Sat, May 08, 2021 @ 23:09 GMT
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DOW finally made new record high, targets 32932 next

DOW finally caught up with other major US indices and closed at record high overnight, up 0.76% at 31385.76. The solid support from 55 day EMA affirmed near term bullishness too. Further rise is now expected as long as 29856.30 support holds. Next target is 61.8% projection of 18213.65...

US 30 Index Completes Bullish Run Near Record High

The US 30 index (Cash) rebounded off the 29,642 support level, posting four straight positive days and climbing above the 20- and 40-day simple moving averages (SMAs). The price is moving towards the record high of 31,284, while the technical indicators are confirming the upside tendency. The RSI is standing...

Two Trades To Watch: Dax, Nasdaq

Dax rises on global recovery optimism Stocks are on the rise amid optimism surrounding a huge US stimulus package and on vaccine rollout optimism. As the global vaccination effort accelerates hopes of a strong economic recovery in Q2 onwards are gaining momentum. German composite PMI final reading January expected to confirm 50.8. Eurozone...

Elliott Wave View: Dow Futures Attempting All-Time High

Cycle from March 2020 low in Dow Futures (YM_F) still remains intact as a diagonal 5 waves. In the 60 minutes chart below, we can see wave ((3)) of the diagonal ended at 31188. Wave ((4)) pullback is proposed complete at 29550 as a double zigzag Elliott Wave structure....

US 30 Index’s Pullback Contested by 38.2% Fibonacci

The US 30 stock index (Cash) has found footing on the 30,047 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 26,065 until 31,284, after receding from its latest all-time high of 31,284. Yesterday’s losses saw the index pierce below the 50-day simple moving...

Dollar Jumps on Sentiments U-Turn, But Upside Still Capped

The sharp turn in risk sentiments overnight pushed "safe-haven" currencies generally higher. Among them, Dollar is currently outperforming both Swiss Franc and Yen. On the other hand, Australian Dollar is leading other commodity currencies lower. Euro and Sterling are mixed, with the Pound having a slight upper hand. Technically, the...

FOMC provided reality check, DOW and TNX tumbled but no change in up trend yet

US stocks markets suffered the steepest decline since October after Fed give investors a reality check on the state of the economy. FOMC kept monetary policy unchanged, and reiterated: "The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing...

US 30 Stock Index Looks For A Make-Or-Break Point

The US 30 index (cash) is nosing around for fresh bullish traction near the four-month old restrictive line at 30,800 after topping twice around its new record high of 32,252. A clear close below that floor, where the surface of the Ichimoku cloud in the four-hour chart is also placed,...

Euro Stays Weak, More Downside Before Weekly Close

The forex markets are generally staying in tight range in Asian session today. Dollar is mildly higher even though Fed chair Jerome Powell further talked down stimulus removal. Yen is also strengthening while commodity currencies turn slightly softer. For the week, Sterling remains the strongest one, followed by Canadian....

Biden outlined USD 1.9T package, DOW shrugged and ended slightly lower

US President-Elect Joe Biden outlined his USD 1.9T fiscal package a the remarks from Delaware overnight. The package include USD 1T in direct relief to households, with stimulus checks for USD 1400 on top of the USD 600 checks in last congressional stimulus. USD 440B will be used for...

Dollar Relatively Resilient in Strong Risk-on Market, Setting the Base for a Rebound?

Global investors were all in risk seeking mode in the first full week of 2021. That came despite all the headlines of surges in coronavirus infection and death, return to strict lockdowns, chaos in Washington and Joe Biden's certification as US President-Elect. Dollar didn't perform too well but there...

Dollar Down Trend Continues as DOW Hit Record, Yen Weaker on Yields

Dollar is recovering mildly today but remains one of the weakest for the week, together with Yen and Sterling. Solid risk appetite, with DOW closing strongly at new record overnight, is keeping the greenback and Yen pressured. Yen appears to be slightly weaker with the sharp rally in treasury...

Elliott Wave View: New Bullish Cycle On Dow Futures

Short Term Elliott Wave View suggests the rally from December 21, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from December 21 low, wave (i) ended at 30198 and dips in wave (ii) ended at 29735. Index then resumed higher in wave (iii) towards...

DOW hits new record with upside re-acceleration

DOW surges to new record higher today, with around 500 gains at the time of writing. Some analysts attribute the rally to result of election in Georgia, where the Democrats are stepping closer to control of both Senate and House. that would give the base for Joe Biden to...

DOW down -540 pts, Dollar trying to rebound

Dollar is rebounding in US session as stocks suffer steep pull back. DOW is currently down -540 pts or -1.75% at the time of writing. For now, however, near term bullishness in stocks is not threatened yet. As long as 29755.53 support in DOW holds, near term up trend...

Dollar and Yen Weaken Again on Strong Risk-on Market

Dollar turns softer again in Asian session today as markets are back in full risk on mode. Following the record runs in US, Nikkei is also hitting new 30-year high. Yen is following as second weakest for now. However, risk appetite is not clearly seen elsewhere. Australian and Canadian...

DOW, S&P 500 & NASDAQ hit record, setting stage for strong Q1

US stocks resumed recent up trends overnight as supported by the pandemic fiscal stimulus. All three major indices, DOW, S&P 500 and NASDAQ closed at new record highs. DOW's close above 38.2% projection of 18213.65 to 29199.35 from 26143.77 at 30340.30 is taken as a sign of solid underlying...

DOW hits new record, 33000 as next major target

DOW opens sharply higher today and extends gains to new record high at 30525.56 (so far). 38.2% projection of 18213.65 to 29199.35 from 26143.77 at 30340.30 is a strong sign of solid underlying buying. If DOW could close above this level today, we're likely see some more upside acceleration...

Dollar Resumed Down Trend, Pound Still Awaiting Brexit Trade Talks

Dollar's broad based down trend resumption was a major theme last week. Though, Canadian Dollar was the worst performing one, as it digested recent oil price supported rally. Overall risk appetite, with NASDAQ extending record run, kept Yen and Swiss Franc soft too. As Brexit trade negotiations went into an...

Sterling Softens on Brexit Impasse, Euro Awaits ECB

Sterling softened again after the Brussels meeting ended with nothing more than comments that UK and EU are still far apart. Yet, traders are still holding their bets for now. Yen and Dollar also shrug off the deep pull back in US stocks overnight. Some fresh selling is seen...

NASDAQ lost 2% from new record, DOW lost momentum ahead of key near term projection

NASDAQ suffered a steep pull back and ended down -1.94% at 12338.95 overnight, after hitting new record high at 12607.14. Stalled stimulus talks in the US was a factor putting investors on guard. The Congress has less than tw0 weeks to try and reach a comprise before budget deadline....

Dollar Index Might Find Temporary Support at 90 after Down Trend Resumption

Selloff in the Dollar was the main theme in the currency markets last week. With the arrival of coronavirus vaccines, the global economy looks set to return to normal next year, despite some cautious comments from central bankers. Yen might look worst than Dollar but it is indeed still...

US 30 Index Conveys Confidence above MAs

The US 30 stock index (Cash) is tiptoeing higher after finding traction off the 100-period simple moving average (SMA), attached to the lower surface of the Ichimoku cloud. Although the Ichimoku lines are fairly directionless, the red Tenkan-sen line is nudging the price marginally higher. The indices’ positive structure...

Nikkei Shone in Global Stock Rally, Sterling Tumbled on Brexit Uncertainty

Vaccine optimism pushed global stocks higher last week, with Nikkei completing the most impressive rally. Commodity currencies ended generally higher as led by New Zealand Dollar. Yen and Dollar ended as the worst performing ones. Though, no key levels were taken out, except in NZD/USD and NZD/JPY. Dollar index...

Full Risk-On Market With Upside Breakout in DOW and Oil

Markets are in full risk-on mode for now, with DOW closing above 30k handle for the first time overnight. Asian stocks are also generally higher, with strong rally in Nikkei and HSI. WTI oil prices powered through a key near term resistance level while Gold is set to break...

DOW broke 30k as investors welcome Yellen as US treasury secretary

US stocks broke out of range overnight to extend recent record run, with DOW closing at all time high at 30046.24, up 1.54%. Investors cheered the news that former Fed Chair Janet Yellen was picked by Joe Biden as the next Treasury Secretary. Yellen's position on loose fiscal policy...

Markets Turned into Consolidation, With Conflicting Signals

Markets, including stocks, gold and currencies, were generally bounded in consolidative mode last week. News regarding coronavirus vaccines failed to give sentiments another boost. Instead, investors are waiting for fresh inspirations. Dollar ended as the worst performing one, but stayed inside prior week's range, except versus Kiwi. Euro, and...

Vaccine News Solidify Risk On Mode; But Yen Selling Lacks Conviction

News of coronavirus vaccine readiness was the biggest market mover last week, solidifying near term risk-on sentiments. Subsequent price actions in major global indices were clearly corrective looking, setting the stage for further rally. Swiss Franc and Yen ended as the worst performing ones, followed by Canadian Dollar, which...

US 30 Index Returns Lower After Spike To Record High

The US 30 index posted an aggressive spike towards a fresh all-time high of 30,091.18 on Monday before returning near the previous high of 28,945. Momentum indicators in the daily chart are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the RSI is picking up...

Elliott Wave View: Pullback In Dow Futures (YM) Should See Buyers

Dow Futures (YM) has broken to new all-time high above its previous high on February 13, 2020 at 29543. This suggests the bulls remain in control and the next bullish cycle has started. The 60 minutes chart below shows that the Index ended wave ((4)) at 25946 and it...