USD INDEX
Buyers were strong from the Asian open through European session, yet were help up and gave up partial gains through the US session. The pull back is seen as a natural retracement with EMAs and bias continuing to signal an uptrend. Resistance established at 98.90 with support below at 98.33. Buyers will aim above 99.00 while sellers look below 98.00 in an attempt to reverse the trend. In spite of the uptrend sentiment surrounding the USD remains tentative, at best.
S&P 500
A 2nd consecutive down day has slowed the recent rally, with limited demand for US equities across the board today. Whether its nervousness relating to Aug 1st trade/tariff deadline date, a natural retracement, or profit-taking, buyers did not step in. Resistance sits at 6442 with support at 6394. As yet there is no US-China deal in place.
GOLD
The metal moved higher, in tandem with the USD today. Notwithstanding today’s green candlestick, the downtrend remains intact with a 4th consecutive lower high on the charts. Resistance at $3325 with support at $3307. The safe haven commodity continues to trade comfortably within its recent range with fundamentals offering little to entice demand/buyers.
BRENT OIL
Buyers added aggressively to yesterday’s break and went on to add $3+ with sellers remaining on the sidelines. The market was looking for a reason, and the threat of a Russian oil embargo created the demand. Positive trade talk added to the move higher. Support at $69.16 with resistance set at $72.26. Geopolitical concerns could provide the catalyst for further panic buying.
BITCOIN
Another down day with sellers in control. A 3rd series of lower highs established since the record high set on July 14th ($123.2K). Technically it appears that the strong support at $117K is hanging in, for now - will buyers continue to guard this area? On the upside the $120K level continues to cap breaks to the upside.
