USD INDEX
Notwithstanding Friday’s sell-off, the index had a strong week with the USD closing at it’s highest level (98.58) since June 2025. Technically the trend remains up with EMAs crossed to the upside with a higher high and higher low on the charts. Resistance at 99.32 with support at 97.70. Note the relevance of the current price which sits on the descending trendline. Sellers may see the weekly high as a lower high on the chart.
S&P 500
From Monday to Thursday the market appeared to confirm demand for the index as buyers maintained price activity, hovering around the 6800 level. Friday’s massive sell-off changed the picture with sellers taking out the previous 3 week’s lows and going on to reverse the trend convincingly. Note the bearish engulfing candlestick on the chart with a close at the low and no sign of buyers attempting to step in. Resistance at 6811 with support at 6593.
GOLD
The metal continued its rally with an 8th consecutive week of higher highs and higher lows on the charts, with new record highs being established on a daily basis. Significantly the $4000 mark was broken on the upside, followed by a sizeable $100 sell-off the following day. The turnaround was confirmed, technically at least, on the daily charts with a double top candlestick formation. There was no follow through however as gold did bounce back on Friday in the face of both the USD and stock market’s sharp sell-off. Resistance at $4064 with support at $3889.
BRENT OIL
The 2nd week of sellers controlling price action, adding to the downtrend and breaking below significant support levels. Clearly supply is of no concern at this time as buyers appear content to remain on the sidelines. Resistance at $66.62 and support at $62.15.
BITCOIN
It appeared that BTC was comfortable trading around the $122K area until Friday when sellers, apparently out of nowhere, sold off the cryptocurrency down $15K! From $122K down to $106.8K. Note the low matches the low from the week of August 25th. The bounce from that level resulted in a new record high set in the week of September 29 2025, at $125.7K. Resistance at $126.4K with support at $106.8K.
