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Market Update: November 4
EURUSD traded into resistance as early polls closed, tanked to its lowest since 7/24 and then ended the day unchanged. So 2020. Bottom line, resistance was hit so I favor the short side. Weakness below 1.1700 (most recent high volume level and support in August and October) would warrant taking a shot.
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Market Update 11/3 – All About the USD!
We got the bounce as suspected and Nasdaq futures are approaching proposed resistance near 11415. I’m on alert for a turn lower from that level.
Market Update: November 2
USDOLLAR traded into the center line of the channel from the September low today and immediately pulled back. Proposed support is 12050 or so. The top of the channel intersects where the rally would consist of 2 equal legs at 12268 on 11/18. The 38.2% retrace of the decline from the March high is just above there at 12283 and the 200 day average is currently 12284 (see below). So, a slight pullback and then higher? It certainly ‘fits’ with general seasonality and election seasonality.
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Scandex Technical Weekly: 11/1/2020
Another month is in the books and SPX continues to trade ‘heavily’ under the its ‘meridian line’. An inside month formed in October. Recall that September was an outside bearish month (see the close up view below). Of note is XHB (homebuilders), which made a monthly volume reversal in October (see below). Is this one of the last segments of the market to put in a top?
Market Update: October 29
The USDCNH, DXY non-confirmation nailed the turn again. Upside is favored for the USD over the next few weeks but there are reasons to suspect that the USD pulls back slightly (so maybe a bounce in equities too). USDCNH pattern is one of those reasons. The rally from the low is in 5 waves so expectations are for a 3 wave pullback. That pullback is underway. The proposed support zone is 6.6690-6.6880.