SGT Chart Book 17.06.24

sgt_chartbook

Last Week's Highlights:

The Nasdaq Composite rose 0.1% to a fresh high, bringing its weekly gain to 3.2%. The S& P 500 produced a weekly gain of 1.6%. The Dow Jones Industrial Average also declined, shedding 0.5% for the week.

 

Recent economic data has continued to suggest the economy is cooling, without any signs of serious deterioration. Inflation slowed in May, even while the U.S. economy added a surprisingly strong 272,000 jobs for the month. The Federal held interest rates steady at its policy meeting as expected this week with most officials expecting a rate cut before the year ends.

 

10-year Treasury note settled at 4.21% Friday, falling for the 10th time in 12 trading sessions, sharply lower from a week earlier at 4.43%

 

European stocks were sold, and investors snapped up safer government bonds, after political turmoil in France raised concerns about the European Union’s cohesion. The CAC 40 was 6.2% lower for the week, its worst since 2022.

 

U.S. crude oil futures settled Friday at $78.45 per barrel, up 3.9% for the week.

USA30

Lower on the week by 0.5%, as it lacks Tech/AI drivers.

USA100

New all-time this week, with strong performance from familiar names in tech sector. The AI euphoria continues with Apple, Nvidia and Microsoft are now all over $3 trillion in market cap.

USA500

New all-time highs were reached 4 times this week. MAG7 shares are now 32% of the index. Apples AI announcement and previous share buyback plans helped push up the stock by 12% in 2 days.

US 10 YEAR RATE

Lower on the week, with trendline support seen below.

DXY

The 2 horizontal blue dotted lines show the extent of a generally sideways market in the dollar index.

EURUSD

Clear break down below lower boundary of channel.

GBPUSD

After a small break above the longer term daily down trendline, GBP turned and broke below the trendline support.

GBPCHF

Longer term down trendline holds.

USDJPY

Getting close to BOJ Territory.

EURJPY

Trendline providing support for bulls.

EURGBP

After gapping lower on Sunday following the French news that has raised concerns about the European Unions cohesion the cross has traded at multi-year lows.

USDCHF

Sideways price action after the break lower.

USDCAD

Working our way into the apex of the triangle. Upper and lower trendlines provide some key areas to watch.

AUDUSD

Currently holding trendline resistance.

XAUUSD

Gold consolidates after recent sell off. $2280 previous low should hold if we are to see a move higher from here.

XAGUSD

Pullback continues.

XAUXAG

Retest of resistance: previous lows and broken trendline. This shows the ratio of Gold to silver prices.

USOIL

Break above neckline negates the perfect HS pattern.

BTCUSD

Trendline support breaks.

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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