Designed to track the performance of the S&P 500 market index, the SPDR S&P 500 ETF Trust (current AUM is US$529,081.40 million) is engaging with an interesting area of support on the 4h chart after gapping lower on Wednesday. This follows an all-time high forged last week at $534.00.
SPDR Testing Support
The uptrend in this market at the moment is obvious,...
Overnight, Aussie inflation accelerated for a second successive month, according to the Monthly Consumer Price Index Indicator, rising +3.6% in the twelve months to April and surpassing the +3.4% median market estimate and the +3.5% print reported in March. This will be unwelcome news at the Reserve Bank of Australia (RBA) and highlights that we will unlikely see...
Once again, Europe’s shared currency (EUR) is on the back foot against the British pound (GBP), down -0.2% (WTD) and navigating waters south of weekly support from £0.8511.
Vulnerable Support on the Weekly Chart
What’s also interesting from a technical standpoint is that the cross-currency pair is now seen testing the lower boundary of a descending triangle...
The US dollar is poised to end the month lower against a basket of six major currencies. According to the US Dollar Index, the greenback is down -1.5% in May and on track to snap a four-month winning streak.
Technically speaking, the monthly timeframe presents little to work with this week (well, anything within touching distance that is). The 107.35 October...
It was another positive week for BTC/USD, which was up +1.9% as of London’s close on Friday despite finishing considerably off its best levels.
Price movement on the weekly timeframe has been working between the limits of a potential bullish flag pattern since forming the all-time high of $73,845 in March. Even though the unit faded the upper edge of the...
While the uptrend in gold (XAU/USD) remains well and truly intact – last week refreshed all-time highs of $2,450 – momentum shows signs of softening as the yellow metal recorded its largest one-week loss this year (down -3.3%).
Higher-Timeframe Structure Favouring Shorts
Price action on the weekly timeframe concluded the week in the shape of a bearish...
Europe’s single currency wrapped up the week on the ropes versus its US counterpart, shedding -0.2% and snapping a five-week bullish phase. Month to date, EUR/USD is up +1.7% and poised to end the month trimming a four-month losing streak.
Monthly/Daily Flow Supports Short-Term Bid
Bolstered by Friday’s rebound from trendline resistance-turned-support on the...
ETH/USD bulls have made a strong comeback in recent days. Following Monday’s +13.0% advance and Tuesday’s +7.0% push, the major altcoin is within reach of challenging all-time highs of $4,092. Following the break of key resistance at $3,677 (now serving as support) and April’s high of $3,726, the path of least resistance is towards all-time highs.
You will note...
Since pencilling in a bottom at $1.0601 in April of this year, Europe’s single currency has rallied against the US dollar and established clear higher highs and higher lows (an uptrend).
From the EUR/USD’s daily chart, price action recently rejected resistance at $1.0883, formed a moderate correction within the trend, and led the pair to retest a trendline...
Everyone’s favourite yellow metal (spot gold ) ended Wednesday at session lows, extending the retracement slide from recent all-time highs of $2,450. This opens the door to possible dip-buying opportunities at the 61.8% Fibonacci retracement ratio at $2,343, a level complemented by a local trendline resistance-turned-potential support extended from the high of...
Following UK inflation data earlier today, the FTSE 100 market index has continued to decline from its all-time high of 8,474 last week.
Technical Market
With the FTSE 100’s trend still firmly to the upside, the H4 timeframe is offering interesting price action at the moment.
Firstly, you will notice that as the index tested all-time highs, price action...
BTC/USD bulls have been making a comeback since forming a low of $56,478 and recently completed an inverted head and shoulders pattern (left shoulder: $59,559; head: $56,478; right shoulder: $60,165). Yesterday’s rally ventured through the pattern’s neckline, a descending line extended from the high of $67,273.
What is interesting from a technical standpoint is...
Technicals Suggesting a Correction to Support for Copper
The metals complex has been on fire; copper futures (COMEX) recently touched gloves with a fresh record high of $5.1990 per pound. This followed last week printing its largest one-week gain (+8.3%) since early February 2022.
You may also note that the metal shook hands with a 1.272% Fibonacci projection...
Since topping at ¥156.77 on 14 May, short-term price action on the H1 chart for the USD/JPY has exhibited a downside bias. Of late, as you can see, recent flow chalked up a pullback from a low of ¥153.60 and has initiated the process of forming the D-leg of an ‘alternate’ AB=CD bearish formation at ¥154.95 (marked by a 1.618% Fibonacci projection ratio). The...
Ahead of today’s US CPI release, the US Dollar Index is hovering just north of major support coming in at 104.78, and is seen testing the grip of channel support, extended from the low of 105.21. These are important barriers to monitor.
Inflation Expected to Slow
A broad miss in the data today will likely weigh on the US dollar (USD), potentially pushing the...
Upcoming Earnings Release:
NVIDIA Corporation (ticker: NVDA) is scheduled to report earnings on 22 May. The consensus EPS estimate for the fiscal quarter is $5.15. The reported EPS for the same quarter a year prior was $0.88.
Bulls In Control
From the Ichimoku Indicator, you will see that the Leading Span A crossed below Leading Span B, but the thing to...
Upcoming Earnings Release:
NVIDIA Corporation (ticker: NVDA) is scheduled to report earnings on 22 May. The consensus EPS estimate for the fiscal quarter is $5.15. The reported EPS for the same quarter a year prior was $0.88.
Bulls In Control
From the Ichimoku Indicator, you will see that the Leading Span A crossed below Leading Span B, but the thing to...
Sterling ended the week a touch lower versus the US dollar, down -0.2% and snapping a two-week bullish phase. As we enter the second full week of May, the GBP/USD currency pair will be monitored closely ahead of Tuesday’s employment and wage data out of the UK, with technical studies indicating a bearish move could be on the table.
Long-Term Picture
Price...
