USD INDEX
For the 2nd consecutive day buyers started early, and then ran out of steam as sellers stepped in erasing early gains. Although buyers did enough to earn a green daily candlestick, the EMAs have crossed to the downside. Resistance at 98.88 with support at 98.37. Note the support level has held strong for the past 3 days. Sentiment and bias tilted to the downside.
S&P 500
A gap higher to start was not enough to halt sellers winning out on the day. Technical contradictions aplenty - today’s red candle adds to the downtrend, although the chart shows a higher high and higher low. Resistance set at 6379 with support lower at 6315. Little demand for US equities across the board. Sellers aim below 6300, while buyers look up to test 6400.
GOLD
Slow and steady buyers squeak out another winning day, but only just. 4th consecutive winning day with higher highs and higher lows adding to the uptrend. Demand for the safe haven commodity confirms positive sentiment surrounding the metal. With the USD shaky and equity markets proving volatile, buyers seem intent on re-challenging the $3400 level. Support at $3349 with resistance established at $3389.
BRENT OIL
A 4th consecutive day of lower highs and lower lows as sellers add to the downtrend. Current support area has been tested numerous times, unsuccessfully, over the past month. Uncertainty regarding the global economy appears to be the contributing factor. Resistance set at $68.86 with support lower at $67.44.
BITCOIN
Price activity contained within a familiar $2.7K range. Resistance at $115.2K with support lower at $112.5K. The trend and bias continue to point downward. Sellers aim to re-test $112K on the downside, while buyers look above $115K as a first step in reversing the trend.
