SGT Chart Book 08.07.24

sgt_chartbook

On The Week:

Dow +0.7%, SP500 +2% and Nasdaq 3.5%.

YTD: Dow +4.5%, SP500 +16.7% and Nasdaq 22.3%.

US Jobs data released Friday: Confirmed slowdown in job growth. June numbers showed Nonfarm payrolls grew by 206,000 while the unemployment rate moved up to 4.1%.

On the week: US Dollar lower, precious metals Higher, Crude oil higher, BTC and ETH Puked, US 10 YR rates lower.

UK: Labour party won general elections.

USA30

Under performed v. tech heavy indices. Holding above the trendline support.

USA100

Tech does it again, posting new all-time highs. Challenging longer term channel top.

USA500

Mag 7 stocks are up+48% YTD, (up 6% on the week), the other 493 stocks are up 7.5% YTD. Upsloping channel.

US10YEAR RATES

Rates are lower on the week after economic data releases. Consolidating between the two converging trend lines.

DXY

Breached trendline support.

USDJPY

Traded close to 162, highest level since the 1980’s. Market looking for clues when BOJ might act.

GBPUSD

Poked its head above the trendline resistance, is it USD weakness or GBP strength after Labour elected.

XAUUSD

Weaker US Dollar helps gold break above trendline resistance, all eyes are now on previous highs.

XAGUSD

Break up from “Flag” down sloping corrective channel.

USOIL

Oil continues to rachet higher.

BTCUSD

Broken a series of Trendline line and moving average support areas to trade below $53k.

ETHUSD

Testing $2,800 key support. Getting oversold on short term charts.

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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