Weekly Update – 13 September 2020 – LS Trader

Stocks

Stocks ended the week lower but remain in long-term uptrends. The S&P 500 and Nasdaq 100 both saw their respective RSIs find support at the 40 levels, keeping the bull range intact.

The Dax and the Nikkei have been stronger than their US counterparts and are within range of upside breakouts this week.

The long-term trend remains up for global stocks despite recent weakness.

Commodities

Copper remains the strongest of the metals in the short-term as Silver broke short-term support this week. Palladium has held up well and could complete a change of trend to up this week.

The energy markets are still in long-term uptrends but have broken out of their rectangle patterns to the downside. Weakness has been sufficient to put the RSI into the bear range on three markets in the sector. Further weakness will be required for a change of long-term trend to down.

Currencies

The currency markets have been mixed, but have seen sufficient dollar strength in the short-term to bring most trends against the Dollar to an end for now. However, the long-term trend remains very much against the Dollar. The Australian Dollar continues to hold up and bounced off support this week.

Interest rate futures

US interest rate futures continue to trade in what can best be described as a sideways quiet channel, in a long-term uptrend. Upside breakouts are within range for these markets. Volatility remains low.

The UK Long Gilts market has been more volatile but is also within a long-term uptrend.

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