US Stock Markets Showing Resilience
Daily Charts
US markets are showing signs of resilience. Below are the daily charts of FXCM's CFDs for the Dow Jones Industrial (US30), the S&P 500 (SPX500), and the Nasdaq (NAS100). Before the invasion, the US 10 Yr. Treasury yield was just above 2% (16 Feb). It gapped down on the news of the Russian invasion of Ukraine last week as money flowed to safe havens, with the yield currently at 1.78%. The lower yields seem to be reflected in equity valuations as the discount rate declines. Over the last two trading days, price action has pushed the SPX500 and the NAS100 up into their respective neutral zones, between the blue bands. The US30 is lagging but is trading at the border between the weak and neutral areas. Moreover, their stochastics have popped above 20 and are pointing upwards. The key is to build an underlying bullish momentum from here.
Hourly Charts
All three hourly indexes have moved from their respective weak areas into their neutral zones. This movement is positive and considered a bullish development. However, for the resilience to persevere, the stochastics need to move into their upper quintiles, with the indexes moving into their respective bullish areas, between the upper blue and red bands (arrows). If market participants can maintain this short-term bullishness, the daily chart's stochastics will help build the underlying bullish momentum mentioned above.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.