A lot of red in the major indices to start the trading week

Technical Analysis

Author: Greg Michalowski | sp

Covid fears hurting the recovery idea

There is a lot of red in the major indices to start the trading week. A snapshot of the market currently shows:
  • Dow industrial average -463 points or -1.35%
  • S&P index -50 points or -1.16%
  • NASDAQ index -171 points or -1.19%.
This comes on the back of declines of Friday that saw the:
  • Dow losing -299 points
  • S&P -32.87 point
  • Nasdaq -115.9 points
in other markets as stock trading gets underway
  • Spot gold and rallied in early North American trading and currently trades near unchanged at $1810.65. At the start of the day it was trading down around $-11.58 at $1799.26
  • Spot silver is trading down $0.39 or -1.5% $25.28
  • WTI crude oil futures are trading down $-2.64 or -3.68% at $69.17
In the forex market, the EURUSD has seen a quick reversal higher and trades to a new session high, after trading to the lowest level since April 5.

The pair moved back above the 1.17809 area and has shot up to a new session high of 1.18192. That took the price back above its 100 hour moving average of 1.18058 but remains below its 200 hour moving average 1.18244.

EURUSD on the hourly chart
The move to the upside has been help by a run in the EURGBP above its 200 day moving average at 0.8600. The price currently trades at 0.86163. 

The USDJPY as a now broken below is 100 day moving average at 109.402 and currently trades at 109.207. The JPY is the strongest of the majors, the CAD remains of the weakest of the majors. 

The JPY is the strongest and the CAD is the weakest.

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