September 20, 2021 12:00 p.m.
Rising government bond yields caused Wall Street to close significantly lower on Friday. The Nasdaq 100 led the declines, down -1.18%, the S&P 500 down -0.91% and the Dow Jones Industrial down -0.48%. Corporate tax hikes and rising delta cases continued to weigh on sentiment despite strong economic data released last week. The S&P 500 closed just above its 200-day eMA and fell for the second straight week. It’s been a busy week for the markets with the highly anticipated FOMC meeting on Wednesday, the BOJ also meeting earlier on Wednesday, the BOE on Thursday and we can look forward to a variety of flash PMI data as well be happy.
The ASX 200 printed a bearish engulfing candle on Friday, closing under its 50-day eMA. It seems likely that a swing high was seen at 7440.1 on Thursday, so we now want prices to move lower in line with the bearish break in trend support on September 9th.
The US dollar continued to gain on the Friday ahead of this week’s FOMC meeting, which has some expectations of the Fed to announce a tightening. The US Dollar Index (DXY) rose 0.28% and found support at 92.75 after printing a bullish Engulf candle on Thursday.
USD / CHF closed above 0 for the first time since April , 93. With a bullish range widening underway after several weeks of choppy price action, we suspect it may now be heading towards 0.94.
GBP / USD broke trend support on the daily chart and is now sampling the 1.3727 low, bringing the 1.3600 grip into the focus of bears.
GBP / JPY is at 4th down in consecutive days after printing an engulfing bearish candle that didn’t close above trend resistance to confirm a breakout. Support was found at 150.83 despite Friday’s bearish candle suggesting a lower high is in place, so we are now waiting for a break in support to confirm a resumption of their downtrend.
Silver continued to fall on Friday, with spot prices reaching their lowest level since November. However, Friday’s volatility was significantly lower, so there’s a chance the November low will be held as support, at least initially.
Oil prices continued to decline on Friday, albeit not at an alarming rate. The trend structure in WTI futures remains on the daily chart above USD 67 bullish, although we would expect it to hold USD 70 as support for this uptrend is to be believed.
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