Down $0.50 or -0.93%
The price of crude oil futures are settling at $53.38. That is down $0.50 or -0.93%
For the week, the price last Friday closed at $52.05.. The gain of $1.33 is equivalent to a 2.55% gain for the week. The low was reached on Tuesday at $50.88. The high for the week was yesterday at $54.50.
All-time highs were made but Thursday and Friday selling take the gains away
The final numbers are showing:
For the week, the Dow industrial average was the weakest followed closely by the NASDAQ index:
S&P index down 1.25%
The NASDAQ index is trading back lower. It is currently down -200 points or -2.06% at 9550.52. The S&P index is also moving lower but at a lesser pace. It is currently down 1.25% or -42 points at 3331.00
100 hour moving average currently at 9584.96.
The price of the NASDAQ index did fall below the 100 hour moving average back on January 27 and traded below it for the most part until February 3. On January 31, the price dipped and closed below its 200 hour moving average (Green line in the chart above). However the next day the price gapped higher and ultimately raced to all time highs reached just 2 days ago at 9838.72.
The 1.0777 is the low and 1.0822 is the high
The EURUSD this week moved down to fill a gap from April 2017 (from the French election) between 1.0777 and 1.08820. The low reached yesterday at 1.07771 just above the gap low. Close enough to call the get filled.
The USD is mixed
The GBP is the strongest of the majors after the better than expected PMI data today. The NZD (and AUD) are the weakest as traders react to the spreading of the coronavirus and slowing economic activity in the Asia-Pacific region.
Cable is sitting above the 1.2900 level as we await UK PMI data
The pound is keeping firmer on the day alongside the euro as the dollar is struggling a little during the European morning session. Despite hitting fresh lows for the year, cable managed to climb back up in overnight trading to close above support @ 1.2872.
Yen pairs are beginning to go back to basics
Notably, Treasury yields have fallen sharply across the curve with 10-yea yields down by 4.6 bps to 1.47% - nearing the lows seen during September last year.
USD/JPY moves to a session low of 111.82 as risk aversion deepens
It looks like the yen is starting to get back some sense of what it should be doing as we start to see USD/JPY get a bit of a reality check after the swing move higher over the past two days from 110.00 to 112.00.
The firm argues that the gold rally still has room to run
However, if the virus disruption stretches into Q2, "we see substantially more upside from here - towards $1,850, depending on the magnitude of global monetary policy response".
NZD/USD continues its fall towards the 0.6300 level
The kiwi is not getting any reprieve over the past week or so as the technical breakdown continues on its way towards the 0.6300 handle today.
Sits in between intraday MAs
The USDJPY fell when the stocks fell. Looking at the 5 minute chart, the price fell below its 100 bar MA but stalled at ahead of the 200 bar MA. Since then, the price action has centered between the levels.
Two breaks above the 100 hour MA quickly stalled
A break of the 100 hour MA for the first time since February 4th SHOULD have solicit more buying. In reality, two separate breaks on the hourly chart could only get 3-4 pips above the MA level before rotating back to the downside. So there was a break (well two), but no closes above the MA level. Momentum has failed.