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S&P 500 Fills the Gap. Dow Jones Oversold.


Welcome to this week’s Market Blast Technicals where we will look at USDCAD, WTI (US Oil), USDCNH, Brent Crude (UK Oil), the S&P 500 (US500), the Dow Jones industrial Average (US30), and Gold.


Gold is still trending down as we can see from our Daily chart but is still above the 200-day Moving Average.Screenshot 2020-12-15 at 11.14.20

If we project Fibonacci retracements on our post-COVID bull run, we can see support at the 50% level, support and resistance at the 23.6% level, and price is currently at the 38.2% level.Screenshot 2020-12-15 at 11.14.35

Depending on the fundamentals, the Dow Jones Industrial Average might be a good buy as price has just hit the lower trend line and the Stochastic Oscillator is showing OverSold.

The Gap from yesterday has been filled and we see the exact same situation with the S&P 500.

Despite the COVID Lockdowns, Brent Crude is still trending upward and has settled in consolidation in the $50 per barrel range.Screenshot 2020-12-15 at 11.14.44

USDCNH is still trending downward and we see Stochastics showing us OverBought on the Daily chart.

If we zoom out to the Weekly chart we see that price action still has further to fall and has not been this low since 2017 and 2018.Screenshot 2020-12-15 at 11.14.53

Our favourite inverse correlation between USDCAD and WTI is back on track and we see more CAD strength as demand for crude improves, depending on COVID Lockdowns of course.

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That’s all for now.  Happy trading with Valutrades and we will see you next week.

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