I wanted to post a quick overview of the financial markets with the near to intermediate-term outlook for most of the major asset classes. Charts & detail commentary will follow on any actionable trading opportunities as well as the active trade ideas on the site. Starting with the US equity markets, despite the market's near-term [...]
After a sharp drop in the first hour of trading, QQQ & SPY have experienced snap-back rallies into resistance with the MACD signal line recently crossing into bearish territory (short-term trend) for the first time in over a month. Note how well the MACD signal line/9-ema has defined the short-term trend as bullish or bearish [...]
UUP (US Dollar Index ETN) is moving higher after a second consecutive divergent low on this 60-minute time frame & appears quite likely to hit any or all of the resistance levels in this shaded area. If so, that will continue to put downward pressure on gold in the near-term. UUP 60-min May 8th [...]
UUP (US Dollar Index ETN) has broken above this downtrend line following a divergent low (bullish). Likely bounce targets are R1 and/or R2 with a possibility of the R3 level being hit before the dollar continues it's larger downtrend that started with the Jan 3rd highs. 60-minute & daily charts: Following the breakdown [...]
Analysis of gold, GDX (gold mining ETF) and the US Dollar including both the near-term & longer-term outlook. Potential buy points & key support & resistance level are also highlighted.
Global equity markets are rallying in a 'risk-on' trade while safe haven assets such as treasury bonds & gold are being sold as a result of the French elections & lessened probability of a Frexit. Here's a snapshot of the risk-on & risk-off assets: Gold, U.S. Treasury Bonds & a few the major US stock [...]