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  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • $NDX extends intraday losses as fears over rising yields continue to haunt high-flying equities
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.16% Gold: -1.47% Silver: -2.30% View the performance of all markets via
  • This smells like a head-and-shoulders pattern from the Nasdaq 100 ($NDX) but we don't see the same picture from the S&P 500, Dow or Russell 2000
  • Lot's of things down today, but know what isn't? Yup, longer-term #Treasury yields An average of the 10Y and 30Y having best day in about a week = portfolio rebalancing play still front and center Fed's Evans expressed little concern about yields
  • - Non-labor input costs rose moderately, particularly steel and lumber prices - Rising costs attributed to strong demand and supply chain issues - Several districts anticipate modest price increases over the next several months
  • - Commercial real estate continues to struggle, particularly offices, retail, and hotels - Low mortgage rates spurred additional demand for homes - Financial institutions reported lower loan volumes, along with lower delinquency rates and higher deposit levels
  • - Economic activity expanded modestly in most districts - Growth prospects still hampered by lingering virus fears -Hotel & leisure sectors still lagging, but showing signs of life
  • - Economic activity expanded modestly in most districts - Growth prospects still hampered by lingering virus fears -Hotel leisure sectors still lagging, but showing signs of life
  • Risk aversion continues to define markets Tech is being the hardest hit (no surprise given relative valuations) I'm looking at #FAANG index, very clear Head and Shoulders (bearish reversal warning) 200-day SMA sits below Learn more about H&S here -
Global Indices Bid, USD, Gold & Oil Stabilize, Tesla Shorts Incinerated - US Market Open

Global Indices Bid, USD, Gold & Oil Stabilize, Tesla Shorts Incinerated - US Market Open

Nick Cawley, Strategist

US Market Open – US Dollar, Gold,Crude Oil,Indices

  • Risk-on tone despite increased spread of Chinese coronavirus.
  • US dollar underpinned ahead of US President Trump’s speech.
  • Tesla (TSLA) makes yet another record high as short sellers get carried out.

Risk-on Tone But Problems Still Lurk.

A better start to the European session as equity markets ignored ongoing Chinese flu risks and pushed into positive territory. While the number of people in China now infected exceeds 20,000 and with least 420 fatalities reported, European bourses took their cue from a positive session in the US on Monday and moved higher. Most European exchanges registered gains of 1%+ and now traders will be looking to see if this short-term turnaround is sustainable.

Dow Jones, Nasdaq 100 Forecast & Charts: Sell-Off Over Already?

Tesla (TSLA) short-sellers are having another horror session with the electric car maker up over 13% @ $895 and climbing. The stock has soared from the low $170s in summer last year as short-sellers continue to get burnt. According to media reports, Tesla is the most shorted stock in the US with around 18% of its publicly available shares sold short.

Tesla share price soars

Chart via

The US Dollar has kept hold of its recent gains as markets look ahead to tonight’s State of the Union address by US President Donald Trump. The greenback’s gains have been fueled by strong US data prints over the last few days, while the monthly US Non-Farm Payroll release is out on Friday at 13:30GMT.

US Dollar Outlook Bullish Ahead of the State of the Union Address

Crude oil continues to press into support, but pressure has alleviated marginally during the session as talk swirls that the OPEC+ meeting - today and tomorrow - may see oil output cut by another 500,000 barrels a day to help counterbalance slowing demand. US crude oil trades around $51.00/bbl while Brent crude traded around $54.75/bbl.

Crude Oil Gains as Risk Appetite Revives, Production Cuts Possible

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Crude Oil Daily Price Chart (July 2019 – February 4, 2020)

Crude oil plunges then stabilizes
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Gold Price Testing Support as US Dollar Strength Trumps Coronavirus Fears For Now

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the market’s as they stand – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact via Twitter @nickcawley1.

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