former support at 1.1525. Support should be 1.1290-1.1300.

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Market Update 11/16 – Bearish Crypto?

ByJamie Saettele November 17, 2021

BTCUSD has followed through on its 11/10 reversal. I love this setup. Price has broken the median line, which is now proposed resistance along with the 11/12 low at 62295. Initial downside focus is channel support (blue line) in the 52000s. A longer term view is below.

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Market Update 11/15 – AUDJPY Elliott Pattern

ByJamie Saettele November 16, 2021

DXY DAILY DXY is ticks from the median line of the structure that originates at the January low. If I were smarter then I would have stayed bullish the buck as long as price stayed within the structure. Lesson learned! That said, be aware of 95.70s for possible resistance. That’s the median line and June 2020 low….

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Market Update 11/14 – British Pound VWAP Support Reached

ByJamie Saettele November 15, 2021

GBPUSD held VWAP from the March 2020 low on Friday. As noted last week, lower parallel support is slightly lower near 1.3320 (see below) though. If the rally from last week’s low extends into a small 5 wave advance then I’ll want to but a small dip.

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ByScandinavian Capital Markets November 14, 2021

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Market Update 11/11 – Trade Setup in Gold

ByJamie Saettele November 12, 2021

The cleanest setup from my vantage point at the moment is in gold. Price has broken out (remember 1834 was possible resistance…it didn’t do anything so it’s support) and 1834 is proposed support. Former resistance is reinforced by the top side of the line off of the 2020 and May highs along with the center line of the short term bullish channel (which was formerly resistance). Upside focus is the May high at 1916.