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.
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The SPX500 charted a higher trough and a higher peak on its weekly time frame. This is an uptrend. Its stochastic is in its upper quintile (green rectangle), suggesting bullish momentum. The longer time frame is meaningful; the index’s primary trend is positive.
Russia announced it is cutting its oil production by 500,00 bpd in March. This is in response to the West imposing price caps on Russian oil and related products.
The fear index (weekly chart) suggests the market is too complacent. It has flashed a potential pullback.
The US30 chart is on the cusp of moving back into its bullish channel between the upper blue and red bands. A cross into this region is positive.
The 517K non-farm payroll surprised the market. This beat the most bullish forecasts. However, not all may be as it seems.
Powell’s interview saw market volatility, but prices popped with the Fed chair not sounding any more aggressive about raising interest rates.
FXCM’s USDOLLAR is correlated with the real US 10-year yield, with a correlation coefficient of 78% (bottom chart). The real rate is adjusted for inflation and represents the true cost of borrowing. It helps participants make better informed decisions.
FXCM’s DAX cfd, GER30, has charted a strong bullish reversal pattern.
065 – What a difference a week makes in the markets
The US non-farm employment change data shows that 517K jobs were created in January. It was a surprise to the upside and exceeded the most optimistic forecast. The unemployment rate declined further to 3.4%.
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