Market Highlights
1 - Crude oil spikes up to $81. The highest level since January 2025
2 - US stock close lower but rebound into the close. DJ -1.61%, S&P -0.56%, NASDAQ -0.26%
3 - Stocks down in European markets, led by FTSE -1.45%
4 - Gold down $66 on the day to close $5080; Bitcoin unable to hold onto gains, down $1600 to $71.1K
5 - USD closes up on the day, USDX +0.30%; JPY +0.36%, CAD +0.26%, CHF +0.32%
Daily Price Activity
Insights
USD INDEX Buyers steadily gained through the day, on the way to erasing yesterday’s losses but could not hold on, with a sell-off late in the US session. Bottom line still shows a green candlestick with roughly half of yesterday’s losses recouped. The uptrend is resumed with sellers continuing to guard the 99.00 resistance area. Resistance at 99.11 with support at 98.33
S&P 500 A familiar pattern - early sell-off with a late recovery at the closing stage of the day. The day’s push lower was enough to secure a red candlestick and add to the downtrend. Price activity remains broadly contained between 6800 and 6900. Note the traditional inverse relationship between strong USD and weak equities played out. The support level continues to hold strong as it has done from the start of the year. Resistance at 6902 with support at 6776
GOLD Yesterday’s brief rally was cancelled out with sellers in control adding to the downtrend. This week has seen the traditional theme - strong USD, weak gold, as buyers continue to stay away. The $5100 area looking pivotal as buyers struggle to maintain above the level. Resistance at $5199 with support at $5094
BRENT OIL Buyers added to yesterday’s gains with another higher high and higher low on the chart. As the middle east conflict continues to threaten oil supply with little in the form of agreements, settlements or conciliation in the offering, all indicators point to the upside. Talk of $100 oil price adds to the demand. As we have learned, this commodity rallies on potential risk. Volatility is expected to insure sharp spikes in both directions. Resistance at $86.39 with support at $81.67.
BITCOIN Buyers did not add to yesterday’s rally as well as not being able to hold onto gains, as sellers stepped in recouping roughly half of yesterday’s move. Buyers did guard the $70K level, the uptrend remains intact and higher low on the chart, may all add up to tilt the bias upward. Note February’s resistance level is shaping up as current support. Resistance at $73.5K with support at $70.5K
FX Pivot Levels
