TNA (3 X Bull Small Cap ETF) held critical support at 40.00 to 39.80 into the end of the first hour of trading, and has since pivoted to the upside to 42.60/70, and poised to challenge its recent recovery rally peaks at 43.13 (12/28) and 43.27 (1/02), which if hurdled and sustained, will point immediately thereafter to 46.00. The Model Portfolio is long at 42.38... Last is 42.63
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Latest Forex Analysis
Editors’ Picks
EUR/USD marginally higher at around 1.1020
The EUR/USD pair is trading slightly higher but within familiar levels following the German ZEW survey, which showed that sentiment improved in September. Traders cautious ahead of Fed’s announcement this Wednesday.
GBP/USD seesaws around 1.2400, as fear eases
The negative sentiment that ruled financial sentiment ever since the week started began easing, leading to some dollar’s selling. GBP/USD stuck ahead of the UK Supreme Court ruling on PM Johnson’s Parliament suspension.
USD/JPY finds buyers again ahead of 108.00
USD/JPY found buyers once again near 108.05 despite risk-aversion on poor Chinese data, as markets gear up for key central banks' events this week. Uncertainty over the US-Japan trade deal seems to keep the Yen under pressure.
Gasoline and the Gulf
The attack on the Saudi Aramco refinery sent crude prices soaring on Monday and those increases will begin to affect US retail gasoline prices perhaps as soon as the end of this week. But unless fuel prices break higher, they are unlikely to impact the economy in any serious fashion.
Gold: Pivots around $1500 mark, above ascending trend-line/23.6% Fibo. confluence support
Gold once again managed to find some support near a 3-1/2-month-old ascending trend-line and has now moved into the positive territory, with bulls looking to extend the momentum further beyond the key $1500 psychological mark.