But as forex markets will remain open as per usual, we cover two currency markets in today’s video, with tomorrow’s Nonfarm payroll report in mind; USD/CAD and NZD/USD. We also take a look at gold which bounced off of key support, so perhaps there is life in the precious yellow metal yet.
Updates to previous videos:
- Fortune Brands (FBHS) produced a small bearish pinbar yesterday, so perhaps there is an opportunity for prices to consolidate around current levels or retrace towards the 92.60/40 support zone. The target around 105 remains (projected from the sideways channel) but a break below the support area mentioned invalidates that pattern. However, the daily trend remains bullish above the 87.21 low.
- Well, soybeans are still cooking in the bullish fire after prices broke aggressively higher overnight, invalidating the bearish bias. A break to new highs would confirm resumption of its dominant bullish trend.
- A small inside candle formed on the Europe STOX 50 just below its record highs. Whilst this shows caution ahead of the long weekend and presents the potential for a retracement, it does not yet spoil its strong bullish trend. Key support levels include the gap around 3840 and the previous record high of 3874.90. For longer-term traders, the trend remains bullish above the 3742.50 low.
S&P 500 (0.36%) 31 March 2021
- The index closed -0.28% below its 52-week high
- 215 (42.57%) stocks advanced and 289 (57.23%) declined
- Information Technology (1.49%) was the strongest sector and Energy (-0.92%) was the weakest
- 4 out of the 11 sectors outperformed the index
- 92.87% of stocks closed above their 200-day average
- 88.32% of stocks closed above their 50-day average
- 70.3% of stocks closed above their 20-day average