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Steidlmayer on Markets: Trading with Market Profile
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MadMarketScientist, in Book Reviews
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By HFblogNews · Posted
Date: 23rd September 2024. Market Update – Gold at record highs; Stocks climb amid Chinese stimulus bets. Asia & European Sessions: Asian markets were mostly positive on Monday, buoyed by last week’s interest rate decisions from central banks in the US, Japan, China, and the UK. PBOC reduced its 14-day reverse repurchase rate to 1.85% from 1.95%, following a decision to keep key lending rates unchanged the previous week. China’s decision to hold an unusual economic briefing involving three top financial regulators and its cut to a key short-term policy rate heightened speculation about forthcoming stimulus efforts. Chinese stocks rose after the bank’s announcement. Japan’s stock markets were closed due to a public holiday. Attention remained on the BoJ which also stayed put (0.25%) & Ueda suggested that the central bank is cautious on further tightening amid ongoing uncertainty. This decision led to a drop in the Yen. Australia’s ASX 200 dipped 0.5% to 8,170.50 as the RBA prepared for a 2-day policy meeting. The NASDAQ and S&P500 stumbled on Friday to 17,948 and 5702. The Dow edged up 0.1%, reaching a new record high of 42,579. This week: key US economic data is expected, including reports on business activity, consumer spending, and a final revision of the economy’s growth during the spring. Financial Markets Performance: Gold surged to a record high, reaching $2,631.13, as traders anticipated more rate cuts by the Fed following its recent 50 bps reduction. Bullion’s momentum was further supported by concerns over rising tensions in the Middle East, with investors turning to gold as a safe-haven asset. Despite this rally, gold may be overbought, with its RSI nearing 70, a signal of possible short-term overextension. Meanwhile, silver, palladium, and platinum posted losses. USOIL rose to $71.59 per barrel, while UKOIL gained 52 cents, reaching $75.01 per barrel. Currently they have both seen a pullback slightly into EU open. Yen slid from last week’s high of around 140 per US dollar to 144.36 yen by today. The USDIndex steadied to 100.50 area. The Euro inched higher to 1.1164 but currently is steady after Germany’s Social Democrats narrowly defeated the far-right Alternative for Germany party, maintaining control of the eastern state of Brandenburg. Meanwhile, French Prime Minister Michel Barnier signaled potential tax increases on large corporations and the wealthy to address the country’s growing budget deficit. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. -
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By Stocks4life · Posted
ASPN Aspen Aerogels stock, nice move higher off the 24 triple support area, from Stocks to Watch at https://stockconsultant.com/?ASPN -
By Stocks4life · Posted
PSNL Personalis stock watch for a narrow range breakout, target 7.76 at https://stockconsultant.com/?PSNL -
By Stocks4life · Posted
VAC Marriott Vacations stock, watch for a bottom breakout at https://stockconsultant.com/?VAC
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