GBP USD has been able to bounce off the 1.5935 low and now is aiming to target the 1.6265 minor resistance line. Intraday bias remains on the upside, as long as the currency pair price action doesn’t settle below the 1.5976 minor support line. On the upside, if the 1.6265 minor resistance line is broken it will continue the bullish sentiment and target the 1.6400 major resistance line.
The current uptrend in the equities space has certainly proved its endurance. What began as a 100 meter dash in early September has turned into an all out cross country marathon. As the bull trend enters its tenth week, the underlying bid in the marketplace continues as a force to be reckoned with. Minor dips draw bulls out of the woodwork as they unabashedly snatch up shares.
The U.S. Dollar mounted a strong turnaround on Tuesday following a weaker overnight trade. A surprise drop in consumer confidence in the U.S. and an unexpected fall in German business confidence reversed the Dollar higher against most major currencies. Both reports indicate that there are increasing concerns regarding the strength of the global economic recovery.
Nifty outperforms global indices scales 52 week high
What A Difference One Week Makes; Leading Stocks Signal That There May Be More Work To Do
There is no doubt that I am suffering my WORST Multiple Sclerosis attack to date. Since Saturday I have basically been bed ridden and RIGHT OFF THE BAT I want to apologies if any of this is a little hard to follow because I feel like trash. I am not sure if this will effect what I am about to write but do me a favor and do NOT bust my balls if I misplace a word or misspell a word.
Distribution Day Hits The Indexes As Stocks Selloff Erasing Some Of The Hard Fought Gains Made The Past Four Days
There is no other way to spin today’s action other than it was downright ugly. However, after going over my personal holdings and seeing how few stocks needed to be sold and how few actually fell on higher volume, it became clear to me that I am going to have to see more selling to confirm that this short uptrend is dead.
Nasdaq Leads The Way Higher On Slightly Higher Volume As Semiconductor Stocks Account For Much Of The Gains; AAPL Disappoints
Stocks Reverse Hard Selling Off All Session Into The Close, Closing Near The LOD; Lower Volume Eases Selling Pressure
The morning got off to a good start as the indexes gapped higher and started off strong right out of the gate, with the Nasdaq leading the way higher with a 1% gain. After that, sadly for the bulls, it was nothing but a slightly choppy ride lower with the market selling off the entire way lower with the 1% gain in the Nassy turning into a .9% loss by the EOD.