USD INDEX
The U$ weakened slightly to start the day and then went on to recoup a small portion of the loss and trade within a narrow sideways range through the later part of the US session. The EMAs retain the upward trend although the bias has been tilted lower over the past 3 days. Resistance sits at 100.92 with support set at 100.42. Note todays candlestick has a higher low although price action does remain below the year long descending trendline.
S&P 500
Slow and steady wins the day, again with a 4th consecutive higher high on the daily chart. While the demand is gentle, it appears to be enough to add to the uptrend as sellers continue to stay away. Resistance established at 5944 with support set at 5866. In the absence of new trade deals/tariff news, buyers will be looking up at the 6000 level. Note the current resistance served as support twice earlier this year - Jan 27th and Feb 3rd.
GOLD
Following an early sell-off and new low established at $3117, buyers stepped in and won the day with a solid push higher to close at $3238. Notwithstanding todays green candlestick, the charts reflect a lower high and lower low adding to the established downtrend. Todays move higher was in accordance with the inverse relationship between the USD and gold confirming that the commodities safe haven status remains intact as buyers repeatedly enter the market following pullbacks and retracements - there is demand at every level.
BRENT OIL
Sellers started early and after a gap down to start the day, went on to establish support at $63.44. Buyers stepped in at support and fought back through the day and went on to recoup most of the losses to close at $64.55. Todays resistance sits at the open - $65.34. The trend remains up with the bias tilted downward following 2 consecutive days of losses. The mixed technicals reflect the uncertainty resulting from the fundamental variables - supply concerns, geopolitical conflicts, global economic outlook within the tariff/trade deal, all contributing to the uncertainty.
BITCOIN
Another day that basically ended in a draw with neither side gaining the upper hand. Sellers were first out the blocks and set support at $101.3K before buyers stepped in to reverse the losses and establish resistance at $104.2K. A narrow $3K trading range with the close near to the open and current levels sit alongside yesterdays closing price. Although the sell-off did break below the bottom of the symmetrical triangle sellers could not maintain and looking at the big picture shows no trend change, perhaps the bias is slightly tilted to the downside following 2 red daily candlesticks.
