Webinar: Trading Turns with Price Action in USD, Oil, and US Stocks
- The theme for today’s webinar was ‘trading turns’ and looking at potential setups in USOil, The S&P 500 (Ticker: SPX500), the Nasdaq100 (Ticker: NAS100), and the Dow Jones Industrial Average (Ticker: US30).
- The centerpiece for today’s discussion was the recent move in the US Dollar and the prospect of continued strength while price action remains near resistance. Should the US Dollar remain strong, this could highlight the potential for turns in markets such as Oil or US equities. We had looked at the recent price action formation in Oil in yesterday’s Market Talk article entitled, ‘Is a Strong Dollar Going to Help Carve a Top in Oil Prices?’ And the S&P 500 was a focus-piece in this morning’s Market Talk article entitled, ‘Are USD/JPY , S&P 500 Ready to Reverse?’
- Below is an updated chart of the Dow Jones FXCM US Dollar Index, and this will likely be the determinant towards which themes become more interesting for the remainder of the week. Notice the bullish engulfing candlestick that showed up last Tuesday as the RBA brought a surprise rate cut to markets. The US Dollar has grown stronger each day since, and we’ve just moved up to a prior area of support/resistance, which is also the 50% Fibonacci retracement of the prior major move.
Created with Marketscope/Trading Station II; prepared by James Stanley
--- Written by James Stanley, Analyst for DailyFX.com
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