Get used to it folks
The US stocks are staging a rally on less China fears. There have been two reports that have help that sentiment:
- The Pres. comments on Huawei were not a blanket “no deal”. The US government is still accepting applications for companies to deal with Huawei if deemed not a security threat
- A report that China is purchasing crude oil from the US
The S&P index is grinding higher with the price moving to 2927. The low reached 2900 today. The high for the day reached 2935.75 shortly after the opening. Technically on the intraday five minute chart, the price has moved back above its 100 bar moving average at 2922.16.
For the NASDAQ index, it just moved to a high of 7993.40. The low price today reached 7910.348. The high for the day reached 8020.556 also shortly after the opening. From a technical perspective, the price is above its 100 bar moving average on the five minute chart at 7982.499 (blue line in the chart below).
In the forex, the USDJPY has recovered on the better stock tone. It is testing the 100 bar MA on the five minute chart at 105.66 and is back above the earlier week lows at 105.489-51.
The EURUSD has moved back down to test its 100 hour moving average at 1.1202. The 100 day moving average and 200 bar moving average on the four hour chart stalled the rally at the 1.1221 – 23 area