Technical Analysis

US crude oil futures settle at $53.38

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. 

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SP-INDEX Fri 21 Feb

Major indices close lower. Indices also lower for the week

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:

NASDAQ Fri 21 Feb

NASDAQ index down 200 points or -2.05%

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

NASDAQ Fri 21 Feb

NASDAQ index gets close to its 100 hour moving average. Finds buyers.

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.

US-30-YEAR-YIELD Fri 21 Feb

US 30 year yield. The lowest level on record

Breaks below the 2019 low yield of 1.8998% The 30 year bond yield has moved to the lowest level on record. The low yield reached 1.8904%. The 2019 low yield was at 1.8998%.

EURUSD Fri 21 Feb

EURUSD stays in the range and waits for a shove

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.

FOREX Fri 21 Feb

The GBP is the strongest while the NZD (and AUD) remain the weakest

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.

GBPUSD Fri 21 Feb

Pound keeps firm ahead of UK PMI data release

Cable is sitting above the 1.2900 level as we await UK PMI data ForexLive 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.

USDJPY Fri 21 Feb

Yen pairs correct lower as risk aversion deepens

Yen pairs are beginning to go back to basics  ForexLive 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.

USDJPY Fri 21 Feb

Is USD/JPY beginning to get back some sense after the recent run higher?

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.

GOLD Fri 21 Feb

Gold to rally towards $1,850 if virus lasts into Q2 - Goldman Sachs

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".

NZDUSD Fri 21 Feb

No relief for NZD/USD amid risk-off mood

NZD/USD continues its fall towards the 0.6300 level ForexLive 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.

NASDAQ Thu 20 Feb

Stocks close lower but could have been a lot worse

Nasdaq down -0.67% The major stock indices are closing lower but it could have been a lot worse.  Major indices are well off the session lows. The final numbers are showing

STOCKS Thu 20 Feb

US stocks have continued their recovery after lunchtime tumble

Trade near midpoint of the days trading range The major US indices took a early launch plunge, but are seeing a steady recovery into the US afternoon trading.

USDJPY Thu 20 Feb

USDJPY ping pongs in neutral intraday territory as it awaits the next move

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.  


While the US stocks were tumbling lower, European shares closed for the day (and at session lows)

Major indices closed at the session lows. The US stocks since the tumble have recovered some of their gains.  

NASDAQ Thu 20 Feb

Yikes. Watch out below. Nasdaq down -1.7%

This one is more serious The major indices just scooted sharply lower with the NASDAQ index down -1.7%. The S&P index is currently down -1.15%. The Dow is down -1.14%.

NASDAQ Thu 20 Feb

Stocks and yields crack lower

Concerns about growth? We have played the story before, but the stocks have tilted to the downside of late. Yields also move lower.  Are the warnings about growth starting to weigh on the market?

EURUSD Thu 20 Feb

EURUSD does not have much love above the 100 hour MA

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.  

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