SGT Chart Book

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Highlights from last week - just in case you missed them!

  • New all-time highs (ATH) seen in the Dow on Friday, the S&P500 still below highs set 2 years ago. How significant is this divergence?
  • Reports show largest ever long position in Nasdaq: A very crowed trade. Strengths driven by the so called magnificent 7 “tech stocks.”
  • Microsoft Corp. overtook Apple Inc. to become the world’s most valuable publicly traded company for the first time in more than two years.
  • US Headline core CPI rose 0.3% in December, a tick more than expected, but core CPI also rose 0.3%, in line with consensus. Producer price data, released Friday morning, was somewhat more encouraging.
  • Japan’s Nikkei 225 Index rose 6.6% last week, the highest level in almost 34 years.
  • Oil price higher after tensions in the red sea and Yemen strikes by US/UK.
  • Bitcoin ETF’s start trading. 11 bitcoin spot ETFs are approved by SEC. Eyes are now on ETHUSD, which outperformed BTC, up 16% of the week.

USA30

New all-time highs reached on Friday; bearish divergences seen:

USA500

Still below ATHs

US10-YEAR RATES

Initial rally failed at the 200-day MA. Watch the data for more clues.

EURUSD

Continues to trade within the well-defined up channel, of note is that speculators have built the largest short US$ position since 2020. Breach of the channel base could see some unwinding. (selling EURO and buying $).

GBPUSD

Weekly downtrend line still dominates.

XAUUSD

Nothing new to report.

XAGUSD

Still trading within consolidative price pattern.

USOIL

One to watch. A breach of trendline after Red Sea tensions, also as energy relates to inflation.

BTCUSD

Buy the rumor, sell the fact, new yearly highs before selling pressure. On the technical front we see bearish divergences.

ETHUSD

Star performer up 16% on the week, technically dips were controlled down to the red horizontal support line before late week rally. ETH ETFs next??

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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