SGT Chart Book

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Last week’s headlines:

US Stock:

The Dow ended the week lower by 2.2%, its worst since March. Meanwhile, the S&P 500 fell 2.1% and the Nasdaq fell about 2.6% - both registered a third straight week of losses, a streak that hasn’t happened since February and December 2022.

US Rates:

The 10-year U.S. Treasury yield on Thursday rose to its highest level since October 2022. The upward movement came a day following the release of the Federal Reserve’s July meeting minutes. US have seen $36 billion flow into money-market funds this week, as yields have soared past 5%.

Chinese Housing:

The fear of a full-scale housing crisis has increased with Evergrande filing for bankruptcy protection in the US. Economists have cut China’s 2023 GDP growth forecast to 4.6% from 5.1%.

Bitcoin:

For the week, bitcoin ended down 11.28% for its seventh weekly loss in the past eight and its worst week since November.

US30 (Dow)

The summer sell off continues, with the Dow breaking lower and looking to test the upsloping trendline currently set at 34,050.

AAPL (Apple)

Apple sells off after breaking below a well-established uptrend line.

US 10YEAR RATES

Testing channel top and previous highs around 4.33%.

EURUSD

We have seen $ strength, coming off back of the upward move in US Interest rates. A well-defined channel is shown on the chart below.

EURJPY Monthly Chart

Probably more a function of Japanese yen weakness than Eur strength we have see the cross trade at levels not seen since 2007/08.

US OIL

September WTI is slightly softer. After suggesting last week that range top holds anyone short on the week would have seen some profits. Short term top was further confirmed with break of up sloping trendline.

XAUUSD

We had previously suggested Gold had traced out a 5 wave up move as illustrated on the chart. We now are I the corrective phase. A potential target could be Wave A = Wave C.

XAGUSD

Silver pulling back to trendline support.

BTCUSD

Breakdown in prices to test major support zone. Think BTC market just happy its got some movement.

Until next week, happy trading…
SGT Trade Desk

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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