[Video] Dollar Bulls Are Stirring, WTI Builds Support at $70

The dollar was broadly higher following strong retail sales yesterday. Price action suggests there could be further upside to follow.

Charts (5)

 


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


Outperformers:

  • + 3.1%   -  ETSY Inc  (ETSY.OQ) 
  • + 2.63%   -  American Airlines Group Inc  (AAL.OQ) 
  • + 2.53%   -  Align Technology Inc  (ALGN.OQ) 

Underperformers:

  • -6.64%   -  Freeport-McMoRan Inc  (FCX.N) 
  • -3.95%   -  Newmont Corporation  (NEM.N) 
  • -3.35%   -  L3harris Technologies Inc  (LHX.N) 


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