Market Commentary

Market Recap: 7 - 11 January

on January 14, 2019 | By Stuart McPhee | USDCAD, GBPUSD, US30, UKOil

On Tuesday last week we covered UK Oil which since writing has continued to move higher to multi-week highs above $62, before easing a little to start the new week. The current key level remains $58, as it has met some resistance at this level around a week ago and eased lower, which was to be expected after this level offered strong support to oil to finish last year.

US30 - Rallies Towards Key 24,000 Level as Fed Expected to Pause

on January 9, 2019 | By Stuart McPhee | DJIA, US30

In the last couple of weeks the US30 index has been able to rally well back towards the key 24,000 level after falling to its lowest levels in 18 months below 21,500. December was several weeks the US30 index would rather forget as it fell very sharply down through any support at the 25,000 level and then also through the 24,000 level down to that 18 month low. It is doing well to remain within touch of this level, however many will expect the 24,000 level to offer some resistance should the index return to this level.

US30 - Remains Below 24000 Level as Fed Expected to Raise Rates

on December 19, 2018 | By Stuart McPhee | US30, DJIA

In the last couple of weeks the US30 index as again fallen sharply down through any support at the 25,000 level and then also through the 24,000 level down to its lowest level in seven months. It is currently attempting to rally and remain within touch of this level. A few weeks ago it enjoyed a healthy surge higher climbing back above the key 25,000 level to above 26,000 before reversing sharply and falling lower. The last couple of months have now seen the index moving sharply between 24,000 and 26,000 as the volatility and the swings back and forth have intensified and presented the most volatile the index has been in many months.

Market Recap: 10 - 14 December

on December 17, 2018 | By Stuart McPhee | EURUSD, GBPUSD, US30, USDCAD

On Tuesday last week we covered the GBPUSD and the key level at the time and remains 1.27.To start last week the GBPUSD fell sharply to its lowest levels in almost two years as the strong support at 1.27 gave way to immense selling pressure.In the week prior the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the last few months.

US30 - Looking Vulnerable Below Key 25,000 Level as Fed Changes Tune

on December 12, 2018 | By Stuart McPhee | US30, DJIA

Volatility has increased in the US30 index as it has fallen sharply again down through any support at the 25,000 level and down to its lowest level in over six months. A couple of weeks ago it enjoyed a healthy surge higher climbing back above the key 25,000 level to above 26,000 before reversing sharply and falling lower. The last couple of months have now seen the index moving sharply between 24,000 and 26,000 as the volatility and the swings back and forth have intensified and presented the most volatile the index has been in many months. The significance of around the 26,000 level remains, as again it has formed classic reversal candlesticks at this level before reversing and falling just as strongly as it climbed.

Market Recap: 26 - 30 November

on December 3, 2018 | By Stuart McPhee | EURUSD, XAUUSD, Gold, GBPUSD, US30, DJIA

On Tuesday last week we covered the EURUSD and the key level at the time at the time was the 1.13 level. After rallying strongly off this level earlier last week, it has since reversed and found solid support again, reinforcing how significant this level is presently. A few weeks ago the EURUSD did well to rally higher from its lowest levels in 16 months back up towards 1.15 before easing in the last couple of weeks. Even though it fell through the 1.13 level a few weeks ago, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide some support should the EURUSD continue to decline. Likewise the 1.15 level has become key of late providing stiff resistance and looming above ready to push prices lower.

US30 - Rallies Strongly Above Key 25,000 as Fed Changes Tune

on November 30, 2018 | By Stuart McPhee | US30, DJIA

The US30 index has enjoyed a healthy surge higher in the last week climbing back above the key 25,000 level. However in the couple of weeks leading up to the surge, the index fell strongly from another key level of 26,200 and whilst it found some support around 25,000 it finally broke through down to near four month lows. Now that the index has climbed back above 25,000 it is worth considering the significance of the 26,200 level again - it formed a classic doji candlestick at this level before reversing and falling just as strongly as it climbed. Just prior to the doji, the US30 index enjoyed a strong resurgence moving from multi-month lows back up to the key 26,200 level. After reaching a new all time high earlier last month the US30 index been reasonably volatile since and seems to have found a comfort zone between the two key levels.

Market Recap: 19 - 23 November

on November 26, 2018 | By Stuart McPhee | AUDUSD, US30, USDJPY, UKOil

On Monday last week covered the 30 index and the key level at the time at the time was the 25,000 level. Earlier in October the index found solid support from this level although it did break down through that level to its lowest level in four months. It was able to recover strongly and enjoy a strong resurgence moving from the multi-month lows back up to the key 26,200 level. It formed a classic doji candlestick at this level before reversing. Many would have expected the index to enjoy more support from the 25,000 level however throughout last week it broke through strongly and continued to decline to near the four month lows again. The next obvious key level will be 24,000 as the index enjoyed some strong support in the first half of this year.

US30 - Relying Heavily on Support at 25,000 as Fed May Reconsider Plans

on November 20, 2018 | By Stuart McPhee | US30, DJIA

In the last few days the US30 index has enjoyed some strong support from the key 25,000 level after recently falling strongly for the week prior from another key level of 26,200. It formed a classic doji candlestick at this level before reversing. Just prior to the doji, the US30 index enjoyed a strong resurgence moving from multi-month lows back up to the key 26,200 level. In the couple of weeks prior to the strong rally, the index fell sharply again down to its lowest levels in four months, after attempting to rally off support at 25000 several weeks ago. After reaching a new all time high earlier last month the US30 index been reasonably volatile since and seems to have found a comfort zone between the two key levels.

US30 - Meets Resistance at 26,200 Again as Fed Leaves Rates Unchanged

on November 9, 2018 | By Stuart McPhee | US30, DJIA

In the last couple of weeks the US30 index has enjoyed a strong resurgence moving from multi-month lows back up to the key 26,200 level. However this level has influenced price action again as the index has been sold off slightly in the last 24 hours. In the couple of weeks prior to the strong rally, the index fell sharply again down to its lowest levels in four months, after attempting to rally off support at 25000 several weeks ago. Only a few weeks ago the index dropped down through support at 26200 before rallying higher back above the key 25000 level. After reaching a new all time high earlier last month the US30 index eased a little in the week after and was enjoying some support from the previous key level of 26200, however this has now clearly given away to immense selling pressure.

Market Recap: 7 - 11 January

US30 - Rallies Towards Key 24,000 Level as Fed Expected to Pause

US30 - Remains Below 24000 Level as Fed Expected to Raise Rates

Market Recap: 10 - 14 December

US30 - Looking Vulnerable Below Key 25,000 Level as Fed Changes Tune

Market Recap: 26 - 30 November

US30 - Rallies Strongly Above Key 25,000 as Fed Changes Tune

Market Recap: 19 - 23 November

US30 - Relying Heavily on Support at 25,000 as Fed May Reconsider Plans

US30 - Meets Resistance at 26,200 Again as Fed Leaves Rates Unchanged

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