SGT Chart Book 29.04.24

sgt_chartbook

Last week saw a reversal in US Equites as the markets absorbed the geopolitical news; confinement and US earnings seems to be the theme with big tech back in focus.

 

Nasdaq rallied 4.2%, the S&P500 up 2.7% but the Dow Jones 30 up a paltry 0.7% on the week.

The US economy grew 1.6% in the first quarter of 2024, below economists’ expectations of 2.5%, which is the slowest in 2 years.

The MAG7 stocks took the limelight putting in a good shift jumping up over 5% on the week. Commentators express concern AGAIN, over stock market concentration. These 7-stocks accounting for over 30% of the S&P 500 index at an all time high. Does anyone care?

Nvidia is up over 17% from the lows a week earlier, that's over $300 billion in market cap appreciation. Meta earnings disappointed with the stock falling by over 15%. Big tech is seeing crazy volatility.

The UK Stock market hits record highs reaching above 8000.

The Dollar had a decent week especially against the Japanese Yen reaching.

US Interest rates, highest in 6-month, 10-year note settling at 4.67%, after touching 4.73% during the week.

Gold struggled, US Oil rallies.

USA30

A laggard v. the other major US stock indices.

USA100

After sliding down to test the previous high, shown by the blue dotted line, the USA100 has seen a vicious shot covering rally.

NVIDIA

The chart shows the market gyrations, as we suggested last week. If you liked it at $950, got to love it at $750.

US10 YEAR

Resistance area from previous broken trendline support. 2-year rates still flirting with 5%.

DXY

Looks set to break the upside of channel for a test of the recent highs around 107.30.

EURUSD

Tracing out the down channel.

USDJPY

Above 158.6, big figure rallies since break out above the supposed BOJ area of concern of 152. Big bank analysts look for higher 2024 levels, some suggest as high as 170.

EURGBP

Retraces after breakout on the daily chart.

USDCHF

Up channel dominates daily price chart.

XAUUSD

Worst week since the start of 2024. Maybe the higher $, lower gold relationship is back?

XAGUSD

Silver takes a rest.

USOIL

Oil rallies over the week.

BTCUSD

Shaded area showing initial support and resistance areas for traders to pay attention to.

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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