Market Update: Fickle convictions
Firmer oil => firmer yields => stocks losing steam?
USDCAD: Retracement off 1.4293 pausing above 1.42, which needs to hold to contain the downside… above 1.4233 needed to slow risk of down moimentum building
US500: Lower highs bear watching along with 7800
XBRUSD: Futures trading above $100 (last $101.67)

EURUSD 4 HOUR: Focus back to 1.12
French yields up (after a relief dip yesterday) => EUR down (vs crosses as well) so keep an eye on whether this correlation continues.
EURUSD: Up momentum broken, 1.12 clearly pivotal in setting its tone. damage not fatal unless 1.1161 is broken, resistance at 1.1203, 1.1220-40

Market Update: EUR reprieve, Firm stocks, Weaker oil
EURUSD: Getting a repieve while above 1.12 that would need to break 1.1250 (Friday’s close) and 1.1261 (Monday’s high) to neutralize the risk and then 1.1289 to make this more than just a bounce off the low. Support at 1.1220 blocks a return to 1.12. High so far at 1.1247.
US500: Stocks supported by the dip in oil but 7800 remains an obstacle to exposing the 7818 record high.
XBRUSD: No matter which Brent market you trade, $100 will stay pivotal in eventually setting its tone (futures last at $98.61)


COMING UP: Data: Australian Westpac Consumer Confidence (Oct), German Factory Orders (Aug), EU Retail Sales (Aug), US ADP Employment Change Weekly, Atlanta Fed GDP (Q3). Events: EIA STEO. Speakers: BoE’s Mann; ECB’s Zigman, Elderson, Cipollone; Fed’s Williams, Bowman, Schmid. Supply: Japan, UK, Germany, US.
Newsquawk US Market Wrap: Stocks rally across the board while long-end yields advance higher
SNAPSHOT: Equities up, Treasuries down, Crude down, Dollar up, Gold

NAS100 (NASDAQ) 4 HOUR: Unchartered waters
This time a new record intra-day high seems set to be accompanied by a new record closing high. This leaves 31K as pivotal and needing to become support for a new leg into unchartered territory where the next pivotal level is 32K.
If not, support is below the market at 30584-30725 (on this CFD chart).

© 2024 Global View
