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U.S. stock index futures traded sideways to lower on Wednesday after confirming Tuesday’s closing price reversal tops. The topping pattern that may be developing usually leads to a minimum 2 to 3 day break equal to 50% of the last rally.

After early session pressure, the December Treasury Bonds posted a daily closing price reversal bottom which may be an indication that it has run out of sellers.

Thursday’s action suggests that traders may have begun the process of squaring up short positions ahead of next week’s Federal Open Market Committee meeting.

Weekly December Gold closed higher for the week. Even though the market closed up on Friday, the closing price reversal top on Thursday is still in place, indicating a possible short-term top. While a change in trend is not indicated at this time, the closing price reversal top could be indicating the start of a substantial correction.

Profit-taking and position squaring ahead of Friday’s U.S. Non-Farm Payrolls Report helped form a daily closing price reversal bottom in the USD CHF on Thursday.

This could be something minor or it could be the start of an overdue correction. It all depends on how traders read Friday’s U.S. employment report.

Overnight the Euro confirmed Monday’s closing price reversal top after it came under selling pressure following a report in The Wall Street Journal that said the U.S. Federal Reserve’s new quantitative-easing program will be smaller than some investors had expected.

U.S. stock futures markets posted daily closing price reversal tops on Thursday, sending a signal that a correction may be looming. It is going to take a break through Thursday’s lows however to confirm the formation which would then trigger the possibility of a 2 to 3 day break or 50% correction of the last rally.

S&P Posts Daily Reversal Top

Posted by Futureshound on December 2nd, 2009

Wednesday’s weaker than expected ADP Report for November helped contribute to today’s drop in demand for higher risk assets. This led to a stronger Dollar as traders sought safety in the U.S. currency while reducing exposure in riskier stocks and commodities.

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U.S. Dollar Reverses Early Weakness

Posted by Forexhound on August 7th, 2009

The U.S. Dollar posted a strong reversal to the upside today following the release of a better than expected U.S. Non-Farm Payrolls Number. The report which showed a loss of jobs less than economists had estimated sent a signal to traders that the U.S. may be the first major economy to recover from the recession.

A late session rally in U.S. equity markets led to mixed closes in the Forex market. Despite several efforts to break the stock market during the trading session, demand for higher risk assets prevailed by the end of the day sending most major Forex markets to a higher close.

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