The markets are running
The hints from Pres. Trump that a big deal was coming has been followed by a hint from the Wall Street Journal that tariffs to be cut by 50%.
So what's moving? A lot!
Stocks higher:
The S&P index and NASDAQ index are now trading at all-time record highs. The S&P is up 0.96%. The NASDAQ index is up 0.92%. The Dow is not doing too bad as well. It is up 0.99%
Bond yields are higher:
Bond yields are moving higher as well. The 10 year is up 8.5 basis points to 1.876%. The 30 year is up 8.6 basis points to 2.311%
Gold is lower:
The price of gold has fallen $8.50 to $1466. The low reached $1463 .53. The high today extended all the way up to $1486.93
USDJPY and USDCHF are running higher:
The USDJPY broke above the 109.00 level and the 50% retracement of the move down in December at 109.072. The next target comes in at 109.22 where the 61.8% retracement of the same move lower is found.
For the USDCHF (see chart below), it has moved up from a low price of 0.9808 to 0.9864. The high is where the 100 hour moving average is also at currently. A break above will look toward the 200 hour moving average at 0.9878 and above that the 100 day moving average at 0.98866.. All the moving averages are lining up as targets on increased upside momentum.
USDCNY lower:
The offshore yuan has moved sharply lower and tests its 200 day moving average at 6.96174. The low for the day just reached 6.96177. A break below that level would tilt the bias more to the downside. The price has not been below the 200 day moving average since July 1 (see chart below)
Markets are moving. Now we need the proof.
