USD INDEX
The index gapped up at the open and maintained steady demand for USD throughout the day. Although the upside capped at same level as earlier in the week (Monday 2nd 2025), more significantly today marked the 6th consecutive higher low on the chart. Buyers will aim for the 68.00 mark while sellers look below 97.00. Resistance at 97.61 with support at 97.17.
S&P 500
Sellers maintained control, adding to the downtrend in a similar pattern to yesterday’s price action - an early sell-off through most of the day with a strong bounce in the last 2 hours leading into the close. Note the low matches that from January 2nd 2025, a level which coincides with the ascending trendline which buyers guarded today. Sellers maintained below 7000, while buyers were able to close slightly above the 6900 mark at 6908. Resistance at 6965 with support at 6865.
GOLD
Following yesterday’s strong bounce, buyers and sellers tested higher and lower, only for to close back at the open with a doji-like candlestick confirming the lack of direction. the trend remains down, although today does mark the 3rd consecutive higher high and higher low on the chart. Technically buyers were unable to maintain above $5000 while sellers were not able to maintain below $4900. From a fundamental perspective, nothing has changed in terms of the commodities safe haven status. Resistance at $5097 with support at $4845.
BRENT OIL
A volatile day with sharp moves in both directions. With technical and fundamentals contributing. After an initial gentle move lower, a technical bounce up on the hourlies (double bottom), followed by a sharp spike (aggressive rhetoric/threats between US/Iran), and then a technical bounce lower, (double top). The dailies confirm an uptrend with a higher high and higher low on the chart. Net result is a close at $68.65, right in the middle of today’s $2.75 range. Resistance at $69.74 with support at $67.00.
BITCOIN
Sellers maintained control throughout the day, picking up steam late into the closing stages of the US session. Buyers showed no interest in stepping in as prices trade at the lowest levels seen in 14 months. Note current support area close to the $71K mark has acted as a resistance in April and June 2024, perhaps a relevant level moving forward. Potential technical bounces will aim at previous R and S levels with no real signs of demand and a new reversal, as yet. Resistance at $76.8K with support at $71.7K.
