1.0738 is the next key level to watch for the Canadian dollar, according to George Davis at RBC Capital Markets, following last year’s break above the 2010 quintuple top at 1.0679. With the current uptrend still in place, the 2010 high of 1.0854 is also a major resistance level to watch.
January averages a return of 0.5% for the FTSE 100 ranking it 9th out of the year according to The Stock Market Almanac, compiled by Jeff Hirsch. January has risen 59% of all years since 1984 although it also the most inconsistent month in terms of performance, declining significantly since 2000. Moreover, the second week of January is the worst performing week of the year for the FTSE 100 typically losing 0.5%, and rising only 28% of the years since 1984.
George Davis, chief technical analyst at RBC Capital Markets, has said that a close of EUR/USD above this year’s high of 1.3829 opens the way for a move to the October 2011 high at 1.4245.
CQG has launched CQG M, a mobile application that allows users to access market data and execute trades via their mobile phone. CQG says the new product uses HTML5 mobile technology that allows users to access CQG data on tablets and phones.
Walter Zimmermann of ICAP says that despite unexciting price action for coal over the past year or so, a large head and shoulders bottom pattern may now be forming. This will target coal at the 71.50 to 72.00 range as long as the neckline is breached decisively.
Wang Tao, technical market analyst for commodities at Reuters Singapore, gives his comprehensive commodities outlook for the fourth quarter of 2013. His market coverage includes oil, base and precious metals, and agriculturals.
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Clive Lambert, analyst at FuturesTechs, writes that because the recent decline in the 10-year US Treasury Note was on very low volume, this suggests a move back to beyond 128 which also coincides with a major Fibonacci level.
Walter Zimmermann, chief technical analyst at ICAP US, discusses how a divergence between price and momentum indicators has produced a sell signal in the S&P500.
Paul Desmond, head of research at Lowry Research, explains how evidence of significance weakness in Spanish stocks signals further weakness for the IBEX.