Market Highlights
1 - Stocks tumble, pressure on all sectors. S&P -1.44%, DJ -1.48%, NASDAQ -1.70%
2 - European indices all close lower. DAX -0.52%, FSE -0.51%, IBEX -0.91%
3 - Gold continues slide, down $55 at $5078; Brent oil continues to climb, up $3.76 at $101.04
4 - USD rallies across the board. USDX makes new yearly high +0.53%. Majors test yearly lows against the dollar: EUR -55 pips at 1.1510, GBP -63 pips at 1.3342, JPY +41 pips at 159.40
5 - Iran hints at $200 oil price…technical levels becoming irrelevant?
Daily Price Activity
Insights
USD INDEX An early sell-off through the Asian session was short lived as buyers stepped in pre-US session going on to establish a new yearly high on the index. As the war continues and US data looks solid, the USD confirms its status as the global safe haven asset/currency. Adding to the push higher is the opinion that a rate cut at the next FOMC (March 17 2026) now seems improbable with the theme turning into a more tightening mood. Next target on the upside is the 100.00 mark. Resistance at 99.50 with support at 99.02.
S&P 500 Sellers took control from the outset with a strong sustained push lower as buyers remained on the sidelines. Today’s low marks the lowest close of the year. Inverse relationship between strong USD and weak equities played out in traditional style. In the absence of a bounce in upcoming futures trading, panic selling (Friday 13th) could set in to close the week. Resistance at 6815 with support at 6723.
GOLD Sellers made a strong push lower through the US session, going on to break below the significant $5100 support. Buyers struggling to guard the support as they have done through the month, so far. Also, note the ascending trendline coincided with today’s low price. Clearly the strong USD contributed to the steep sell-off. Next downside target sits at $5000, while buyers target above $5100 at a minimum to attract renewed demand. Resistance at $5193 with support at $5078.
BRENT OIL Buyers added to the initial gap up to start the new trading day, with continued demand throughout the session. In the absence of assurances coming out of the Whit House, the actions of Iran controlled the price action with physical lack of oil supply controlling the markets. Iran suggesting $200 oil prices contributed to the mood - a week ago $100 was the high side. Note: from a personal trading perspective it feels that technical analysis and numbers are not the criteria right now, rather it is live fundamentals setting the price and tone. Resistance at $101.69 with support at $95.24.
BITCOIN A stand still day for the cryptocurrency closing the day back where it started with minimal intraday moves in either direction. A narrowing range ($1.7K) and a doji-like candlestick confirm the lack of direction and appetite for BTC right now. Buyers continue to aim above $70K while sellers look below $69K. Resistance at $70.8K with support at $69.1K.
FX Pivot Levels
