Chart of the Day: Dow Weakness Ahead?
The Dow Industrials showed signs of technical weakness in the form of a bearish “outside reversal” on Wednesday that could be forecasting a profit taking pullback in the index. A violation of 19,748 would be near-term bearish from a charting standpoint.
Chart of the Day: 10 Yr Yield Screams to New Multi-Year High
The 10 Year Note yield screamed to a more than 2 year high yesterday in response to the more hawkish than expected Fed Announcement.
Chart of the Day: Key Dollar Support Ahead of the Fed
The bull market in the dollar index remains very much alive, but if the Fed surprises dovishly today, it is possible that technical and psychological support at 100 is violated which would lead to a pull back into the upper-90s.
Chart of the Day: Copper Breaks Uptrend Support
Copper futures finally violated the post-election uptrend yesterday suggesting that some profit-taking will likely occur in the coming sessions. $2.50 should be looked to for initial support in the US futures contract.
Chart of the Day: Oil Poised to Break Trading Range
WTI crude oil futures surged last week, but have yet to materially break out of their multi-quarter trading range between $40 and $50/barrel. Today, focus will be on the weekly EIA inventory report to see if the data can help propel the energy market back to fresh highs.
Chart of the Day: “The Doctor” Extends Gains
Since the unexpected Republican sweep in the US elections, the combination of strong growth expectations and more recently, upbeat Chinese manufacturing data has spurred an impressive rally in copper futures.
The Rotation Out of Tech Continues
/in Investing, Reports/by Tom EssayeWhat’s in Today’s Report: The Rotation Out of Tech Continues