[Video] Are European bourses ready to pop higher?

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We also take a look at copper prices which closed below $4.00 yesterday, and then reassess USD/JPY after its noteworthy bullish close.


 

  • The US dollar index closed above its 200-day eMA, sending EUR/USD firmly beneath 1.1800 support. 93.20 is the next major resistance level for bulls to target (or 1.1747 for EUR/USD bears).
  • Eli Lilly (LLY) produced a bullish inside candle, although remained beneath 184.00. If it holds as resistance, the bearish target around 176 remain in play, whilst a break above 184 takes it back inside it consolidation range and removes it from the watchlist (at least temporarily). Overall, it has had a good move lower from 192 when we originally covered it.
  • Kraft Heinz (KHC) saw an initial break of its trendline support but then promptly reversed higher. Given the strength of the move against the bias this we’ll step aside. A break above 39.71 (year to date high) removes it from the watchlist completely. Until then the potential for it to carve out a top remains, albeit different to the one outlined in yesterday’s video.

S&P 500 (0.52%) 25 March 2021

  • The index closed -1.87% below its 52-week high
  • 403 (79.80%) stocks advanced and 101 (20.00%) declined
  • Financials (1.575%) was the strongest sector and Communication Services (-0.33%) was the weakest
  • 7 out of the 11 sectors outperformed the index
  • 88.12% of stocks closed above their 200-day average
  • 85.15% of stocks closed above their 50-day average
  • 61.39% of stocks closed above their 20-day average

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