The US30 four-hour chart shows cracks, charting a lower peak followed by a lower trough. This price pattern is the definition of a downtrend. This weakness gives us cause for concern, as yesterday's article suggested that we may be in the middle of a dead cat bounce. The current sentiment is negative due to the report that President Biden has tested positive for Covid. The President is reported to have "very mild symptoms" and has started a course of Paxlovid. Sentiment has also been hurt by initial and continuing jobless claims are ticking up, with both series now uncomfortably above their respective three-month moving averages.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.