USD INDEX
A gap higher to start followed by sellers taking control with a strong sell-off all through the trading day. The open served as resistance at 100.44 with support established at 99.13. Todays move will reverse the trend downward with sellers looking at todays high as a lower high on the charts. Sellers will aim below 99.00 while buyers aim to maintain price action above the 99.00 level as a minimum to halting the slide.
S&P 500
Buyers tested the recent resistance area before sellers stepped in and brought prices back to the open. A doji-like daily candlestick confirms the indecision and lack of direction. Resistance sits at 6009 with support resting at 5876. Buyers aim to retest the 6000 mark while sellers look to maintain below 5900.
GOLD
The classic inverse relationship between the USD and equities was clearly evident as gold put in a strong rally as buyers confirmed demand and closed above the pivotal $3300 level. Resistance was established at $3331 with support at $3245. Todays move higher was enough to re-establish the uptrend on the charts. Looking at the big picture, buyers will aim above $3370 to cancel out the lower high and see todays low as a higher low.
BRENT OIL
A gap higher at the open with buyers adding to the move and going on to set resistance at $65.51. The brief rally was short lived as sellers stepped in and sold off strongly bringing price action back below the descending trendline. Support was established at $63.11, confirming the support area which has held strong for the past week. The sideways range continues with the bias tilted to the downside.
BITCOIN
Sellers picked up momentum and broke below the $106K level on the way to setting support at $105.6K. The 3rd consecutive lower high and lower low added to the downtrend. Buyers will look to bounce up off the support area on the way to regaining the $108K mark while sellers must be eyeing the pivotal and relevant $100K level.
