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Market Update: Indices
With momentum on the upside broken, the question is whether indices go into consolidation or whether downtrends take over again. For the former, US500 needs to hold above 7469 and/or NAS100 above 27405. For the latter, either or both of these levels, specifically the NAS, would need to be firmly broken.
Market Update: Friday the 13th
Risk off seeing ripple effects across markets
EURUSD extending its slide and while below 1.1045-50, the pivotal 1.1000 level is on the radar.
NAS100: Trendline break negates up momentum and leaves 27405 as the level that needs to hold to prevent the downtrend fromt taking over as tech shares weigh.
XAUUSD: For a fresh leg lower that targets 3800, the 3852 low would need to be taken out. Otherwise, downtrend is consokidating.
Market Update: Indices (CFDs)
Are stocks bid or bid in an offered market? The case for bid is if trendlines hold, US500 breaks 7652 and NAS100 28597, and are then confirmed with moves above 7718 and 28909. The case against is if trendlines break, 7650 and 27906 fail to hold and then confirmed by breaks of 7469 and 27405. (Both currently slipping, US yields and oil up) Addendum: My question is being almost answered: Stocks sliding further , trendlines and first supports broken., key confirmation supports still untouched at 7469 ande 27405
Market Update: Metals
XAUUSD: The Power of “50” is being put to a test with a bounce from just above it (low 3852). While downside is in check while the low holds, it would take a move back above 4000 to negate this episode to the downside. Meanwhile, 3900 will be pivotal with the intra-day high at 3922.
XAGUSD: Keeping this one simple with the focus on 50.00 as this level will dictate whether there is more to go on the downside. Momentum pointed down unless 50.79 is taken out.
Keep a eye on US bond yields as they have been a weight on the metals complex.
A very timely article
The Power of 50: How Round Numbers Shape Trading Sentiment
One of the keys to trading is keeping emotions out of your decisions. For the most part, that is the way to go. But there is one exception worth watching. Understanding how other traders respond emotionally to certain prices, such as round numbers in trading, can help you read the market…READ MORE
NAS100 (NASDAQ) 4 HOUR (CFD): Encouraging but not yet enough
While the move back above 28000 is encouraging (keeps a bid while above it), failure to take out 28587 (near double top) leaves it dependent on 27909 along with the up trendline holding to avoid a shift in risk to key 27405 support
Reports indicate Anthropic’s IPO is about six times oversubscribed
US500 (SP500) 4 HOUR (CFD): Struggling to extend recovery
Struggling to build further up momentum after upside stalled at 7652, which contained thoughts of the key 7718 level.
On the downside, needs to hold the trendline and 7550 to keep the focus pointed higher to avoid exposing 7500 and the key 7469 low
XAUUSD WEEKLY: Breaking down
GOLD crumbling under the weight of rising US bond yields (10 year last at 5.10%) with a new low (3852) following the break of 3870.(prior low).
Going strictly by the weekly chart, there is a giant void below 3883 so keep an eye on whether this becomes resistance. Only back above 3870-3883-3917 would postpone the risk.
In any case, in the absence of nearby support, use 3850 (“50” level) as pivotal and 3800 (round number) as key support.
US500 4 HOUR (CFDS): Dueling trendlines
Failure at the descending trendline has put the focus on the downside although contained while above the uptrendline (intra-day low 7550).
Below the ascending trendline would weaken the upside risk and expose 7469, which needs to hold to prevent a down episode from taking over.
Back above 7610 is needed to shift the focus back to the high.
\NAS99 4 HOUR (CFD): Watch 28000
Nvidia, while still down, has come off its low after the initial reaction to the CEO news and this, in turn, has lifted the NAS100 back above 28000.
While regaining 28024+ eases downside pressure, it would take a move above 28587 to establish a new high for the episode.
Supports: 27911, Trendline and 27405.
XAUUSD (GOLD) 4 HOUR: Breakdown but not yet fatal
As noted yesterday, so far 4000 has been tested and held but bulls losing control and need to stay above 4000 or face a gap in support to 3917.
Chart looks like a textbook with the break of 4013 confirming a down episode and exposing 3917 although a pause above it (low 3924) means damage to higher lows (3 red lines) not yet fatal.
In any case, XAUUSD stays more on the defensive unless 4000-40013 is regained.
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