This week’s financial spread betting update is now available and can be read by clicking here.
In this week’s update published yesterday we wrote about the indecision that was evident in numerous stocks and commodities by the small real bodied candles or dojis seen on Friday. These patterns represent indecision, especially at resistance levels, which is where the markets were heading on Thursday prior to the pattern.
We also wrote that there were a couple of bear haramis in the forex markets, which although not exactly a reversal pattern, does indicate that buying had dried up or at the very least lost momentum. We also wrote that in spite of recent strength in stocks and weakness in the US dollar that the long-term trends still remained intact and that reversals were possible to resume moves in the direction of the primary trend.
We also warned of the likelihood of intervention from the Bank of Japan to weaken the Yen following its ascent to record highs last week and they intervened on Monday morning early, which was quicker than many expected. This sent the dollar soaring by 5% against the Yen and we also see the dollar sharply higher across the board.
We suggested that the week ahead would be an interesting one and it certainly is, by early Monday morning! Long-term trends remain intact, down for stocks and commodities and up for the dollar.
This week’s financial spread betting update begins with:
The past 3-4 weeks have been a similar story, with stocks continuing to rally, while the dollar has declined. Commodities remain mixed but for the most part are still in long-term downtrends. As summer comes to a close we enter what is seasonally a bullish time of year for stocks but following the strong October rallies it remains to be seen how much is left to the upside…..…continue reading by clicking here