Monday is Labour Day Holiday in the US so the US markets will be closed.
Stocks made new all-time highs during the first half of the week but reversed sharply on Thursday and Friday to end the week down. The Dax completed a change of trend to up but was stopped out following the reversal. The long-term trend is currently up for all global stock indices that we trade at LS Trader despite this week’s sell-off.
The S&P 500 held up better than the other indices and bounced off support to keep the uptrend alive.
Copper held up well and managed to make a new high for the current move this week. Gold and Silver continue to consolidate. Palladium ended the week higher and is in range of completing a change of trend to up.
The energy markets have seen some weakness this week and are trading towards the lower end of the recent trading range. The long-term trend is up across the sector.
The Dollar continues to show signs of attempting to bottom. The Dollar Index printed a hammer from the lows on Tuesday and ended the week higher. The long-term trend remains against the Dollar across the board, but there was sufficient strength to bring the current trends to an end for the British Pound and Swiss Franc.
Interest rate futures
Interest rate futures remain rangebound having traded higher throughout the week until Friday, where they reversed lower. All interest rate futures continue to trade in a sideways channel as they have since March, but the long-term trend remains up across the board.