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Heavy Resistance for Dollar and Stocks Likely to Stand Through Week's End

Heavy Resistance for Dollar and Stocks Likely to Stand Through Week's End

2015-10-29 23:44:00
John Kicklighter, Chief Strategist

Talking Points:

• The USDollar has stalled bowed to its 12-year resistance and the S&P 500 is struggling short of record highs

• Though there is another high profile round of event risk ahead, time restraints will likely curb its impact

• Top event risk for Friday includes the Fed's preferred inflation report, BoJ decision and Eurozone inflation

See how retail traders are positioning in the majors in your charts using the FXCM SSI snapshot.

Both the benchmark US Dollar and S&P 500 are tantalizingly close to posting new, significant highs. However, a push to the next leg higher for both will be difficult to achieve. Even with a technical wind to the market's back and fundamentals that may reassure bulls, we face the complication of a countdown to the week's close and liquidity drain. Before we print the final quote in the capital and FX markets Friday night though, we will have another dense round of scheduled event risk. In particular, the Dollar, Euro and Japanese Yen may be put in the uncomfortable position of high volatility within tight technical confines. From the US, the Fed's favorite inflation indicator is due - days after the central bank stoked the dying fires of 2015 rate hike speculation. In direct contrast, the ECB's suggestion that a QE upgrade will be considered next week will leverage the importance of the region's inflation, employment and first 3Q GDP figures. Though, if we are looking for pure potential energy to overrun technical boundaries, the BoJ rate decision stands as top event risk. We weigh the technical boundaries against fundamental catalysts in today's Trading Video.


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