Investing.com | Dec 02, 2020 08:17AM ET
Futures on the Dow, S&P, NASDAQ and Russell 2000 are all lower ahead of Wednesday's US open as traders weigh a in place for now .
Nevertheless, the weakened dollar completed a rising flag versus the renminbi, bearish after the near-1,000-point drop within the five sessions preceding the pause. The pattern signals a continued downtrend, as shown by the 50 DMA.
American equities notched another record on Tuesday as Congress returned from vacation, building on the bullish mood set by COVID-19 vaccine progress. There was even talk of a federal spending plan as the President-elect called on US policy makers to approve aid.
Yields, including on the 10-year Treasury note, struggled to hold on to Tuesday’s gains, as investors stopped buying Treasuries. Still they didn't sell either, amid the decline in stock futures and European stocks ahead of the US open.
The dollar recouped what would have been a second day of losses, but it was unable to make new ground, keeping the greenback at its lowest level since April 2018.
The hope for stimulus created the prospect of a devalued currency; the failure of talks had traders rushing to buy what was now considered a too cheap dollar.
Gold finally reclaimed its haven status, crossing back over the 200 DMA, and re-entering the declining range since its Aug. 7 all-time high.
The RSI is bouncing off its lows, aiming at its downtrend line and the MACD’s short MA is curving upward toward the long MA. Will gold surprise us again? Technically, it could certainly retest the pattern top above $1,900.
Bitcoin has been fluctuating wildly after falling away from its new record close of $19,892, though it failed to notch an all-time high at the $20,000 milepost.
The cryptocurrency is struggling between the long-term uptrend and a short-term downtrend, giving aggressive traders a short opportunity, along the framework of a falling channel.
Oil rebounded from a third-day decline amid tensions between OPEC+ members on the cartel’s continued production amid an uneven economic recovery between faster growing Asia and the lagging US and Europe.
The rebound was a struggle to remain within a falling flag, bullish—with an upside breakout—after the preceding near-10% surge in just three sessions.
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