Stock Market

The NAS100 daily chart (left) trades at support (green-shaded horizontal). This zone is around the 11,500 level

FXCM's US30 CFD has charted a bullish 1-2-3 pattern on the weekly scale. It seems to be in the midst of its next impulse move. To this end, we note that the stochastic has pushed into the upper quintile (blue arrow). The longer it stays in this region, the greater the chances of an impulse swing.

The NAS100 remains positioned in its bullish channel, between the upper blue and red bands. The market responded positively to Fed Chair Powell's Brooking Institution delivery, and a long blue candle was charted two days ago (green vertical rectangle).

The daily NAS100 has slipped from its bullish area, between the upper blue and red bands, to neutral, between the blue bands (green rectangle). On a relative basis, this suggests weakness. The hourly chart shows that the trend-following EMAs and the momentum-based stochastic have turned negative (black ellipses). If the EMAs develop angle and separation to the downside and the stochastic makes its way to the 20- levels, a bearish…

If the real rates start reflecting dovishness or a softer terminal rate, and given the inverse cc, the FXCM FAANG basket may be a beneficiary. This is because the FAANGs are sensitive to interest rate changes. As such, we continue to monitor.

Watch today’s US Open for commentary on the Fed’s minutes and their impact on the US Dollar and Wall Street, along with other news and developments

The broad US index is on the back foot at the start of a holiday-shortened week due to Thanksgiving, which also includes the Black Friday shopping event

Fed-speak, economic data, UK’s economic plan and more news were in focus, during today’s US Open

The German Index loses steam after its six-week rally and consolidates its gains, as today’s Eurozone inflation report does not help it find direction

The US index lacks firm direction today as recent geopolitical fears ease and markets assess strong retail sales from the US and a poor quarterly report from retail giant Target

The Walt Disney Company reported its latest quarterly results, which revealed that its gap over Netflix on paid subscribers broadened, but its top and bottom lines were a source of disappointment