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US PRE-MARKET MOVERS: Mag-7, HUM/CVS/UNH/ELV, AVGO, ANET, CASY, ARM
News algos are running the trading asylum today and there is no shortage of headlines to feed the monsters.
Shift to risk oin suggests markets trading on hope for a ceasefire
XBRUSD (BRFENT OIL) 4 HOUR
Crude oil remains the focus for all global markets where, on this CFD feed, it remains bid while above 108.90 but continues to pause below $115.
Otherwise, it is a wait-and-see chop market waiting to see whether Pres T follows through on his Iran deadline threat or not.
Note Brent price feeds may differ for levels (not patterns) depending on whether they follow futures or spot.
XAUUSD (GOLD) 1 HOUR
Remains within a 4600-4700/06 range where 4650 is setting the intra-day tone.
As noted, one can make the case for 4500-4800 being the broader range where 4650 is the pivotal midpoint.
With GOLD shunning its traditional safe haven role, it seems more closely correlated at times to the current risk on/off move, oil prices and moves in bond yields.
Forex Market Snapshot
The return from the long Easter break finds markets in a cautious mood as the Iran deadline looms after the close.
This has the USD trading a touch softer after firming earlier in what looks like the calm before the storm day or as the latest blip iup in risk suggests a hope that the storm misses and does not materialize.
In Forex,
EURUSD focus remains on 1.1550 to set its intra-day tone
USDJPY paused just below the pivotal 160 level (BoJ?
).
NAS100 (NASDAQ) 4 HOUR
Similar to US500. We will see after Tuesday’s deadline whether the current rally is just a matter of feeling bid in an offered market.
To build momentum to the upside, 24550+ needs to be firmly regained.
On the downside, the trendline and 23804 need to hold to keep hopes to the upside alive.
XAUUSD (GOLD) 4 HOUR
Trading GOLD would be a lot easier if it was acting as a safe haven and correlating with the risk on/off mood. Instead, it is doing the opposite and
Would need to make a firm break out of 4500-4800 to build momentum on either side.
Pivotal level: 4650= midpoint of 4600-4700 and 4500-4800
Prez also said Iran proposal is a signficant one but not good enoughj… the Tuesday deadline is a final one… limied reaction so far
ISM Services headline miss, employment dips below 50, prices paid jumps.
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