Image Source: UnsplashGold recently became extremely overbought in momentum terms against ALL major fiat currencies. For example, the following daily charts show that based on the daily RSI(14), a momentum indicator included at the bottom of each chart, gold recently became as stretched to the upside as it was at any time over the past 15 years, including at the 2011 major peak, relative to the euro, the Yen, the Swiss franc, the Australian dollar, and the Canadian dollar. Looking at it from a different angle, in momentum terms the euro, the Yen, the Swiss franc, the Australian dollar, and the Canadian dollar recently became as stretched to...
Image Source: PexelsElliott Wave Analysis TradingLounge Daily Chart Theta Token/ U.S. dollar(THETAUSD) THETAUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave ((5)) Direction Next higher Degrees: wave I of Impulse Wave Cancel invalid Level: Details: Wave ((4) may is complete and the Price entry to uptrend againTheta Token/ U.S. dollar(THETAUSD)Trading Strategy: The correction in wave ((4)) appears to be over and the price is increasing again in wave ((5)), so the overall picture is looking for an opportunity to open a long position. with a target price at the level 5.185 ...
Image Source: PixabayIn this video, Ira Epstein reviews the day’s trading in the gold and other relevant metal markets.Video Length: 00:07:59More By This Author:Financial Markets Report For Tuesday, April 23 SPDR ETF Report For Monday, April 22 Metals Report For Monday, April 22...
Image Source: UnsplashI would like to propose the counter-trend bounce is largely done. The Dow Industrials added 1,000 points from last week’s low, and the Nasdaq futures have been hammered out a series of violent “lower highs” for weeks now.Wednesday could be very telling, but if we have a down or flat day, the H&S on the /RTY will be firmly intact.For a different perspective, here’s the daily bar chart on the same ticker, IWM:More By This Author:Tesla Price SequelSweet Nektar?Not So Super...
Image Source: UnsplashTwo sessions into the trading week, things are looking up. Since bottoming out Friday afternoon, down as much as -4% in just a couple of days, we’re now in the green for three of four major indices as of Tuesday’s close. The Dow picked up +263 points, +0.69%, while the S&P 500 almost doubled that performance, +1.20%. The Nasdaq, the only of these indices still in the red over the past week, gained +245 points today, +1.59%. And the small-cap Russell 2000 outperformed the field for the session, +1.79%.Tesla (TSLA – Free Report), so far having a crummy 2024, is up +7% following the release of its Q1 resul...
Image Source: UnsplashThe Financial Times has an interesting interview with Esther Duflo, who was awarded the Nobel Prize in Economics in 2019. She argues that developed nations have a moral duty to compensate poor countries for the damage done by carbon emissions: If you combine these three numbers, you get basically the money value of the cost of carbon in the air. [University of Chicago economist] Michael Greenstone and his team estimated it to be $37 a tonne. So, take $37 a tonne, multiply by 14bn tonnes a year of carbon emissions — that’s the total footprint, including consumption, of Europe and the US. And you get about a little ...
While I am extremely focused on commodities as outlined in Monday’s Daily, my viewpoint for most equities remains cautious to neutral.What might turn us to be more bullish?I love these weekly charts.Let’s analyze.Going from the top row left to right we start with Granny Retail.3 weeks ago, XRT failed the weekly channel giving us a fair warning.Then last week, XRT closed right on the 200-week moving average.This week, XRT has popped off that support. Bulls want to see a weekly close above 72.87, last week’s high.Then we will be back to watching the 75 area or where it originally broke down from.A weekly close under 71.40 would be a reaso...
Image Source: PexelsWoah, what a reversal today!Today’s big run higher tells me to look for 2 specific trades tomorrow morning…Trade #1 is the most common, but let’s hope we get #2 because it’s a lot easier!Buyers took control of momentum on the 60-minute for the first time in over a month…Now buyers will be looking for entries, and this 2-leg pullback is one of my favorites! E-Mini S&P (ES): Emini is bullish with a BIG MOVE higher, telling us to expect a 2-leg pullback and a retest of the high tomorrow morning. E-Mini Nasdaq (NQ): Nasdaq made a big run higher today, which often turns sideways into a range the following day. ...
Image Source: PexelsBlue Owl Capital Inc (OWL) is an alternative asset management firm. The Company deploys private capital across Credit, GP Strategic Capital, and Real Estate platforms on behalf of institutional and private wealth clients.The Company conducts its operations through Blue Owl Capital Holdings LP (“Blue Owl Holdings”) and Blue Owl Capital Carry LP (“Blue Owl Carry”).Its investor base includes a diversified mix of institutional investors, including public and private pension funds, endowments, foundations, family offices, private banks, high-net-worth individuals, asset managers, and insurance companies...
Image Source: PixabayIn this video, Ira Epstein reviews the activity in the Financial Markets after the day that just ended, Tuesday, April 23.Video Length: 00:12:45More By This Author:SPDR ETF Report For Monday, April 22Metals Report For Monday, April 22Financial Markets Report For Monday, April 22...