Markets are misbehaving…
The markets are misbehaving. The market broke after Texas reported a surge in hospitalizations, but the pattern being developed that it will take more than a region to bother the markets. Moreover, the hope regarding coronavirus now in the US is just plow through it. If you are vulnerable, take care of yourself. Pres. Trump will be rallying up Oklahoma and Arizona in the next week. Let er rip and see where the cards fall.
For the markets:
- Stocks are off the lows still led by the Nasdaq. The S&P is trading above and below 0.0 after trading down about 14 points. The Dow is down -18 points after being down about -154 points. The Nasdaq moved to unchange but is now back up by 55 points.
- EURUSD fell to the lowest level since June 4 and below the lows from this week and last week between 1.1212 and 1.1225. The price squeezed back to 1.1237 and trades at 1.1225 now.
- GBPUSD fell below the 100 day MA at 1.2522 to a low at 1.2510 but is back above the 100 day MA at 1.2539 currently.
- USDJPY fell below its 100 hour MA at 107.244 on way to a low at 107.12. It has traded back above that MA line and trades at the MA level as I type.
- USDCAD spiked above its 100 hour MA at 1.35804 but is trading back below the MA level at 1.3556 after peaking at 1.35936.
Markets are just not acting right. They are misbehaving… It is time to take a little break and take a breathe