USD INDEX
Buyers started early, picking up steam through the US session, and significantly, holding onto those gains (unlike yesterday) for a solid close. Next upside target will be the descending trendline as buyers look up to retest the 100.00 mark. The 99.00 support continues to be guarded by buyers. Resistance at 99.47 with support at 98.85.
S&P 500
Sellers won out on the day, although the red candlestick does reflect a higher low and higher high on the chart. After an early gap higher early in the futures market, price action was relatively flat through the session, with the downtrend remaining in place. Current close in the middle of today’s range with buyers unable to reach 6700, and sellers unable to reach 6600. Resistance at 6682 with support at 6614.
GOLD
Following an early gap higher to start the Asian session, neither buyers or sellers held on to intraday moves in a quiet day for the metal. The charts paint a contradictory picture with a red daily candlestick adding a higher high and higher low on the chart. Note yesterday’s candlestick remains the sole green candlestick over the past 11 trading days. The safe haven commodity did show resilience by holding it’s own while the USD rallied. The downtrend remains intact. Resistance at $4601 with support at $4487.
BRENT OIL
Today’s green candlestick did little to change the current stand-off between buyers and sellers as price activity narrowed to a relatively narrow $5 range. Contributing to downside: a lower high on the charts as well as the price trading below the 100.00 level at the US session close. While both US and Iran talk of reaching an agreement, the lower temperature = lower prices within the existing downtrend. Fundamentals can change at any moment as the war continues, and therefore risk remains at elevated levels. Resistance at 98.68 with support at $93.46.
BITCOIN
Same old?buyers unable to maintain above $70K, yet continue to protect the $70K support area. EMAs lie flat and trading range narrows to breaking point (under $2K). Forced to pick a side, the fact that buyers have been unable to rebound from the early year sell-off with such limited demand for the cryptocurrency, may tilt the bias downward/bearish. Resistance at $72K with support at $70.3K.
