Whilst equities saw a day of nano scale price chop, there was notable strength in the USD, which briefly traded back above the giant psy' level of DXY 100 (intra high 100.23). A November monthly close >100 looks a little difficult.
USD, monthly
USD, weekly
Summary
Price structure is a clear giant bull flag, as better seen on the weekly/monthly charts.
The DXY 100 threshold is clearly huge resistance.. and we did see some notable cooling from DXY 100 today.
Re: Interest rates...
If no rate rise... USD will dramatically cool.... there is little doubt of this.
If a rate rise... USD might still see a brief cooling, as a 'sell the news' event. Broadly though, the USD should merely put in a higher low (likely 96/95) in Dec/Jan, before breaking and holding DXY 100.
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Looking ahead
Thursday: US markets are closed, but the rest of the world will certainly be open.
Friday: no scheduled data.... with the market closing early at 1pm
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Goodnight from London
Thursday 26 November 2015
Daily Index Cycle update
US equity indexes closed mostly subdued, sp -0.3pts @ 2088. The two
leaders - Trans/R2K, settled u/c and +0.8% respectively. Near term
outlook offers further upside into the 2100s, with new historic highs in
the sp', Dow, and Nasdaq before year end.
sp'daily5
Trans
Summary
Suffice to add... a very natural day of nano scale price chop... as most traders were leaving for the Thanksgiving break.
The sp'500 looks set for the 2100s... the only issue is when we'll see the 2150/70 zone.. not if.
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Closing update from Riley
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a little more later...
sp'daily5
Trans
Summary
Suffice to add... a very natural day of nano scale price chop... as most traders were leaving for the Thanksgiving break.
The sp'500 looks set for the 2100s... the only issue is when we'll see the 2150/70 zone.. not if.
--
Closing update from Riley
--
a little more later...
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