Steve Miley, MSTA
MarketChartist
European benchmark correction theme within intact bull trend
We stated in our last report that “the close of the bear gap and close at the low Friday, signals a very short-term bullish failure, for a more defensive bias early this week. We see risk back down to 3243 and maybe 3214 on Monday/ Tuesday”.
The push through the higher level leaves risk to the lower level on Tuesday.
However, into the week, we still see upside risk, back through the new 3293 peak to aim above for the 3307 high.
The weekly continuation chart high is then see through here at 3327.
WHAT CHANGES THIS?
Below 3214 eases bull risks; through 3186 signals a neutral tone, only shifting negative below 3122.
4 Hour Euro STOXX 50 December Future Chart
Daily Euro STOXX 50 Future Adjusted Continuation Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
Recommended Content
Editors’ Picks
AUD/USD regains the constructive outlook above the 200-day SMA
AUD/USD advanced strongly for the second session in a row, this time extending the recovery to the upper 0.6500s and shifting its focus to the weekly highs in the 0.6580-0.6585 band, an area coincident with the 100-day SMA.
EUR/USD keeps the bullish performance above 1.0700
The continuation of the sell-off in the Greenback in the wake of the FOMC gathering helped EUR/USD extend its bounce off Wednesday’s lows near 1.0650, advancing past the 1.0700 hurdle ahead of the crucial release of US NFP on Friday.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Bitcoin price rises 5% as BlackRock anticipates a new wave of capital inflows into BTC ETFs from investors
Bitcoin (BTC) price slid to the depths of $56,552 on Wednesday as the cryptocurrency market tried to front run the Federal Open Market Committee (FOMC) meeting. The flash crash saw millions in positions get liquidated.
FOMC in the rear-view mirror – NFP eyed
The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices.