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  • RBA's Lowe: In some scenarios, rate-rise conditions met during 2024, in others, not met in 2024 -BBG
  • RBA's Lowe: YCC to be decided by chance of rate-rise in next 3 years, RBA reviewed 'range of possible scenarios' for cash rate -BBG
  • Natural gas spot prices have been on the rise, recapturing a key trendline, following the EIA’s Short-Term Energy Outlook. Where can prices head from here? Find out from @FxWestwater here:https://t.co/yK48nZD1ag https://t.co/U485oUHiSo
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  • 10 out of 11 S&P 500 sectors ended lower, with 80.2% of the index’s constituents closing in the red. Utilities (-1.49%), consumer staples (-1.24%) and materials (-1.17%) were among the worst performers, whereas consumer discretionary (+0.16%) was the only sector closed higher. https://t.co/Je17NHu0cQ
  • The Swiss Franc has seen a bout of strength in recent months against several peer currencies. Here are technical levels to watch in USD/CHF, EUR/CHF, and CHF/JPY.Get your market update from @FxWestwater here:https://t.co/e2kHTtBHW3 https://t.co/ck8GTIJyrW
  • RT @FxWestwater: New Zealand Dollar Forecast: Upbeat GDP Revives $NZDUSD After #FOMC Drop Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/06/16/New-Zealand-Dollar-Forecast-Upbeat-GDP-Revives-NZDUSD-After-FOMC-Drop.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/MyHdd…
S&P 500, CAC 40, Crude Oil – Charts to Watch & More

S&P 500, CAC 40, Crude Oil – Charts to Watch & More

Paul Robinson, Strategist

The S&P 500 found buyers yesterday, rising up after a subtle breach of a channel dating back to the October low. But is the rally for real or only countertrend in nature? The thinking is that there might be at least another run lower left in this down-move, if not more. A fizzle here today without much more upside would be ideal for this scenario. Watch how price action plays out with the FOMC today, it could determine the path over the next couple of days.

S&P 500 Daily Chart (barely holding channel)

S&P 500 daily chart, barely holding the channel

S&P 500 Chart by TradingView

The CAC is generally showing itself to be on of the weaker major indices. The other day it broke the neat channel it was confined in since August. The past day-and-a-half bounce has the index testing the underside trend-line of the channel; a ‘kiss and turn’ may be in order. A reversal back lower and break of 5851 should bring the area around 5700 into focus.

CAC Daily Chart (broke channel, skews risk to the downside)

CAC daily chart, broke channel, skews risk to the downside

CAC 40 Chart by TradingView

Crude oil saw some reprieve yesterday along with the risk-trade rebound. But it still has a little room to go before it firmly tests the support around the 50/51-area. There are several lows in place going back to June that could help firm up oil should it trade down there. A break through 50.48 would have the 2016 trend-line in focus at that point.

Crude Oil Daily Chart (big support just below)

Crude oil daily chart, big support just below

Crude Oil Chart by TradingView

To see all the charts we looked at, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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