[Video] The Dollar probes a technical milestone

The US dollar index rose to a 4-month high overnight but hit its head on a key technical level. (And such levels rarely break on their first attempt…)

Charts (5)

Also in today’s video is the US listed Kraft Heinz (KHC) as its tide appears to be turning, plus we also catch up on the Russell 2000 as it continues its journey to the south.

  • Eli Lilly (LLY) continued lower after breaking out of its recent consolidation pattern. The target around 176 remains in play and the bias remains bearish below 184.
  • Visa (V) is holding beneath the Marabuzo line and has formed two bearish hammers, so we are waiting for prices to (hopefully) turn lower towards the 1983-195 target.
  • WTI rallied over 6% due to a supply disruption, erasing the prior day’s gains and removing it from our watchlist for now.
  • Gold (XAU/USD) bears (1:08 in the video) are struggling to push prices lower, despite key resistance holding. We prefer to step aside until the market tips its hand.

S&P 500 (-0.55%) 24 March 2021

  • The index closed -2.38% below its 52-week high
  • 258 (51.09%) stocks advanced and 243 (48.12%) declined
  • Energy (2.52%) was the strongest sector and Communication Services (-1.66%) was the weakest
  • 8 out of the 11 sectors outperformed the index
  • 87.33% of stocks closed above their 200-day average
  • 71.49% of stocks closed above their 50-day average
  • 48.51% of stocks closed above their 20-day average

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.

Open an Account