Market Highlights
1 - US stock markets end the day in positive territory. S&P +0.44%, DJ +0.36%, NASDAQ +0.54%
2 - Gold up $39 to close at $4650; Bitcoin continues steady climb gaining $730 to reach $70.2K
3 - Brent loses $1.49 ending the day at $109.60
4 - Trump’s ultimatum to Iran sparks market turmoil
5 - USD mostly lower on the day. EUR +0.30% at 1.1541, GBP +42% at 1.3232, CAD -0.25% at 1.3911
Daily Price Activity
Insights
USD INDEX Today’s red candlestick was a result of the gap up to start the new week rather than a strong day for the global reserve currency, with the daily close alongside last week’s close. Buyers were not able to add to the 100.00 level which continues to be guarded by sellers. The downtrend remains in place, although today’s candlestick does reflect a higher lower on the chart. Resistance at 100.09 with support at 99.56.
S&P 500 The index gapped lower to start the new week, followed by a sustained steady move higher with a solid close to end the day’s session. The uptrend remains intact with buyers aiming to test 6700 on the upside. Resistance at 6657 with support at 6568.
GOLD Buyers stepped in from the open with a strong push higher, went on to give up half of the gains through the US session, yet doing enough to signal a green daily candlestick. The uptrend remains in place, although the candlesticks do reflect a lower high on the daily chart. Resistance at $4701 with support at $4602.
BRENT OIL Aside from a red daily candlestick, the technicals add to the bullish feel. A higher high and higher low on the chart with EMAs managing to cross to the upside, just barely. The threats and aggressive rhetoric from both sides remains the current status with military activity continuing into the 6th week of the war. The straits of Hormuz remain close with oil prices reflecting the supply concerns. Resistance at $111.49 with support at $106.98.
BITCOIN A 4th consecutive green candlestick, higher highs and higher lows all adding to the uptrend. Again the $70K resistance has contained the move higher, yet buyers will note that although recent gains are limited, sellers have not stepped in, therefore allowing buyers to maintain control. Resistance at $70.2K with support at $68.7K.
FX Pivot Levels
