Weekly Update – 4 October 2020 – LS Trader

Stocks

The S&P 500 continued higher this week from the hammer printed on the weekly charts during the prior week. This resulted in the S&P 500 closing higher for the first time in five weeks.

Both the Nasdaq 100 and S&P 500 remain in long-term uptrends, and the RSI remains in the bull range, having continued to find support at the 40 levels.

In the short-term, the Nikkei 225 is holding up better than the other global indices and remains within the range of another upside breakout.

Commodities

Gold and Silver both had up weeks, and the long-term trend remains up for both metals.

The grains markets resumed their uptrends following a week or so of corrective weakness, as Soybean Meal and Soybeans rallied this week. Corn and Wheat also printed new six month highs.

The energy markets have moved sharply lower this week, with Natural Gas leading the way to the downside. Crude Oil looks set to test a shelf of support this week and could turn lower, with plenty of potential room to the downside.

Currencies

The currency markets continue to trade without much direction in the short-term. The strength seen in the Dollar during the prior week’s trading was mostly corrected this week as the Dollar ended the week lower. The long-term trend remains against the Dollar overall.

Interest rate futures

Interest rate futures continue to trade in a sideways quiet channel as they have for months. Upside breakouts remain very much in range, but so far no markets in the sector have been able to clear resistance.

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