SGT Chart Book 10.06.24

sgt_chartbook

Last Week's Highlights:

  • ECB

    ECB cuts interest rates on Thursday.

  • All-Time Highs

    New all-time highs for Nasdaq and SP500.

  • ISM Manufacturing

    Release of ISM Manufacturing data below 50, ISM Services prints 53.8 for May.

  • US Jobs

    US Jobs data shows unemployment rate reaches 4%, highest level since early 2022.

  • 272,000 New Jobs

    Employers added 272,000 new jobs in May, reported on Friday, well above the 190,000 that economists had expected.

  • Benchmark for Mortgages

    The yield on the 10-year Treasury notes a benchmark for mortgages and other borrowing costs, jumped to 4.428% Friday, from 4.280% Thursday - its largest one-day gain in two months.

  • Nvidia

    Nvidia is never far from the news these days reaching a $3 Trillion valuation to become second largest corporation globally. Up over 150% in 2024. Accounting for almost 50% of the SP500 Market capitalization gains in 2024.

  • Dollar Index

    Dollar index spikes after Fridays US Employment data.

  • Gold

    Gold traded to one-month lows, with the largest daily decline since 2020.

USA100

Fresh all-time highs.

USA500

We have seen it many times, but just want to mention that daily chart shows bearish divergencies, new price highs not confirmed by indicator.

US 10-YEAR RATES

After early week sell off in rates, largest one-day rally in over 2 months.

DXY

Following US 10-year rates.

GBPUSD

After multiple tests of upper boundary, US data pushes $ higher and we continue to trade within the larger triangle pattern.

XAUUSD

Dollar up, gold down relationship seem to hold on Friday, as we saw the biggest one-day decline in Gold since 2020. Reports of China PBOC stopped building gold reserves didn’t help.

XAGUSD

US OIL

Classic technical reaction, break of neckline of the Head/Shoulders then pullback, next week could be key.

BTCUSD

Test previous highs around $72,000 before selloff to test/trade below trendline.

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.

Connect with SGT Markets

Follow us for the latest news & insights

Related Articles

sgt_markets_trading_guide_crypto_research

How to Research a Cryptocurrency Coin: A Step-by-Step Guide

sgt_chartbook

SGT Chart Book 03.06.24

sgt_markets_trading_guide_ripple

Ripple Labs

sgt_chartbook

SGT Chart Book 27.05.24

sgt_markets_trading_guide_goldencross

Golden Cross Explained: Navigating Bullish Signals in the Stock Market

sgt_chartbook

SGT Chart Book 20.05.24

sgt_markets_trading_guide_generic

Unlocking the Secrets of the Stochastic Oscillator: A Beginners Guide

sgt_chartbook

SGT Chart Book 13.05.24

sgt_markets_observations_tony_100524

Reflecting on Crypto: Are We Heading in the Right Direction?

sgt_markets_heikin

Mastering the Art of Heikin Ashi Candlesticks for Improved Trading Decisions

sgt_chartbook

SGT Chart Book 06.05.24

sgt_markets_observations_tony_030524

When things go wrong or the markets become quiet, we must put in more effort