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US Market Wrap: Stocks mixed on quad witching while Yen falls post-BoJ
Stocks mixed on quad witching while Yen falls post-BoJ
SNAPSHOT: Equities mixed, Treasuries down, Crude down, Dollar flat, Gold up
Market Update: Indices
US500: 2nd time this week US500 paused above a round number, this time above 7600, which needs to hold to keep the current bid.
NAS100: Keeps its bid while above 29K, stronger if 29359 holds as support but thoughts of 30K and upside limited unless 28748 (on this CFD chart) is taken out.
XAUUSD 1 HOUR: Why our levels matter (high 4400 => low 4342)
Extending high but so far pausing around 4400 and just below 4402 resistance. Why is 4400 important?
It was a break of a 7-day pivot around this level that led to the last leg down. It is also the obstacle to 4443, above which would produce an outside week and open the door back to 4500. If not, then needs to hold 4335-50 to keep a bid on dips.
USDJPY 1 HOUR: Did the BoJ defend 158?
USDJPY moving through 157.52 = 61.8% has put 158 on the radar, a level the BoJ may look to covertly defend given the void of key levels until 160+ on the upside.BoJ conducted a “rate check” with market participants late Friday, signaling potential preparation for currency intervention, reports Nikkei
US500 4 HOUR: Don’t fight the Fed?
With bulls trying to regain control following the bounce from above 7500, this caught my attention CNBC’s Jim Cramer said the universe of stocks to buy is narrowing following the Federal Reserve’s interest rate hike. “If you buy stocks here, you’re now officially fighting the Fed,” the “Mad Money” host said.
Only time will tell whether this proves to be true. In the meantime, US500 would need to take out 7680-87 to build momentum (HOD 7673) and see 7700 back in play
US PRE-MARKET MOVERS: TXN, ONON/NKE, NUE, STLD, NFLX, XENE
ES -0.1% NQ +0.1% RTY -0.4%
Market Update (4 hour)
EURUSD extending low and now dependent on 1.1450 holding to keep focus on 1.15 or door opens further on the downside. Note EURJPY selling (after rising sharply post-BoJ) after USDJPY tested 158 and retreated weighing on the EURUSD.
US500 pivoting 7650 after move above it stalled.
XBRUSD: Market can’t make up its mind although charts show momentum pointed down.
XAUUSD (GOLD) 4 HOUR: 4400 clearly pivotal
Extending high but so far pausing around 4400 and just below 4402 resistance.
Why is 4400 important?
It was a break of a 7-day pivot around this level that led to the last leg down.
It is also the obstacle to 4443, above which would produce an outside week and open the door back to 4500.
If not, then needs to hold 4335-50 to keep a bid on dips.
USDJPY 4 HOUR: CLEAR UNDERERFORMER
With the Fed setting the bar high for being hawkish, the JPY has sold off after the as expected BoJ rate hike in what was not a unanimous decision.
USDJPY moving through 157.52 = 61.8% has put 158 on the radar, a level the BoJ may look to covertly defend given the void of key levels until 160+ on the upside.
So 2 levels to watch, both potentially pivotal
157.50 on the downside
158.00 on the upside
COMING UP: Data: Japanese Inflation (Aug), German PPI (Aug), UK Retail Sales (Aug), US Industrial/Manufacturing Production (Aug)
Events: BoJ Policy Announcement
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