Market Wrap
See real-time quotes provided by our partner.
Global equities tumbled today as Russian forces were seen moving away from the Ukrainian capital and the Chernobyl nuclear plant site. The emphasis for the Russian army is likely to be on the Eastern regions which have been contested since 2014. Tomorrow we also have the NFP data and today is the last day of trading in March, so the rebalancing, hedging etc. will be influencing the price action. The S&P500 had been travelling in a relatively neat channel, and it looks like we should expect this to break to the downside in the coming sessions. The Nasdaq futures have found the 15,000 level to be a strong magnet.
The scheduled news today included the US Bureau of Economic Analysis report that showed personal spending in the United States expanded by less than expected by 0.2% or $34.9 billion in February. Personal income increased by 0.5% or $101.5 billion in the same period, while disposable personal income (DPI) grew by 0.4% or $76.1 billion.
The weekly Initial jobless claims in the United States increased by 14,000 to 202,000 in the week ending March 26 of 2022. The 4-week moving average was 208,500, a decrease of 3,500 from the previous week’s revised average.
See real-time quotes provided by our partner.
As part of its plans for the next six months, US President Joe Biden said the US will release 1 million barrels of oil per day and urged other countries to do the same. Biden said the US production of oil is expected to rise by 1 million barrels per day this year, and by nearly 700,000 barrels per day next year. He called on Congress to levy fees on unused wells and unused land to get companies to increase production. Something his critics will say is going against the Build Back Better green initiatives. With that in mind he will also ask Congress to pass his plan for accelerating the shift to clean, domestically produced energy. The White House also said he would sign legislation to guarantee US production of critical materials for the transition.
The price of Brent fell today but we’re still within a couple of key levels. I am going to assume the market carries on lower so the first test of support will be the $101.93 which was tested a couple of days ago. Meaning there should be little buying left there and we should move on to test the swing low from mid-March.
See real-time quotes provided by our partner.
The GBPUSD is still trading sideways but has at least swept the low and high of the range. I am just now waiting to see which level can hold for a bigger move to occur. The longer the compression the more violent the expansion will be.
See real-time quotes provided by our partner.
I am still also of the view that the US dollar index is in a Bull flag, but this correction could carry on for a lot longer than just one more simple bounce off the lower bound. The worry is that we stay in this channel until the next FOMX meeting. The EURUSD will hopefully give us the catalysts needed to break out.
See real-time quotes provided by our partner.
Currently EURUSD has not been able to hold above the recent highs and has actually made a bearish corrective pattern. The troubles in Ukraine will add to the bearish sentiment around the euro crosses.
A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!
© 2020 YouTrading UK - Leaders in Trader Training.
Cookie | Duration | Description |
---|---|---|
__cfduid | 1 month | The cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information. |
_wpfuuid | 11 years | This cookie is used by the WPForms WordPress plugin. The cookie is used to allows the paid version of the plugin to connect entries by the same user and is used for some additional features like the Form Abandonment addon. |
cf_use_ob | This cookie is set by the provider Cloudflare content delivery network. This cookie is used for determining whether it should continue serving "Always Online" until the cookie expires. | |
cookielawinfo-checbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-advertisement | 1 year | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |
Cookie | Duration | Description |
---|---|---|
YSC | session | This cookies is set by Youtube and is used to track the views of embedded videos. |
Cookie | Duration | Description |
---|---|---|
_ga | 2 years | This cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors. |
_gid | 1 day | This cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form. |
Cookie | Duration | Description |
---|---|---|
_fbp | 3 months | This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website. |
fr | 3 months | The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin. |
IDE | 1 year 24 days | Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile. |
test_cookie | 15 minutes | This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies. |
VISITOR_INFO1_LIVE | 5 months 27 days | This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website. |
Cookie | Duration | Description |
---|---|---|
_gat_UA-42160853-2 | 1 minute | No description |
cf_ob_info | No description | |
CONSENT | 16 years 8 months 3 days 6 hours 2 minutes | No description |