NAIL on a 14 minute chart tested the support at the rising trendline confluent with the mean
anchored VWAP and has bounced and crossed over the latter. Relative strength lines are
crossing over the 50 level and the relative volume is showing a gradual rise. This is the
beginning of homebuilding season after all. Mortgage rates might be getting a cut. I will...
U.S. Existing Home Sales & New Home Sales
Comparing the Charts
When you look at both charts and compare them you can see that between June 2022 and Sept 2023 the decreasing EXISTING home sales negatively correlated with the increase in NEW home sales. This would make surface level sense given the lack of existing homes being available creating a need for new...
U.S. Existing Home Sales & New Home Sales
U.S. Existing Home Sales
U.S. Existing Home Sales data helps us to gauge the strength of the U.S. housing market and is a key indicator of overall economic health in the U.S.
In simple terms U.S. Existing Home Sales is a seasonally adjusted record of previously owned homes that have been sold in the United States...
EUR/USD has edged lower on Wednesday. In the European session, EUR/USD is trading at 1.0939, up 0.20%.
The German GfK Consumer Sentiment report found that consumer confidence is expected to fall in July to -25.4, down from a downwardly revised -24.4 in June. The report noted that the German consumer is reluctant to spend due to economic uncertainty, and high...
The Australian dollar has plunged on Tuesday. AUD/USD is trading at 0.6632, down 0.95% on the day. The Aussie is under strong downward pressure, having lost around 1.7% since Thursday.
Australia releases inflation on a quarterly basis, which magnifies the impact of the release. Inflation has been falling and this trend is expected to continue in the Wednesday...
– Previous Daily candle closed Bullish at 1970.100 forming new Daily Support at 1940.600.
– Buys on close above 1974.500 targeting 4h Resistance at 1981.500, Leaving Runners to the Daily Resistance formed at 1988.500.
– Sells on close below 1961.000 targeting 1h previous Resistance formed at 1953.500, Leaving Runners to the 1h Support at 1946.200.
– We have High...
Bitcoin looking to pull back.... inverse Cup and Handle. Measured move down to $22K area... <----
CAUTION here! Would like to see it bounce off the $23k support or if it can't hold there $22K of course...
CPI came in better for Risk On but Unemployment came in lower to conflict the CPI data... Looks like Bears are winning the battle so far!
More Market Moving...
This chart is pretty much self-explanatory and I don't think I have to go too deep into it.
While the current level of new homes sold of 600k is normal. A continued deterioration
would be of great concern. With sustained higher rates there is a good chance this will
trigger a recession signal.
On the flip side, FED PIVITOORS have been wrong that we were/are in a...
Demand always rules supply. Always.
BLUF:
Short-term projection = TBD
Mid-term projection = bullish
Long-term projection = bearish to extremely bearish
Traders,
I have been quick to point out the tremendous amount of disinflationary data in my videos which leads CPI reports in some cases by as much as 6 months (i.e. -rent). Now, let's take a closer look at the...
The New Zealand dollar continues to show volatility this week. In the North American session, NZD/USD is trading at 0.6182, down 0.48%, erasing all of Tuesday's gains.
Later today, New Zealand releases retail sales for the second quarter. The markets are expecting a strong rebound of 1.7%, after the Q1 reading of -0.5%. The release is expected to reflect pent-up...
The British pound has jumped 0.82% today, as the currency has rebounded somewhat from its worst week of the year. GBP/USD plunged 2.53% last week, as the US dollar has found its mojo after weeks of beating a retreat. GBP/USD has climbed today after US New Home Sales dropped to 511 thousand in July, down from 585 thousand in August and well below expectations.
UK...
