Welcome to this week’s Market Blast Fundamentals where we will look at the VIX, the S&P 500, the NASDAQ, GBPUSD and EURGBP.
Read MoreToday at 7pm UK time (6pm GMT) the US Federal Reserve (FOMC) will announce their latest interest rate decision which is widely expected to keep rates unchanged at 0.25%
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In the last week or so the US30 index has consolidated a little trading around 22000 after having moved so much in the last month or so. In the last week or so it surged higher from down near 18000 back up above 20000 which only added to its recent surge in volatility. Having moved around 200 points a day on average, this reading has surged to well above 1500 as the volatility has exploded to historic levels. In perspective, its recent surge higher comes on the back of a significant drop in the last month where it has moved from its popular trading range between 25000 and 27000 down to a three year low near 18000.
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In the last 24 hours the US30 index has recorded its third largest percentage drop in history as it has plummeted to a new three year low approaching 20000. This was after a strong week of falls which saw it collapse below the key 25000 level. It had spent the previous week consolidating as it traded wildly back and forth, between 25000 and 27000 as it has exploded in volatility by three times. In the week prior the US index had fallen sharply down through the key 29000 level to a nine month low below 25000 before the recent rally.
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In the last week or so the US index has exploded in volatility moving wildly back and forth, falling sharply again in the last 24 hours, after having rallied off the canvas in the 48 hours prior. In the week prior the US index had fallen sharply down through the key 29000 level to a nine month low below 25000 before the recent rally. In doing so, it has completely ignored any possible levels of support on the way lower indicating how strong the move has been.
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In the last month or so gold has found solid support from the $1550 level and even though it has been pressured a lot in that time, the support level has stood up well. It was able to climb to a three week high above $1590 a week or so ago, and was quickly sold off before enjoying support from $1550 again, reinforcing how significant this level has become.
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Today at 7:00pm UK time. Fed Interest Rate Decision is made on a predetermined date during the vote among the members of the Federal Open Market Committee (FOMC) on the short-term interest rates to be charged from credits and commercial bank loans. F: 1.75%, P: 1.75%.
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In the last week the US30 index has consolidated a little around 28500 after easing from all time highs in the last few days. The last few weeks have seen the index move strongly higher to all time highs again after moving through the key 28000 level.
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In the last few days the EURUSD has eased back below the key 1.12 level back into its popular range between 1.11 and 1.12. It had moved strongly to close out last year and into the new year moving to a five month high near 1.1250, before easing. Since the beginning of December, the EURUSD has steadily rallied higher pushing through another current key level of 1.11 which had been providing stiff resistance for several weeks.
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