On Friday it looked as if SP500 was about to break the 200DMA but most probably the short covering pushed the price a bit up at the end of the session. We are still at key resistance levels. If we break the 200DMA we still have the February low as strong support. The double top at a lower high makes the technical picture weak. It is also important to point out that we could not even retest the previous resistance around 2770.
DAX technically looks better than the US peers. The Wednesday bullish pin bar is still in play as on Friday it did much better. Though we still have lower high and lows.
Bonds
On Friday the bond market was quiet relative to equities that might suggest that stocks a bit overreacted the latest news on trade war.
Commodities
Commodities were almost unchanged last week.
Oil price action on Friday points to the more downside.
Agriculturals did relatively well despite the potential trade war impact on US demand.
Gold
Gold is still in the middle of the range it had entered at the end of the last year. It has formed a weak support last week.
FX
DX is at the strong resistance area.
No comments:
Post a Comment