[Video] Dollar Bulls Are Stirring, WTI Builds Support at $70
Matt Simpson September 17, 2021 4:08 AM
The dollar was broadly higher following strong retail sales yesterday. Price action suggests there could be further upside to follow.
In today’s video we take a short-term look at WTI futures, as we suspect it may now try and push closer to $74. The US dollar index (DXY) has regained our interest after respecting support outlined earlier this week before printing a bullish engulfing candle. And USD/CHF has also printed a range expansion candle and arguably looks more bullish than the dollar index does.
Whilst a stronger dollar usually weighs on commodity prices (such as oil) the relationship is not constant. So, this could still allow oil to rise over the near-term whilst a potentially bullish structure on the dollar evolves on the daily chart.
S&P 500: Market Internals
S&P 500: 4473.75 (-0.16%), 16 September 2021
- Consumer Discretionary (0.444%) was the strongest sector and Materials (-1.09%) was the weakest
- 3 out of the 11 S&P 500 sectors closed higher
- 3 out of the 11 sectors outperformed the S&P 500
- 8 out of the 11 sectors traded lower on the S&P 500
- 192 (38.02%) stocks advanced and 311 (61.58%) declined
- 72.08% of stocks closed above their 200-day average
- 97.03% of stocks closed above their 50-day average
- 39.8% of stocks closed above their 20-day average
- + 3.1% - ETSY Inc (ETSY.OQ)
- + 2.63% - American Airlines Group Inc (AAL.OQ)
- + 2.53% - Align Technology Inc (ALGN.OQ)
- -6.64% - Freeport-McMoRan Inc (FCX.N)
- -3.95% - Newmont Corporation (NEM.N)
- -3.35% - L3harris Technologies Inc (LHX.N)
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