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USDCNH(4HR)
USDCNH is showing signs of technical exhaustion after a one-way decline from 7.20 into the. The rejection from 6.84, along with signs that large players are defending their positions, suggests a short-term bounce is more likely than an immediate drop. If the U.S. Dollar Index strengthens, it could further support a move toward near 6.955 before any broader Yuan-strengthening trend resumes.
Fundamentally, sustained Yuan strength risks pressuring China’s export-driven manufacturing sector at a time of soft global demand and elevated inventories. With both technical and macro pressures combined, the question is whether current conditions are setting up USDCNH for a near-term pullback higher.
US500 (SP500) UPDATE
- A mini replay of yesterday with a new low, this time nicking key 6715 support (low 6711) followed by a sharp rebound back above 6800.
- The whip[saw price action should keep trading cautious chasing moves with the range set at 6711-6905 with the downside more at risk while the upper end holds but neutralized if 6800+ (bias setting level) trades.
US500 4 HOUR CHART
XTIUSD UPDATE
- Life in a geopolitical crisis market = expect volatility
- New high 78.01 now key resistance.
- Needs to stay above 69.38 – 70.14 and the trendline to keep the risk pointed up.
- In any case, as I have been saying, take it one day at a time, watch the reaction to news for a clue, and manage your risk (and leverage) if trading in this volatile market.
War notes:
- Providing shipping risk insurance doesn’t mean that Iran will not attack ships in the Gulf.
- It also doesn’t mean Iran will stop attacking other Gulf producer facilities.
XTIUUSD WEEKLY CHART
March 3 Pre-Market Earnings Release Stocks
(BBY) Best Buy Co Inc reported quarterly adjusted earnings of $2.61 per share for the quarter ended January 31, higher than the same quarter last year, when the company reported EPS of $2.58. Shares jumped 5.2% after the report, putting them on pace for their largest same-day percentage increase since a nearly 10% jump in October
(TGT) Target Corp stock rose about 3% on Tuesday after reported quarterly results that topped earnings expectations and issued an annual outlook. The retailer posted net income of $1.05 billion, or $2.30 per share, compared with $1.10 billion, or $2.41 per share, a year earlier. Adjusted earnings were $2.44 per share
(PSFE) Shares were up 23% to $7.62. Paysafe Ltd reported quarterly adjusted earnings of 46 cents per share for the quarter ended December 31, lower than the same quarter last year, when the company reported EPS of 54 cents.
Oil down, stocks blip, USD dips on Trump providing risk insurance for shipping the Gulf
XTIUSD UPDATE
- I am not sure how significant longer-term chart points are in this geopolitically driven market. but with that said, 78.83 and 80.98 are next key levels on the weekly chart.
- For those looking to trade XTIUSD, mind your risk management and stick to short-term charts for intra-day trading, Currently, 75.00 is pivotal in keeping a bid.
XBRUSD WEEKLY CHART
NAS100 (NASDAQ) UPDATE
- It has been one way down since the failure just above 25000 and 25050 resistance.
- Damage not yet fatal with only a brief break of the recent 24377 low not following through. Below the new low at 24335 would expose 24140 and 23832 with a void below it..
- Some caution would not be a surprise given yesterday’s whipsaw but downside stays at risk as long as sub-25000 trades
NAS100 4 HOUR CHART
US500 (SP500) UPDATE
- Barely clinging to a life raft with a low at 6936 following the one-way reversal from yesterday’s head scratching rally that failed around 6900.
- As this chart shows, there is a huge void below 6715-30, making this the last line of defense.
- Only back above 6800 cools the risk.
US500 DAILY CHART
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