[Video] DAX Traders Eye New Highs

The potential head and shoulders top pattern was quickly invalidated last week, and recent price action shows momentum has realigned with its long-term uptrend.

Charts (4)

 


Also in today’s video we check out brent futures, which shows the potential to retest resistance at $70. We also catch up on Tesla which has failed to maintain bullish interest, and now balances precariously on a key support level.


Updates from prior videos

  • EUR/USD reached and traded beyond our 1.2150 target on Friday, closing to a 10-week high and forming a bullish engulfing candle. Next resistance is 1.2143, and we’d welcome any dips towards 1.2100 and seek further bullish setups.
  • Gold reached our 1835 target on Friday, projected from the double bottom pattern at 1676. Next resistance is the upper trendline of the bearish channel, so the reward to risk ratio is not adequate for fresh longs without a retracement towards 1800 first.
  • Copper prices continue to accelerate higher with futures closing at a record high on Friday. At some stage it will surely need to correct but, as of yet, no clear signs of exhaustion have presented themselves.
  • Berkshire Hathaway (BRK.A) hit fresh highs and printed an intraday high above 44k, yet closed the session with an indecision candle above its upper Keltner band to warn of a potential retracement The bias remains bullish above 41k (hammer low).
  • Comcast (CMCA) has risen to the March highs in line with your bullish bias, and we remain bullish above the recent consolidation around 56.18.



S&P 500: Market Internals


S&P 500: 4232.6 (0.74%), 07 May 2021

  • Energy (1.89%) was the strongest sector and Consumer Staples (0.0054%) was the weakest
  • 6 out of the 11 sectors outperformed the S&P 500
  • 399 (79.01%) stocks advanced and 103 (20.40%) declined
  • 92.08% of stocks closed above their 200-day average
  • 74.65% of stocks closed above their 20-day average

Outperformers

  • + 8.07%   -  Centene Corp  (CNC.N) 
  • + 7.95%   -  EOG Resources Inc  (EOG.N) 
  • + 6.76%   -  Mckesson Corp  (MCK.N) 

Underperformers:

  • -3.97%   -  Monster Beverage Corp  (MNST.OQ) 
  • -1.54%   -  Mettler-Toledo International Inc  (MTD.N) 
  • -1.48%   -  Jack Henry & Associates Inc  (JKHY.OQ) 

More from Forex

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.