USD INDEX
A sharp gap down at the open in response to the ceasefire agreement brokered by Pakistan. Notwithstanding the lower open, buyers won out on the day, recouping a small portion of the overnight losses. The next upside target will look above the 99.00 mark. Resistance at 98.94 with support at 98.26.
S&P 500
Risk-on was the natural reaction to yesterday’s ceasefire deal, which saw the index gap higher through futures trading and into today’s opening. Buyers maintained the upbeat theme surrounding equity markets adding gains to ensure a green daily candlestick. Resistance at 6846 with support at 6781.
GOLD
The middle east ceasefire saw gold gap higher on the news, only for sellers to step in and reverse the gains with today’s low price matching that of yesterday’s close. The metal’s sell-off was in keeping with USD strength today, the typical inverse relationship playing out. Today’s red candlestick adds to the existing uptrend with a higher high and higher low contributing to a somewhat conflicting technical picture. Resistance at $4857 with support at $4692.
BRENT OIL
The 2-week ceasefire included an agreement to open the straits of Hormuz. While neither of these 2 events have yet started, the oil price reflects a best-case scenario. After an initial drop of over $8, and then a gap lower ($10+) saw prices as low as $90 mark when trading re-opened today. The price sat at $110 before yesterday’s peace plan was announced. Buyers put in a strong bounce to reflect a green daily candlestick, however prices are noticeably well under the $100 level. Resistance at $97.24 with support at $90.12.
BITCOIN
Sellers won out on the day, although the day’s activity resulted in little change from yesterday’s close. The uptrend remains intact. Bulls will note the higher low, as well as prices maintaining above the $70 level. Sellers will see today’s double-top (reversal sign) as bearish, as well as the $72K resistance level holding strong. Resistance at $72.8K with support at $70.7K.
