Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia. He runs training, analysis and resource workshops for retail and professional financial market traders involved in stocks, CFDs, warrants, derivatives, futures and commodities in China, Malaysia, Singapore and Australia. He has his own trading company, guppytraders.com. He is a special consultant to AxiCorp.
Any fall in the euro-dollar below $1.36 has a high probability of cascading into a fall to $1.29, which in turn, will have a high probability of quickly falling into the consolidation support area with a potential downside target near $1.24.
Will Friday's meeting at Jackson Hole dig markets deeper into a hole, or get the U.S. out of one? The early signs will come from the Nasdaq, rather than the Dow and the index could tumble if the results of the meeting disappoint.
Downside targets on the Dow are 10600 with a long-term potential at 9700. Downside targets on the Nasdaq are 2370 (already exceeded) with longer-term targets near 2100. Downside targets on the S&P 500 are 1130 (already exceeded) with longer-term targets between 950 and 1000.
The S&P 500 is a broader measure of market activity. A break above 1,360 is required before a new uptrend is confirmed.
The similarity in the patterns on the gold and silver charts means the silver price follows the gold's behavior.
The rally in the Australian dollar has technical limits that could cap its rise.
The potential for a rebound in the dollar has increased in the run-up to the presidential inauguration day.
Oil prices developed a recovery in 2016 but will this continue in 2017?