Stocks Waver after Steep Drop in U.S. Pending Home Sales
After two days of greater demand for higher risk assets
drove stock prices higher, U.S.
equity markets wavered most of the day following a steep drop in pending home
sales.At the end of the day, the March
E-mini S&P 500 managed to close higher, but the March E-mini NASDAQ and
March E-mini Dow did not fair so well.
Technically, the closing price reversal top formed in the
NASDAQ could trigger the start of a 2 to 3 day short-term correction.The inability of the Dow to make a new move
high along with the other two indices indicates a possible developing
divergence in the indices.This too may
be an indication of a short-term top.
Upbeat manufacturing reports out of China and the U.S. earlier in the week have
helped to buoy stock prices, but investors seem a little reluctant to get too
aggressive on the long side ahead of service and unemployment reports later
this week.Usually during the first week
in January, institutions and mutual funds flood the market with cash, but have
been noticeably absent this year because of the late reporting of U.S. Non-Farm
U.S. Treasury Bonds and T-Notes finished their trading
sessions slightly higher. Oversold conditions, profit-taking and position squaring
are most likely behind todayâ€™s strength. A support base has formed in the March
Treasury Bonds which indicates that a value zone has been reached.The trade through the last main top at 115â€™29
turned the main trend to up and indicates further upside potential.The first upside objective is a downtrending
Gann angle at 116â€™07.A minor bottom has
been reached in the March Treasury Notes which could launch a retracement to
The strengthening Dollar helped to pressure February
Gold.The main trend turned up on the
daily chart on Monday, putting this market on path for a potential retracement
to $1151.30 to $1169.30 over the near term.Todayâ€™s action indicates, however, that a break to $1102.40 may be
necessary to attract fresh buyers.Conditions will remain bullish as long as the last main bottom at
$1086.60 continues to hold.
March Crude Oil traded higher overnight but backed down
throughout the day as the Dollar strengthened. One-by-one a series of tops has
been taken out over the past two days. These tops include 81.52 and 82.30.The next two upside targets are 82.81 and
83.60.Stronger manufacturing numbers
are triggering expectations for a rise in demand for oil products.Technically, Tuesdayâ€™s closing price reversal
top indicates overbought conditions.This could lead to the start of a 2 to 3 day retracement to 78.08 -
The U.S. Dollar was able to mount a comeback after early
session weakness.A lower than expected
U.S. pending home sales report helped raise fears the Fed would once again
leave interest rates at historically low levels and fueled increased demand for
the Dollar as a safe-haven investment. Oversold conditions also contributed to
todayâ€™s rally. Todayâ€™s closing price reversal bottom indicates the start of a 2
- 3 day rally to 77.77 - 77.93.
The March Japanese Yen rallied sharply this morning
following the release of the weaker housing report which showed the number of
contracts to buy previously owned U.S. homes fell in November more
than analysts had estimated. Todayâ€™s breakout
to the bull side of a downtrending Gann angle signals the start of a possible
retracement to 1.1260.
The March Euro weakened into the close as the Dollar picked
up strength.The bigger picture suggests
a move to 1.4680 is likely.Minor
resistance at 1.4503 could slow down the current upside momentum.The weakening Euro is setting up for a
pull-back to 1.4350 - 1.4319.
The main trend remains down in the March British Pound.
Buyers tried to, but failed to hold the British Pound in the retracement zone
at 1.6036 to 1.5988. Concerns about the U.K. economy and the upcoming
election are putting pressure on the Cable.
The March Swiss Franc showed overnight strength, but New York session selling
helped form a closing price reversal top after an eleven day rally. Based on
the short-term range, watch for a retracement to .9640 to .9612.The bigger picture suggests a rally to .9806
- .9873 is possible following this short-term correction.
Rising gold and crude oil prices as well as firm equity market
helped to firm the March Canadian Dollar.The main trend is up with 9741 the next up objective.A key retracement level at .9574 is the new
support.The weak close suggests a
possible break to .9476 is in the works.
Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Forex News Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
looking for your first broker or do you need of a new one? There are
more critical things to consider than you might have thought.
We were trading long before there were online brokers. Global-View
has been directly involved with the industry since its infancy. We've
seen everything and are up-to-data with recent regulatory changes.
The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.