Intraday Market Thoughts

4 Questions & Market Levels

by Ashraf Laidi
Jul 21, 2020 22:34

There are many questions; here are 4 of them: i) Equity traders wonder about a possible double top in NASDAQ; i) oil traders question whether the pullback to 40 qualifies as a breakout above the Mar 9th gap; iii) and FX traders starting the buzz about whether the historic EU stimulus marks an inflection point in the USD slide (especially as Trump continues to talk about masks). Meanwhile, those in need for an excuse-pullback in stocks can point to a possible 1-2 week delay in the next US stimulus bill. All the while, the Golden State surpassed the Big Apple in the number of Covid-19 infections. More questions below.

فيديو المشتركين الآن جاهز "ما بعد للذهب و المؤشرات؟

Will NASDAQ head back towards the 10570s, while SOX drop back to 20220s before resuming their rally? And will the XLK technology ETFs break its Mar 27 trendline support? Key support seen at 105.60s, a break of which would lead to the 55-DMA of 101.70. Keep an eye on these key levels.


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