Market Update 8/31 – Pivot Low in the USD?

Market Update 8/31 – Pivot Low in the USD?

ByJamie Saettele

USDOLLAR spiked lower on the last day of the month but recovered to finish the day virtually unchanged. Price is RIGHT at 11950. In fact, today’s low was one tick above the April high (former resistance is now support) and just above the 50 day average too. My view is that the USD is still in an uptrend. The question is whether or not the dip within the uptrend is complete. Today’s action (long lower wick into a well-defined level) is a good way to make the next pivot low. Also, 4 hour RSI continues to bottom above 30 (see below). Remember, this is characteristic of a ‘bullish RSI profile’.

Market Update 7/7 – EURUSD Testing Key Level

Market Update 7/7 – EURUSD Testing Key Level

ByJamie Saettele

FOMC minutes were today and the ECB version is tomorrow. Price is just pips from the noted 1.1770 level (remember that’s a possible bounce level). Price is currently at VWAP from the 2020 low, which was support for the March low. Bottom line, EURUSD is into a zone that could lead to a strong bounce. If reversal evidence arises, then I’ll let you know and look to take action.

Scandex Technical Weekly: 12/13/2020

Scandex Technical Weekly: 12/13/2020

ByJamie Saettele

Copper reached the noted 61.8% retrace at 3.6130 on Friday and reversed lower. The level is also reinforced by the upper parallel of the channel from the March low. Let’s see how action develops following Friday’s reversal but this is a great spot for a more important pivot. I’m also wondering if copper is ‘the canary in the coal mine’ regarding other assets (USD, stocks, BTCUSD, etc.).

Scandex Technical Weekly: 11/1/2020

Scandex Technical Weekly: 11/1/2020

ByJamie Saettele

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?