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COMING UP: Data: Norwegian CPI (Sep), Canadian Jobs Report (Sep), US University of Michigan Consumer Sentiment Prelim. (Oct). Speakers: ECB’s Cipollone, Schnabel; Fed’s Collins. Supply: Australia. Earnings: Delta Air Lines. Credit Ratings: S&P on the UK.
NAS100 (NASDAQ) 4 HOUR: The dilemma
Here’s the dilemma…Momentum shifting to the downside vs. a history of short-lived retracements followed by new highs.Looking at the chart, support starts at 30595 tested (low 30575), above which focus stays on 31K. The level bulls do not want to see broken is 30000-30100. Price action suggests there may have been some portfolio shifts from stocks (down) into bonds (up. yields down)
NAS100 (NASDAQ) 4 HOUR: Support vs. FIBOS
So far, retreat from the record high has held dead on at 38.2% (30895). For momentum to build, there needs to be a clean break below 30916. Otherwise, downside contained and 31K remains pivotal. Note, US bond yields well off earlier highs (flatter curve) so far giving some modest support.
XBRUSD DAILY 4 HOUR (CFD CHART): Depleted strategic reserves factor
This headline caught my eye today: The world has nearly burned through its oil stockpile buffer, executives say and that depleted buffer reserves have raised the price of oil’s floor (key for trading is whether it will be above or beloow $100).
XAUUSD 1 HOUR –Is the low in or just a pause?
As noted yesterday, big spike down to 4066 (stops) and quick bounce shows potential for a low or at least a pause
To make it more than just a pause and for momentum to build off higher lows, 4143 and the (3 point) trendline would need to be taken out, followed by a break of 4170-84.
Otherwise, 4100 likely to be pivotal in setting its tone.
COMING UP: Data: German Trade Balance (Aug), US Initial Jobless Claims (Oct/03), Atlanta Fed GDP (Q3) Events: ECB Minutes (Sep), UK Holborn and St Pancras parliamentary by-election Speakers: US President Trump; ECB’s Lane; BoE’s Greene, Bailey, Lombardelli; Fed’s Waller, Kashkari, Musalem Supply: Japan, US Earnings: PepsiCo
US Market Wrap: Stocks slide and yield curve steepens as oil reverses from peaks
SNAPSHOT: Equities down, Treasuries steepen, Crude down, Dollar up, Gold down
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