Stocks found a catalyst after home sales. Some risk on flows

Technical Analysis

Author: Greg Michalowski | dollar

Gold  back near unchanged

The big beat in new home sales goosed the stock market quickly higher. The NASDAQ index is currently up 0.69%. The S&P index is up 0.39%. The Dow's turn positive and trades up 0.27%.

Gold has also nearly erased all its declines. The traded down to $1848.88. It is currently trading at $1862 down about $1.

WTI crude oil futures are up 0.1 $0.09 or 0.48% at $40.11.
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IN the forex market, there is some modest risk on buying. The AUDUSD is trading higher in the way from the lows for the day. Looking at the hourly chart chart, the price got close to its 100 day moving average at 0.7000 at the session lows (see overlay of the moving average).. The price traded to a low of 0.7015. The price currently trades at 0.7043. The pair is still lower on the day but is moving away from that 100 day moving average. The NZDUSD is also tilting more to the upside and the USDCAD is working toward its session lows (USD lower).

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