Technical Analysis

Crude oil futures settle at $51.00

Down -$1.61 or -3.06% The high price today reached $52.81. The low fell to $50.74.     Technically, the price fell back below the 100 and 200 hour MA at $52.33 and $52.11 respectively. The price low from last Thursday reached $50.08. The low from the prior week made it to $49.41. Those levels are targets on more weakness (stay below the 100 and 200 hour MAs).  

More Technical Analysis

SP Mon 10 Dec

Stocks recover and end higher on the day

Financials remain unloved The Dow was down around -500 points at the low. The Nasdaq moved back below the 2017 closing price at 6903 on it's way to a low at 6878.98, but rebounded to close at 7020.  Apple was under pressure early on reports that a Chinese court ruled in favor of Qualcomm for a patent infringement. However, Apple does not ship the phones in question with the software the anymore. So they were not phased by what seemed like a hurtful decision.

USDCAD Mon 10 Dec

USDCAD retracing more of the employment tumble

The big job gain from Friday is a memory The Canada job data on Friday came in much stronger than expected with employment change showing a 94K addition (vs 10K estimate). The USDCAD tumbled lower reaching 1.3253 (from 1.3382 just before the report).  

SPX Mon 10 Dec

Not much breathing room for the S&P 500

The October lows loom The S&P 500 is under some fresh pressure as the week kicks off. The index is down 20 points to 2613 and fell as low as 2609. The October low was 2603 and the low of the year was 2532.

EURGBP Mon 10 Dec

EURGBP runs higher

GBPs weakness sends the EURGBP shooting towward the swing highs  The GBP has been pushed lower on more Brexit uncertainty, and that weakness is also being felt in the EURGBP. 

USDJPY Mon 10 Dec

USDJPY pushes to new session highs. Bounced of 100 day MA (again) today.

Cracks above trend line 100 hour MA The USDJPY has pushed to a new session high and in the process cracked above a few of resistance levels. The pair moved above and based against the 112.57-657 area. That area is home to a number of swing levels.

GBPUSD Mon 10 Dec

PM May to go back to Brussels and look for a better deal. GBPUSD heads even lower.

GBPUSD moves to another low Technically, looking at the daily chart, the pair is looking toward the June 18 low at 1.28885 low. The pair has reached 1.26105 so far.

FOREX Mon 10 Dec

The EUR is the strongest. The GBP is the weakest.

Brexit weighs on the pound. The USD is mostly lower As the week and the North American session begins, the EUR is the strongest currency, while the GBP is the weakest as uncertainty about the UK's fate, hurts the pound (with PM May announcement at 10:30 AM ET). The GBPUSD traded at 18 month lows today.  

EURGBP Mon 10 Dec

EUR/GBP rises to three-month high as May is said to pull Brexit vote

EUR/GBP rises above 0.9000 for the first time since September ForexLive The pound is falling here as May is said to pull the vote tomorrow because she wants to renegotiate things with European officials. However, with the and saying that there won't be any further renegotiating, it's not helping May's cause for postponing the vote at all.

GBPUSD Mon 10 Dec

Cable slips to session low as Cabinet ministers are said to be called upon for emergency meeting

Is May going to pull the plug on tomorrow's vote? Daily Mail: "Cabinet ministers put on standby for emergency conference call with PM May in next half hour."

GBPUSD Mon 10 Dec

How will the pound react if May pulls the plug on tomorrow's Brexit deal vote?

Look out for a short-lived relief rally ForexLive Time is running out for Theresa May as she has very much exhausted all her options ahead of tomorrow's meaningful vote in parliament over her Brexit deal. She is now left with two choices. It's either she carries on with the vote and suffers what appears to be an imminent defeat at this point in time, or she postpones the vote altogether in hopes to buy time to either attempt to convince European officials of a better deal or attempt to win over support from other parliament members.

USDJPY Mon 10 Dec

USD/JPY inches higher as risk recovers slightly on the day

USD/JPY is back to near flat levels on the day now ForexLive Price formed a double-bottom pattern earlier in Asian trading and recovered since then but the recovery is holding up as risk sentiment is starting to get a little better as we get into European trading. E-minis are now near session highs for the day, being down by just under 0.3% currently:

GBPUSD Mon 10 Dec

Pound does the rise-and-fall after ECJ ruling on Article 50 revocation

GBP/USD jumps to 1.2760 but retreats back to 1.2730 currently ForexLive The pound got a bit of a jolt moments ago after the official ECJ ruling on Article 50 was announced and it basically just confirms what we heard last week; that Britain can unilaterally revoke Brexit if they so wish choose to.


US crude oil futures settle the week at $52.61

Up from last week's end of week settle at $50.93 The price of crude oil futures are settling the week at $52.61. That is up $1.12 or 2.18%. The high price today reached $54.22, while the low extended to $50.60.

DOW Fri 7 Dec

Dow down -500 points. Major indices down > -2% on the day

No love yet for stocks The Dow is now down -500 points. The S&P is down -55.47 points or -2.06% The Nasdaq is down -188 points or -2.62% Friday's afternoon's can be scary with low liquidity. 


Crude oil comes off toward MA targets

100 hour MA at 52.60.  200 hour MA at 52.05 The price of crude oil futures have moved down about $1 in the last hour and -$1.25 from the high.  There is nothing on the newswires in the last few minutes.

GOLD Fri 7 Dec

Gold rallies to highest since July. Weekly close key

Gold up $9 Gold is once again above the October high as it closes out its best week in seven weeks. I highlighted $1243 yesterday as a level to watch on the close. Today's close is even more important because it represents a weekly close as well.

GBPUSD Fri 7 Dec

GBPUSD trades to new lows

The 1.2698 area is now eyed The 1.2698 area is a target below.  That was the low on Monday and again yesterday.   ForexLive

NZDUSD Fri 7 Dec

The NZDUSD dips to the 200 day MA. Head and shoulder neckline broken

Can the selling get below the key 200 day MA. The NZDUSD has moved below a neckline on the hourly chart at the 0.6860 level.  At that level is also the 50% of the move up from the November 23rd low.   


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