S&P500 & NASDAQ Lower on Bad Earnings. Forex Trading Gold & Silver. WTI & Brent in Cup and Handle Pattern.

In today’s GCI Market Outlook let’s take a look at Forex Trading on Gold, WTI, Brent Crude, DJIA, the NASDAQ, and the S&P500.

Last time we spotted this ascending triangle on the S&P500. When price action broke the lower trend line it fell substantially.

Yesterday, earnings reports and fundamental news were unfavourable to many large US equities and all the US indices fell.

But, we can see how the stochastic oscillator showed us the reversal as bargain hunters piled into the markets.

However, we will keep an eye on our trend lines to ensure the direction as this may be the start of a bear run.

The NASDAQ had the same reaction but we see no evidence of a bear run.

In fact, we will watch our support and resistance levels for range trading opportunities.

The DJIA seems to be the most pessimistic, fundamentally and technically.

It is very rare to see the 3 major US Indices behaving this diversely from the technical perspective.

Last time we were wondering if the bear run on WTI & Brent Crude Oil was ending and it looks like our hunch was correct.

We now see price action in a cup and handle pattern (yes, this is a real pattern) which is usually bullish.

But, watch your technicals and the news from the Middle East.

Speaking of geopolitical news, Gold reached another all-time high, pulled back, and is heading back up again.

The stochastic oscillator is now heading back up from oversold.

That’s all for now.

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