SGT Chart Book 08.04.24

sgt_chartbook

Key points of the week:

  • Fridays US jobs report showed the adding of 303,000 jobs way above expectations.
  • March manufacturing data released on Monday was above 50 indicating expansion, first time in over a year.
  • Gold ends week at another all-time high.
  • Crude rallies with Brent above $90.
  • US 10 Year yield higher on week, highest close since late last year.
  • USDJPY tests 152 areas. Area reported that BOJ are defending.
  • Market again accesses inflation and number of potential rates cuts this year.
  • Next week sees release of CPI (Wed) and PPI (Thurs) data and FED FOMC minutes (Wed) and Consumer sentiment (Fri).

USA30

Breach of trendline support Thursday, followed by retracement late Friday. Dow is down 2.3% for the week.

USA500

SP500 retraces for worst week in 2024. Down 1% on the week, still up over 9% YTD.

US10 YEAR RATES

Highest close since November 2023. Tested 4.40% area.

VIX

Largest weekly move upwards, since summer 2023. Is this telling us something?

EURUSD

Breach of short term trendline support, gave bears little to get excited about, before rally back above ensues.

USDJPY

Market has gone to sleep, with the tightest trading ranges for over a year. 152 area on topside to watch.

XAUUSD

Break out of longer-term consolidation, as identified by the converging trendlines, but lagging Gold. Will we see silver play catch up?

USOIL

Breach of long term down trendline and crossing of the “200/50 day moving averages” adds technical perspective as geopolitical tensions are on the rise.

BTCUSD

Consolidation ahead of April 16th halving. Net ETF inflows were reported this week.

Join us next week for more market insights.

 

Happy trading,
SGT Trading Desk

trading@sgt.markets

Disclaimer: Trading Desk Observations are not trade recommendations. The purpose of these charts is to bring to your attention potential chart patterns you may wish to monitor.

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