USD INDEX
The downtrend remains in place, notwithstanding the strong jobs report on Friday. The current range has held since late July with neither buyers nor sellers able to break out. Bulls are looking for a rate hike and noting the high yields, while bears listen to Fed members talk of holding rates and continue to guard the 100.00 level. Resistance at 99.81 with support at 98.47.
S&P 500
The index basically remained flat for the week. While the weekly close was marginally up on the previous week, there were sharp daily moves from buyers and sellers. Tuesday was a big sell-off, recovered Wednesday and Thursday , and declined Friday following the strong NFP numbers. Note current support acted as resistance through May and June. Resistance at 7766 with support at 7618.
GOLD
A volatile week saw the metal close lower, a 2nd consecutive red candlestick with a lower high and lower low on the charts - however, within the existing uptrend. Gold fell sharply on Tuesday 1st as markets increased expectations of a rate hike following hawkish comments, then recovered over $150 over the next two sessions. The recovery reversed lower Friday on the strong jobs report. Resistance at $4521 with support at $4282.
BRENT OIL
Brent surged 9% last week as renewed US/Iran hostilities increased the geopolitical risk premium. US inventories were unexpectedly lower while the straits of Hormuz remains unsettled. The forward looking oil market brings supply concerns back into the picture which sees prices close to testing the psychologically pivotal $100 mark. Resistance at $97.48 with support at $88.79.
BITCOIN
BTC strengthened on the week, maintaining the bullish bias from August, thereby adding to the uptrend. Following Thursday’s sharp move higher, Friday’s job numbers contributed to Friday’s sell-off. The $82K resistance area is shaping up to be relevant noting this level was tested (unsuccessfully) in May. Reuters also identified $82.7K as a significant resistance level. After August’s 25% gain, maintaining current levels adds to the bullish sentiment/trend. Resistance at $82.3K with support at $76K.
