Trading Analysis

September 22, 2020

Market Update: September 22

USDOLLAR finally broke above the upper parallel from the Schiff fork off of the March high. The top side of this line should now provide support near 12010. The next upside level of interest is the March low at 12129. This level intersects corrective channel resistance on Wednesday.
September 21, 2020

Market Update – September 21

The Dow is testing critical support from the June high. This level has been support since 8/20. A break below would complete a head and shoulders top that’s been forming since early June. The measured objective would be 25853.
September 18, 2020

Market Update – September 18

USDOLLAR failed yet again at the upper parallel from the Schiff fork off of the March high. Pay attention to 11940, which is 2 legs down from the 9/10 high and the 61.8% retrace of the rally from the 9/1 low, for support. This is also near the 8/19 low and top side of the line that crosses highs in August (magenta line).
September 17, 2020

Dollar Lifted After Fed Signals No Rate Hikes for Years

The US dollar advanced against major currencies in early trading on Thursday. A positive economic outlook from the Federal Reserve and a shift to tolerating higher inflation boosted Treasury yields, in turn supporting the greenback.
September 17, 2020

Market Update – September 17

AUDUSD continues to bang against the center line of the channel from the 6/15 low. Action since the 9/9 low is overlapping, brutal, and clearly corrective. Below .7250 would now constitute a bearish break of the channel from the 6/15 low and shift focus to the full channel extension, which intersects the key .7064 level in the middle of next week.
September 16, 2020

Market Update – September 16

USDSEK dipped to 8.6844 on on 9/10 before turning up. I’m viewing that low as a ‘higher low’ within the bullish cycle from the 9/1 low. Price closed slightly above channel resistance from the March high today. Strength above 8.8050 would complete a head and shoulders bottom and set an objective at 9.0150.
September 15, 2020

Market Update – September 15

September 14, 2020

Market Update – September 14

The most bearish time of the year for equities is now through October 9th. 9/10 – QQQ pushed slightly above the noted 279 before turning down.  The next level of interest is the long term parallel (magenta line) near 257.  The chart with volume studies below highlights some important observations.  First, VWAP from the high was resistance today.  Second, the importance of 237.50 (February high) is magnified by VWAP from the March low.