Weekly Wrap: US Equities Closed Down From Record Highs Again

By reviewing and comparing market % performance we can gain a quick and convenient insight into where money is flowing to (and from) to help us refine our trading watchlist for the days or weeks ahead...


AUD: Weekly and daily timeframes are techncally bearish with increased momentum. No change in out look as the AUD continues to look weak.

CAD: Closed the week in the green

CHF: The daily is still technically within an uptrend although the weekly has produced a shooting star reversal which reaises the possibility of weakness on the near-term.

EUR: Shooting Star Reversal on Weekly which also failed to trade upto the 1.3825 swing high. Potential for near-term weakness is a possibility.

JPY: Bearish momentum has been lost and futures charts had a sideways ranging week at a support level. This raises the potential for a bullish retracement before a resumption of losses.

GBP: The past 2 weekly candles have produced 2 bearish closes with high test spikes. Frida's close also produced a Bearish outside day to suggest potential weakness on the near-term.

NZD: A mixed picture with the Kiwi and the futures charts are still trading within a complex correction.

USD: Our target of 80.50 was hit on Friday before reversing and closing the session with a shooting star reversal.

INDICIES:

US Equities closed down for the 2nd consecutive week from their record highs and closed the week at their lows. Near-term bias remains bearish although weekly and daily timeframes are still technically within an uptrend.

COMMODITIES:

WTI has retraced some of the previous week’s gain which may provide buying opportunities. The break above the 95.60 swing high threatened the bearish trend and this level may provide support as the week progresses.

Gold produced an Inverted Hammer on the weekly chart to suggest sideways trading or a bullish correction. Bearish momentum is declining, however we are still trading within a bearish channel a break below 1205 opens up 1200 and 1180.

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