Author: FX
Daily changes:S&P 500 +0.2%Nasdaq Comp -0.6%DJIA +0.5%Russell 2000 +0.2%Toronto TSX +0.1%Weekly changes:S&P 500 -1.1%Nasdaq Comp -2.4%Russell 2000 -3.4%Toronto TSX -0.7The Nasdaq consistently underperformed this week but that was after weeks of outperformance. in fact, this was the first weekly loss of the year for the Nasdaq. Even with that, it was an inside week, which doesn’t raise any technical red flags. The week ahead will be all about the CPI report and retail sales.Nasdaq weekly Source link
Fed not likely to cut this year but may be able to in 2024 if inflation starts ebbing25 bps hikes allow the Fed to manage riskFed needs to hike to at least 5% and stay there for some timeIt will take a couple years to get inflation back to 2%Expects US jobless rate to peak at 4.5% before ebbingExpected rise in unemployment would not be recessionaryThis is dovish stuff from Harker but a few more strong data points could change his tune. For now, this is the clearest dismissal of the jobs report to date. Source link
The market was caught off guard in Tokyo trade on a report that Amamiya had turned down the role as BOJ Governor and that 71-year-old Kazuo Ueda was going to get the job.Ueda wasn’t even on the long list of names people were speculating about, he wasn’t even a dark horse.The immediate reaction was a hawkish one with USD/JPY tumbling. Since then, the market appears to have concluded that it doesn’t really know much about Ueda. That sentiment was hardened when he said today that BOJ policy is appropriate and that easy policy needs to continue.Justin earlier wrote a great…
Crude oil moves close to 100 day MAThe high price reached $80.33. That was the highest level since January 30. The low price was at $77.47. For the week, crude oil is up $6.94 or 8.49%. Ever since the biggest one we gained going back to early October.Looking at the daily chart, the price is getting closer to its 100 day moving average at $81.08. The price has not closed above its 100 day moving average since early November. A move above the 100 day MA would next target a swing area between $82.48 and $83.34. Today Russia cut oil…
Share: USD/CHF jumped from weekly lows after forming a hammer at around the 0.9200 area. Near-term, the USD/CHF is upward biased and might test the 0.9300 figure. The USD/CHF forged a base and climbed back to the 0.9200 area on Friday, following Thursday’s price action, which formed a hammer, that exacerbated the USD/CHF recovery, to current exchange rates. At the time of writing, the USD/CHF is trading at 0.9246, above its opening price by 0.35%. Long-term, the USD/CHF remains neutral-to-downward biased, but it could print a leg-up and test the 50-day Exponential Moving Average (EMA) at 0.9294. The…
Share: Kohl’s stock trades on NYSE under ticker KSS and has been public since 1992, showing growth and fluctuations. Kohl’s Corporation operates over 1,100 US department stores and is based in Wisconsin. The company was founded in 1962 and faces growing competition from online retailers. It’s adapting to the changing retail landscape by expanding online presence and partnering with Amazon for returns. Despite these efforts, Kohl’s stock has underperformed compared to the overall market in recent years specifically since it’s peak in 2018. As we can see in the weekly chart of KSS, the stock suffered a significant…
Share: In this technical blog, we will look at the past performance of 1-hour Elliott Wave Charts of NVDA. We presented to members at the elliottwave-forecast . In which, the rally from the 28 December 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below: NVDA 1-Hour Elliott Wave Chart From 2/05/2023 Here’s the 1hr Elliott wave chart from the…
Choppy price action across the FX majors as traders see-sawed between fresh commentary and developments from major central bank officials, most of which pointed to broadly higher interest rates ahead. There were clear winners and losers, though, as GBP took the top spot among the major currencies while the EUR came in last after seeing red for most of the week. Notable News & Economic Updates: Turkey was hit by 7.8 magnitude earthquake and several aftershocks on Monday Big gain in oil prices this week, likely on optimism about China’s reopening lifting oil demand forecasts from IEA and Saudi Arabia,…
Share: GBP/USD snaps three straight days of gains and drops as it tested the 50-day Exponential Moving Average (EMA) at 1.2126, as UK economic data showed the economy did not grow, while consumer sentiment in the US improved. At the time of writing, the GBP/USD exchanges hands at 1.2055. Read More… GBP/USD seems to have now moved into a consolidative phase, likely between 1.2015 and 1.2260, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Read More… The GBP/USD pair extends the previous day’s retracement slide from the vicinity of the 1.2200 mark, or the…
lyash01/iStock via Getty Images U.S. Steel (NYSE:X) -0.9% in Friday’s trading as GLJ Research sees “problems on the horizon,” double downgrading shares to Sell from Buy with a $13.85 price target. Last week, the steel bellwether reported a clear Q4 earnings beat, but analyst Gordon Johnson said he is troubled by internals that included negative EBIT in the company’s Mini Mill and USSE segments, as well as a $72M EBIT loss at Big River. Johnson noted U.S. Steel’s (X) reported quarterly Flat Rolled segment ASP has an R² correlation of 93.3% to the trailing three-month U.S. Midwest Domestic Hot-Rolled Coil…