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Equity Index divergence as they race to the line

The strong sell-off in crude means that the FTSE 100 (Strong Sell) which is heavily weighted towards oil stocks is heading towards posting a third negative week in a row.

It will be interesting to see if the S&P 500 (Strong Buy) holds positive ground for the week. It risks posting 5 successive red candles. The bar it would have to clear to post a positive weekly return is 3296. Currently trading at 3,321 there could be at least a test of that level as Presidential Covid infections and Non-Farm Payrolls come in to play on Friday.

Instrument

Hourly

Daily

GBP/USD

1.2877

SELL

BUY

EUR/USD

1.1723

SELL

NEUTRAL

FTSE 100

5,801

STRONG SELL

STRONG SELL

S&P 500

3,321

STRONG BUY

STRONG BUY

Gold

1,905

BUY

NEUTRAL

Silver

23.75

NEUTRAL

SELL

Crude Oil WTI

37.42

STRONG SELL

STRONG SELL

Bitcoin

10,437

STRONG SELL

STRONG SELL´╗┐

Our analysis is based on a comprehensive summary of market data. We use a range of metrics with weighting given to simple and exponential moving averages and key technical indicators.

 

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.