A snapshot of the market before and after the Biden speech
A snapshot of the market before and after the Biden speech shows:
- Dow industrial average moved from -674.33 points to -518.58 points
- S&P index moved from -74.06 points to -49.64 points
- NASDAQ index moved from -260.69 points to -171.16 points
- Russell 2000 move from -33.71 points to -24.96 points
In the precious metals
- Gold move from $1903.87 to $1900.89
- Silver move from $24.02 to $24.21
Oil and bitcoin
- crude oil moved from $91.91 to $91.20
- bitcoin move from $37,740.02 to $38,118
In the US debt market
- two year yield moved from 1.533% to 1.545%
- 10 year yield moved from 1.930% to 1.942%
In the forex,
USDJPY . Looking at the USDJPY, the pair is reacting to higher yields. Technically, the price move back above its 100 hour moving average at 115.02. Looking at the five minute chart, the pair is also above its 100 bar moving average on that chart at 115.03. If the price can stay above the 115.00 area now we could see further upside momentum
EURUSD : The EURUSD has rebounded modestly off the lows for the NY session at 1.1321. That low stayed above a support at 1.13189. The price needs to see more momentum above 1.13295 and if so could extend up to the 100 hour MA at 1.13475 and the 200 hour MA at 1.1354.