SGT Chart Book

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New all-time highs (ATH’s) for major US equity indices. With SP500 breaking above previous highs set in 2022. The week’s data for US was very mixed, with yields on 10-year note rising to highest levels since December. Summary is that investor feel inflation has peaked, but chances of rate cuts in 2024 have fallen.

 

UK inflation data released last week were above expectations, headline 4% in December, with core inflation forecast to fall came in unchanged at 5.1%

 

BTCUSD trades at lowest levels since the ETF hoopla last week.

SP500 (USA500)

Joins Dow and Nasdaq, finally breaking above Jan 2022 record highs. The positioning amongst Asset managers in the Most bullish since 2021.

NASDAQ (USA100)

Tech leads the way AGAIN! The magnificent 7 stocks as an group, traded at all-time highs.

DOW JONES (USA30)

New highs, bearish divergence still seen.

US10 YEAR RATES

Sharp rise, with rates above 200-day MA. Higher rates and higher stocks, need to watch this one.

DXY DOLLAR INDEX

Dollar getting some help from US yields, with rally getting close to the 200-day MA @ 103.70 and 50% retracement of the previous down leg at 103.85.

EURUSD

Last week we saw a break down below the trendline support.

GBPUSD

Keeping an eye on the trendline resistance on weekly time frame chart.

USDJPY

Dollar rallies back towards the base of the previous up channel.

WTI USOIL

Weekly consolidation.

GOLD XAUUSD

Trading down to $2004 before end of week rally.

SILVER XAGUSD

Still trading with then confines of the trendline support and resistance zones. Getting close to apex of triangle formation.

BTCUSD

Monster bearish divergence seen on daily chart, a break below the $40,000 level could be initial catalyst for bears to step in and take short term control.

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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