Market Highlights
1 - US indices close mixed. DJ -0.3%, S&P -0.09%, NASDAQ +0.13%
2 - Crude oil futures settle at $58.25, down $0.63; swing support area being tested
3 - Major European indices close mixed. Ibex +0.13%, FTSE unchanged, DAX +0.49%, CAC -0.68%
4 - Silver trades at all-time high, breaks above $60
5 - Bitcoin up $2.1K at $92.8K; Gold up $17 at $2208
Daily Price Activity
Insights
USD INDEX Buyers added to yesterday’s gains, with a 3rd consecutive higher high on the chart. While the EMAs continue to remain down, sideways best describes the activity. Bias and sentiment appear tilted to the downside going into tomorrow’s Fed interest rate announcement. Buyers aim above 99.00 as sellers look down at the 98.00 mark. Resistance at 98.96 with support at 98.58.
S&P 500 Although sellers won out on the day, price activity and the daily close remain confined to a narrow, sideways range. While uptrend hangs on, barely, today’s candlestick reflects the 3rd consecutive lower high on the chart. Note the inverse relationship between strong USD and weak equities (S&P) playing out. Resistance at 6874 with support at 6845.
GOLD The metal did close slightly higher than the open within the recent sideways range with the $4200 mark continuing to be a comfort zone for the safe haven commodity. Gold again showed resilience holding it’s own against a rising USDX. Buyers look up to the $4250 level while sellers aim to close below $4200. Resistance at $4223 with support at $4171.
BRENT OIL Sellers added to yesterday’s push lower, doing just enough to signal a new downtrend on the chart. Notwithstanding the EMAs crossing downward, price activity continues to range sideways, with the current support area proving a strong floor protected by buyers. Note the descending trendline. Resistance at $62.77 with support at $61.80.
BITCOIN Buyers added to yesterday’s gains with a 3rd consecutive day of higher highs and higher lows on the chart. Although sellers did step in late during the US session, the upward bias and current uptrend (EMAs crossed up)) have given the crypocurrency a bullish feel - note the ascending trendline. Resistance at $94.5K with support lower at $89.5K.
FX Pivot Levels
