SGT Chart Book

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Headlines:

  • Geopolitical turmoil, with growing tensions dominating the markets.
  • US 10-Year rates reach 5%, 30-year mortgage rates in US, the highest level in 23 years, over 8%
  • Fed chairman Powel comments “No signs that Feds policy would push US into recession.”

USA30 (Dow Jones)

Watching trendline support off Covid lows.

USA500 (SP500)

Break of daily trendline support opens up retest of previous October lows around 4200. Indicators moving into over-sold territory. Testing 200-day Moving Average, watched by many market technicians.

USA100 (Nasdaq)

Short-term wedge pattern traces out good support/resistance zones.

TSLA (Tesla)

Break to downside after being one of the best-loved stocks earlier in the year.

US 10-Year Rates

16 year high in yields around 5%, before falling back. Of note is an outside range day i.e., higher highs and lower lows than previous days. Some point to this as a potential signal for a trend change. The 1-hour chart below shows a couple of areas of support.

Gold

After breaking the down trendline, we have seen aggressive buying to reach up to $2,000/ounce. After suggesting $1,800 as key level, this shows the power of chart analysis - of course nobody predicts external events, but charts provide good positioning tools.

USOIL

Up 12% since events in Gaza/Israel. Headlines will clearly dominate, but up channel can provide some areas of interest to trade around.

EURUSD

Trend line support needs to break down to reassure the $USD bulls.

GBPUSD

Downline trendline should contain any rallies and a good place to add to shorts, giving potential for good risk/reward trades.

BTCUSD

The bulls had a successful week pushing prices above the $30,000 level. As the chart below illustrates, volatility has picked up too.

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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