Weekly Update – 8 September 2019 – LS Trader

Stocks

Stocks had another bullish week. The long-term uptrend remains up for US stocks, and we could see new all-time highs in both the Nasdaq 100 and the S&P 500 this week.

This week sees both stock indices and currencies roll to the December contract.

 

Commodities

Silver rallied to a new high for the current move but then put in a sharp reversal, printing a shooting star on the weekly chart. The trend remains up, and the market is above support. The chart structure looks incomplete, so new highs are expected once this correction ends. Gold has also seen weakness on Thursday and Friday, and also remains above support.

 

Currencies

From last week: “The Pound ended the week lower by 0.99%. There will likely be further Brexit shenanigans this week. The long-term trend remains down, but commercials remain very close to an all-time net long position. Sentiment remains negative, with only 17% reporting as bullish. $1.20 remains a crucial level.” The Pound dipped below the $1.20 level but then reversed sharply, bringing the downtrend to an end for now.

The dollar has had a mixed week, ending lower against most of the majors.

 

Interest rate futures

The long-term trend remains up for interest rate futures, but the sector has seen some weakness this week. However, the markets all remain above support, and Friday saw a bullish hammer pattern printed, indicting that the lows are being rejected.

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