Webinar: Post-Election Market Action (US Dollar, S&P 500, Gold & More)
In today’s webinar, we took a look at price action following the ‘surprising’ victory by Donald Trump in yesterday’s US presidential election. The hours during and following the tallying of votes has been filled with extremely volatile price action across the spectrum.
It’s a market that needs to be treated with caution not only because of the high volatility, but given that many of the charts have been ‘wrecked’ in the short-term. Day-traders and those holding for maybe a day or two tops will find opportunity as markets continue to gyrate. But, for the swing-trader looking out over several days to weeks we want to see further developments on the charts before we make any commitments.
Can the spike lower and reversal in the US dollar (DXY) hold? It came close to channel support running back to May, so a retest and hold would be of bullish interest, and conversely EURUSD short off resistance in the mid-111s. The S&P 500 cash index is testing key support once again, if the market is to hold up it should find buyers soon. Looking at the precious metals complex; we made note of the spike and reverse in gold off the 2011 trend-line. Was that the capper, or can it regain footing for a move above in the days/weeks ahead?
For more, please see the video above…
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---Written by Paul Robinson, Market Analyst
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