Sunday, September 30, 2018

Week Ahead 40

Equities
SP500 retreated from record high and settled in the middle of a narrow range around the previous high.

Nasdaq still could not make new high but outperformed the SP500 this week. The higher 4h lows suggest a potential breakout.

European stocks were sold off Friday on the Italian budget proposal. It makes the technical picture weaker that the EU50 index did not retest the late August high. 

Bonds
US yields made new highs. German 2y spread at a new low that should put more pressure on Euro.

Commodities
Oil is up, Brent broke out. 

Gold and Silver
It seemed Friday morning that gold is about to break down the 1183 support but it bounced back sharply in the afternoon.

Silver at the same time broke 14.50 resistance. It looks it could push up further next week.

FX
DX broke out from the consolidation range on Thursday as yield differentials started to prevail. 

Euro bounced back from the 0.1575 level late Friday, but it easily could test the 0.1525 stronger support next week.

Cable broke and retested the 1.3050 support. The next strong support is at 1.2800.

USD/JPY is approaching the January level but the 115 is the very strong resistance.

CAD could strengthen further on positive trade news as it did on Friday, but be aware of buying the rumors selling the news.

NOK continued the nice trend, the next major support for EUR/NOK is at 9.40.

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