Market Highlights
1 - US stocks surge on optimism of a shutdown deal. NASDAQ +2.27%, S&P +1.54%, DJ +0.81%
2 - Crude oil futures up $0.38 at $60.13. Market continues to trade in a tight range
3 - Gold up $110 today. Best levels since October 10th
4 - USD down against majors, except for the JPY
5 - European indices close solidly higher. DAX +1.65%, CAC +1.32%, FTSE 100 +1.08% (record high), Ibex +1.77% (record high)
Daily Price Activity
Insights
USD INDEX Following a gap up to start the week, sellers added to the downtrend with a gentle push lower through the day. A 3rd consecutive day of lower highs on the chart. Support continues to be guarded by buyers. Price activity narrowing down. Also note the support matches a previous resistance from October 9 2025. Resistance at 99.58 with support at 99.30.
S&P 500 In response to last week’s sell-off, buyers put in a strong run to start the week as the S&P, along with all US major stock markets, confirmed fresh demand for US equities. Sellers remained on the sidelines today. Resistance at 6864 with support at 6771.
GOLD Gold returned to it’s familiar pattern with a strong rally confirming demand for the safe-haven commodity. With the metal hovering at the pivotal $4000 level last week, clearly buyers saw this price as a buying opportunity and went on to produce a $100 rally without letting up. Today’s move was enough to confirm a new uptrend on the charts. Resistance at $4113 with support at $4010.
BRENT OIL Buyers did just enough to end the day slightly higher than the open and produce a 3rd consecutive green candlestick on the charts. That being said, the trend remains flat as neither buyers or sellers have taken charge. Notwithstanding the green candlestick, trend and bias continue to have a bearish feel. Resistance at $64.30 with support at $63.34.
BITCOIN Buyers won out on the day and in so doing, did enough to signal a reversal and new uptrend on the charts. However, the trading range was confined to a relatively narrow $2.5K trading range with neither side able to hang on to intraday moves. Minimum levels for buyers to initiate a meaningful move is to maintain above $106K, while the minimum for sellers is to maintain below $104K. Resistance at $106.6K with support at $104.1K.
FX Pivot Levels
