- This topic has 28,086 replies, 54 voices, and was last updated 37 minutes ago by .
-
Newsquawk Daily US Opening News
(Right click on image to open a full screen in a new tab)
XAUUSD (GOLD) UPDATE
- Back into its range after yesterday’s break of 4353 failed to hold.
- It came close to the record 4380 record high (high 4374) before a quick retreat.
- Supports at 4271 and 4257 would need to be broken to make the 4374 high a failure.
- Otherwise, back into consolidation with a bid while above 4300-06.
XAUUSDÂ 4 HOUR CHART
USDJPY UPDATE
- Once again it is the reaction to news that matters along with buy the rumor, sell the fact reaction that has sent USDJPY sharply higher.
- Looking at the chart, the level the MoF/BoJ do not want to see broken is 157.88 as it would open the door for 158 and a void above it. Of course, this assumes they are not happy with the JPY’s direction but in any case, will be concerned over the pace of the move.
- On the downside, 156.94 needs to hold to keep the strong bid. Fallback support is 155.98-156.16.
USDCAD DAILY CHART
Forex Market Snapshot
- It’s all about the JPY today with USDJPY surging higher following the as expected BoJ rate hike.
- EURUSD is on the defensive as it has so far held below 1.1750, a level that has printed 6 days in a row. A break of this pattern would be a negative but so far it is holding 1.1703, now a 2-day double bottom, helped by offsets from a firmer EURJPY
- US stocks are opening higher but how they end the day and the last full week of the year is more important than how it starts out.
- BTCUSD is up sharply after holding around 85K but trapped still in a very choppy range while below 90K
- US bond yields have ticked higher
Newsquawk US Stock Market Wrap
(Right click on image to open in a new tab)
Newsquawk US Market Wrap
(Right click on image to open in a new tab)
NAS100 (NASDAQ) UPDATE
As asked earlier, Is the bottom in? Here are the steps. Jury is out here as well.
Steps needed cited earlier
- Highly likely end to 4-day streak of bearish candles (yes)
- Stay back above 24820 (currently, yes)
- Break the trendline (yes(
- Solidly regain 25000+ (only pivoted)
- Break 25263 and 25398 to confirm )no_
As long as 24643 low holds, downside should at least see  limited follow through.
NAS100 4 HOUR CHART
US500 (SP500) UPDATE
As asked earlier, Is the low in? Answer: Jury is out
Here are the steps needed cited earlier:
- End the 4 day streak of bearish candles — highly likely (yes)]
- Stay back above 6760 (currently yes)
- Break the trendline (yes)
- Regain 6800+ (no, only pivoted it)
- Break 6831 to confirm (no)
As long as 6715 low holds, should at least see limited follow on the downside.
US500 4 HOUR CHART
US CPI: Distorted?
- While inflation definitely dropped a lot it’s that the data collection process itself was disrupted, which may have skewed the numbers:
- The November CPI likely contains distortions due to the shutdown’s effect on data collection.
- The headline rate may understate true underlying inflation in the economy
- The Fed will likely not take it at face value
Market Update
A friend just sent me this:Â As time keeps running out into year end, I suspect techs are going to become less reliable and trading will see more bouts of failed momentum as players will be lurking to bag profits or minimize/null losses.
Update
- US stocks took a sudden hit, no news behind it
- GOLD following lower after failing to reach 4380
- Dollar catching a bid but within day’s ranges
- BITCOIN slammed as risk mood turns, shifting focus back to 85K
- US bond yields off the post-CPI lows but still down on the day
EURUSD dips on this headline
(Right click on image to open a full screen in a new tab)
XAUUSD (GOLD) UPDATE
- Breaking out from this week’s consolidation range with the move above 4353 putting the record 4380 high on the radar.
- So, while above 4353 (use 4350) the record 4380 high is at risk, beyond that level is unchartered waters.
- Fallback support on dips zone 4300-50.
XAUUSDÂ 4 HOUR CHART
BTCUSD (BITCOIN) UPDATE
- Was the spike to 90270 yesterday (and just as quick reversal) a phantom move, an indication of thin liquidity or something more significant?
- In any case, it is a key level on a chart along with 90620, firm breaks of which would negate the downside risk and shift it to the upside.
- Below 90K keeps the range to 85K
- Note the correlation with the rebound in stocks, especially with the NAS100..
BTCUSD 4 HOUR CHART
USDJPY UPDATE
- On the defensive after hitting a wall at 155.98, helped by weaker US CPI and dip in bond yields and ahead of the expected BoJ rate hike on Friday.
- This can be seen as a glass half empty or half full depending on whether the move off 155.98 is treated as a retracement and start of a fresh run lower..
- In any case, limited range while within 155-156 awaiting the BoJ where 155.50 will be pivotal (focus on 155 while below, 156 while above) although upside limited unless 156.16 is broken.
USDJPY 4 HOUR CHART
- You must be logged in to reply to this topic.