US Market Wrap
Markets may have closed the session with the green, but they certainly dived into the red early.
It was an up-and-down session, indicating what we have been seeing lately. That SPX closed down 1.15% but has really been unable to scratch any ground left during the week. The Cleary jury is still out on whether “V-shaped” recovery is actually a possibility.
This is probably why we still see a strong bid in USD, and why GOLD continues to gain ground this week.
On the basic side of things, the United States issued yet another shocker for weekly unemployment claims, which came in at 2.9 million. With continued claims of 22.8 million, this was actually slightly better than expected.
Keep a close eye on the continued claims, as there should be a correlation between the number falling and the risk values moving higher.
There is a great deal of data of importance today that will set the stage for the entire trading session.
Early in the play, we look to Germany with their GDP reading. Of course this will be a soft number, but watch the response from EUR / USD. There is also eurozone GDP out there with some European data from the second level.
Then to the US and we get an important number today, which is retail. Despite panic early, we are looking at some very poor figures from retailers at the moment.
For April, we expect a -12% slide, which is a huge drop in demand and probably tells us everything we need to know about how things are going. However, when the various states reopen, we should hope for a sharp improvement.
Forex signal update
FX Leaders Team had 3 winners from 4 signals within the last day as the guys put together a really solid session.
Be sure you follow our live signals as we look to close the week strongly
Gold – pending signal
GOLD has broken out of the triangle pattern that we suspected it could. For me, this is very bullish price action and we will look at the opportunities for the long term so far.
SPX – Watching
That SPX have been up and down all week and are really quite in the reach at the moment. As mentioned earlier, the price will have to break out to give us a clue as to which side is in control.
BTC has been very bullish in the last half of the week, really since the halving took place.
We saw the $ 10,000 price tag, but dropped off immediately. Crypto-monitors from around the world will be watching it so closely to see if the bulls can take back the reigns after we have seen sellers hit that level hard on each trial.
At the moment, look for signs of buying and accumulating below this level (higher low), which will give an indication that bulls are stepping up.