E-mini S&P 500 Finishes Lower in Light Trade; Watch for Weekly Reversal Top
The U.S. Dollar Index finished the week lower after failing to confirm last week’s potentially bullish closing price reversal bottom.
Clearly, both the daily and weekly chart patterns indicate this market can accelerate to the upside if the daily swing top at 78.61 is taken out to the upside. This move is likely to trigger a short-term rally to a 50% retracement level at 79.58.
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.
S&P finishes Near Low; Could Test 1050.50 Early Next Week
The September E-mini S&P 500 finished the week near its low, but slightly above a key 50% price level at 1065.25. The weekly chart indicates the market still has more room to the downside with 1050.50 the next likely target. A test of this level could attract strong buying power.
S&P 500 Finishes Lower; Chart Indicates Test of 1065.25 Likely
The September E-mini S&P finished lower on Thursday. Although the low of the session was reached near the opening, buyers failed to produce enough interest to drive this market higher into the close. With the fundamental news still supporting a down slide, today’s early rally was most likely triggered by oversold short-term conditions.
Volatile Stock Session Finishes with Short-Covering ahead of Jobs Report
U.S. stock markets plunged sharply lower in a volatile trading session on Thursday as investors bailed out of equities on concerns about the economy. If this had been a normal trading day, the markets would have been under pressure into the close but short-covering ahead of Friday’s jobs report helped to limit losses.
U.S. Dollar Finishes Down against Most Majors; Risk Sentiment Shifting
British Pound finishes Higher; Election Compromise in the Works
The GBP USD opened higher driven by spillover buying from the Euro, but by mid-session was trading well off its high. The initial rally was triggered by the possibility that the two major political parties - Labour and Conservative - were working together to map a plan for a balanced budget despite the possibility of a hung parliament.
U.S. Dollar finishes Mixed; Chinese Revaluation Likely to Pressure Aussie Dollar
U.S. economic reports this morning helped weaken the Dollar after Weekly Initial Job Claims and Industrial Production were less than stellar. The job claims report showed more Americans filed for unemployment aid while factory production came in below expectations. Both reports signaled interest rates would remain low.