Crude oil fell sharply this morning. Several significant support levels have now been broken, and front-month WTI back to levels last seen at the end of July. Crude has managed to rally off its lows today, but it still feels as if the path of least resistance is down, with the next support for the front-month WTI contract coming in around $75 per barrel. Having...
Crude oil has fallen sharply this morning, with front-month WTI breaking below the key $80 per barrel level. Without a quick rebound, the next significant target for the bears comes in around $77.50.
Crude prices have been declining steadily since 20th October. Yesterday’s attempted rally petered out later in the day and prices continued to slide overnight. This...
Gold continues to consolidate and trade within a relatively narrow band just below the $2,000 level. In mid-October, $1,950 gave way as resistance and since then there’s been no serious retest of this area as support. For most of the time since, gold has traded between $1,970 and $1,990 with the occasional spike above $2,000. But every attempt at a more...
The S&P 500 has shot higher over the last week. The index was trading near 4,100 last Friday, and has rallied sharply since then. As of the time of this post, it’s putting in a fresh high for the day around 4,365 – that’s a gain of over 6% since last Friday.
A big chunk of the move followed the Fed’s decision on Wednesday to keep rates on hold, together with Fed...
Last night the US Federal Reserve kept interest rates unchanged, as expected. This was the second successive pause, and the market reaction was initially negligible. But US equities pushed higher as Fed Chair Jerome Powell began his press conference, perhaps surprisingly since he was only mildly dovish. He wouldn’t rule out raising rates at the Fed’s next monetary...
Yet again, gold bulls have been thwarted in their attempts to push the price above $2,000, and then see it hold this level as support. Currently, every attempt has failed just below $2,010 as buying momentum fades. Today we’re seeing a deeper pull-back, and while gold has so far held the $1,975 level, there is a danger that there’s a bigger test waiting around...
All the major US indices ended Monday’s session up over 1%, managing a last-minute bounce ahead of today’s month-end. In fact, the upside momentum has continued in early trade this morning, before giving back gains ahead of the US open.
US indices later recovered their poise, although they don’t look as if they’ll manage to put much of a dent in their October...
European Markets
European stock indices were firmer in early trade, thanks to this morning’s rebound in US stock index futures. HSBC reported first thing and was little-changed after releasing a strong quarterly profit when compared to the same period last year, but which came in below expectations. There are also concerns about the bank’s exposure to Chinese...
US stock indices sold off sharply yesterday, with the S&P 500 crashing below 4,200 to hit its lowest level since May. There was an bounce this morning, thanks in part to a stellar set of earnings from Amazon. Revenue was up 13% for the quarter, and earnings per share came in at $0.94 versus $0.58 expected. A restructuring plan which included 17,000 layoffs was a...
Tech stocks have been at the vanguard of this week’s sell-off. We’ve seen some of the ‘Magnificent Seven’ release results this week, which, while beating expectations for revenues and earnings, have sold off sharply regardless.
Two cases in point: Alphabet after the close on Tuesday and Meta Platforms last night. With the former, the stock ended down 9.5%...
Last Friday gold came within a few bucks of the $2,000 level. But it has pulled back from there and yesterday came close to a retest of $1,950 as support. But it is the area roughly between $1,970 and $1,980 where the tussle is currently playing out. This area acted as resistance in June and July this year.
Having met with buying whenever it has dropped below...
On Friday the S&P 500 broke below 4,200 and the support line of the upward-trending price channel which has been developing since the low hit in October last year. Then in early trade yesterday the index broke below 4,200 to hit its lowest level since the beginning of June, in a continuation of the decline which began last week.
This looked like a significant...
In the latest #TradewithDave update we look back at last week’s big events, and consider what’s happening in the week beginning 23rd October.
Markets react to escalating hostilities
• Wednesday saw investors react to a further escalation in hostilities between Hamas and Israel.
• In the aftermath the devastating explosions at the al-Ahli Hospital in Gaza...
US stock index futures were sharply lower in early trade on Friday, adding to losses from the last three sessions. Looking at the daily chart we can see another retest of support at the bottom of the upwardly-sloping trendline. The catalyst for yesterday’s move came in a speech from Fed Chair Jerome Powell. He reiterated his opinion that inflation was still too...
On Monday the S&P 500 put in a strong performance, ending the day over 1% higher above 4,370. This move represented a decent recovery from the sell-off at the end of last week which saw the index fall towards 4,300 before buyers came in ahead of Friday’s close.
Today saw the index pull back again, ignoring some sold Q3 earnings reports. It fell further...
In the latest #TradewithDave update we look back at last week’s big events, and consider what’s happening in the week beginning 16th October.
Q3 earnings season gets underway
• Last Friday saw the unofficial start to the third quarter earnings season with results from JP Morgan, Citigroup, Wells Fargo, BlackRock and United Health.
• The banking giants posted...
Suddenly, there are signs of life in the gold market. As of Friday afternoon, the yellow metal is up close to 3% and trading around $1,920 an ounce. That is quite a significant move in just one day, and represents a gain of 6% from the low hit this time last week. It’s possible that gold has put in a bottom around the $1,810/20 area, although there is the danger...
Earlier today we got the latest update on US inflation in the form of the Consumer Price Index (CPI). Looking at the year-on-year data, Core CPI, which excludes food and energy, came in at +4.1%, as expected, and below last month’s reading of +4.3%. This means that the downward trend in Core inflation since September last year, continues. As far as Headline CPI...
![SPX: [b]S&P looks fragile[/b]](https://s3.tradingview.com/6/6PlutF4g_mid.png "[b]S&P looks fragile[/b]")
![GOLD: [b]Gold consolidates[/b]](https://s3.tradingview.com/b/bCvoB4l3_mid.png "[b]Gold consolidates[/b]")
