Futures are up moderately, primarily on the DXY stall and the usual overnight VIX smackdown. But, most attention will be focused on Thursday’s CPI print.
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Month: August 2023
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Update on Currencies: Aug 4, 2023
Futures are up moderately on USD weakness. The EURUSD has backtested its recently broken red TL and its SMA10, sending the DXY back below a TL it was threatening to break above. This supports our thesis that the SMA200 is the most important target, but that the tag might wait until it reaches 1.087 or so.
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AAPL & AMZN on Deck
Yesterday’s stronger than expected ADP data and the Fitch downgrade did a number on stocks, with several indicators officially turning bearish for the first time in months. But, AAPL and AMZN, which make up over 10% of the S&P 500, haven’t reported yet. So, it might be a little early for bears to get excited.
We charted AMZN last week [see: Amazon – Can It Keep Delivering?] noting that it had reached important resistance and was overdue for a reversal.
It tested important support at its 50-day moving average yesterday which, if broken, could easily usher in another 10%+ to the downside.continued for members… (more…)
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Fitch Downgrades US
Fitch downgraded US debt from AAA to AA+, adding to stocks’ overnight decline.
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Charts I’m Watching: Aug 1, 2023
With the July meltup finally behind us, futures are off moderately.
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