Daily Market Overview

Daily Market Overview

  • Market News
  • Daily Market News
  • 2021, 15 April

Global Indices have made the largest pullback since the December 2007 highs at the March 2020 lows. We take the more aggressive view in the US indices by calling the correction against the cycle up from the 2008 and 2009 lows that completed at the March 2020 lows based on NASDAQNVDAAMZNNFLX, and the cash index SPX along with the YM_F futures breaking to new all-time highs suggesting the next extension higher in the indices. A clear break above the January or February highs in the rest of the indices are still needed to confirm the next extension higher & to avoid a double correction lower. We don’t like selling the indices in any proposed pullbacks and do prefer buying the indices when an extreme area is reached in 3 or 7 swings when & if it happens. After near term pullbacks the Yen crosses should continue to bounce higher in the daily cycles from the March 2020 lows. After the near term pullbacks in the USDJPY and USDX they can see some further strength higher as the USDX is correcting the cycle lower from the March 2020 highs and USDJPY is correcting the cycle lower from the December 2016 highs.

Indices

DAX The larger correction against 2009 lows is proposed complete at 8244 on 3/16/2020 where the weekly and daily right side is up. The 4 hour right side is up with a bullish sequence against the 1/28/21 lows at 13314. While a pullback remains above 14426 it is expected higher toward the 17000 area in the cycle up from the March lows. IBEX  The weekly & daily time frame charts remain bearish favoring longer term weakness toward the 2526 100% extension area later. The 4 hour right side is up with a bullish sequence against the 7719 lows from 1/28/21. While above 8275 the index is expected higher toward 9500 in the cycle up from the March 2020 lows. Dow Industrials Futures YM_F:  The weekly and daily right side is up against the March lows at 18251. The 4 hour right side is up with a bullish sequence against 30528. While above 32829 the index can extend higher toward 35000 in the cycle up from the March 2020 lows. Nikkei The larger correction against 2009 low is proposed complete at 15648 in March 2020 where the weekly and daily right side is up. The 4 hour is turning up with a bullish sequence against 28135 & while above there can continue toward 32000 in the larger cycle up from the March 2020 lows.   SPX The larger correction against the 2009 low is proposed complete at 2204 on 3/23/2020 where the weekly and daily right side is up. The 4 hour right side is up with a bullish sequence against the 3/4/21 lows at 3725. While above 3851 the index can continue higher again toward 4400 in the cycle up from the March lows. FTSE The weekly & daily is turning up against the 3/16/2020 lows at 4886. The 4 hour right side is up with a bullish sequence against 6404. While above 6616 the index can continue higher toward 7400 in the cycle up from the March 2020 lows.

Yen Pairs

GBPJPY: The weekly & daily is turning up against the March 2020 lows at 124.07.  The 4 hour right side is up against 144.03. While a pullback remains above there the pair can see strength higher toward 165.00 in the cycle up from the March 2020 lows. EURJPY: The weekly right side is up against the 2012 lows at 94.16. The daily right side is up against the 5/6/20 lows at 114.47. The 4 hour right side is up with a bullish sequence against 128.25. While above 129.55 it can see the 136.00 area in the cycle up from the March 2020 lows. USDJPY The weekly right side is up against the 2011 lows. The daily is turning up against the March 2020 lows at 101.16.  The 4 hour right side is up against 104.36.  While above there the pair can see further strength higher into the daily extension area at 113.06 to 119.58 before a turn lower again. AUDJPY The weekly is turning up against the March 2020 lows. The daily right side is up against the 10/29/20 lows at 73.14. The 4 hour  is up with a bullish sequence against 82.26. While above there it’s expected higher toward the 92.00 area in the cycle up from the March 2020 lows. CADJPY: The weekly is turning up and the daily right side is up against the March 2020 lows at 73.78. The 4 hour right side is up with a bullish sequence against 81.95. While a pullback shows it will remain above there the pair can later see the 93.00 area in the cycle up from the March 2020 lows.

US Dollar Pairs

EURUSD The weekly is turning up against the 1/3/17 lows at 1.0340. The daily right side is up against 3/23/20 lows at 1.0644. The 4 hour is turning down against 1.2243. While a bounce remains below there the pair can see another swing lower to correct the cycle up from the 3/23/20 lows. While the pullback shows it will remain above the 3/23/20 lows it can see a turn back higher. GBPUSD The weekly is turning up & the daily right side is up against the 3/20/20 lows at 1.1418. The 4 hour is turning down against 1.4243.  While below 1.3920 the pair can correct the cycle up from the 3/20/20 lows before a turn back higher.   USDX The weekly is turning down against the 1/3/17 highs at 103.91. The daily is turning down against 102.99 high from 3/20/20. The 4 hour is turning up against 89.68. While a pullback remains above there it can see a further bounce higher to correct the cycle from the 3/20/20 highs before turning back lower.  ZN_F  The weekly right side is up with a bullish sequence against the 10/8/2018 lows. The daily right side is up against 128’23.  The 4 hour right side is down against 137’20. While below there it can see further weakness toward 129’00 before turning higher again.

Commodity Dollars

AUDUSD The Weekly is turning up against the 3/19/20 lows at .5506. The daily is turning up against .5506. The 4 hour is turning down against .8007. While below there the pair can correct the cycle up from the cycle up from the March 2020 lows before a turn back higher.  NZDUSD The weekly is turning up and the daily right side is up against the 3/19/20 lows at .5464. The 4 hour is turning down against .7465. While below there the pair can correct the cycle from the 3/19/20 lows before a turn back higher. USDCAD The weekly is turning down against the 1/20/16 highs at 1.4704. The daily right side is down against the 3/19/20 highs at 1.4672. The 4 hour is turning up against 1.2356. While above there the pair can bounce to correct the cycle lower from the 3/31/20 highs. While the bounce continues to show it will remain below the 3/31/20 highs it can continue lower toward 1.2044 in the cycle lower from the 3/19/20 highs.

Crosses 

EURAUD The pairs larger correction against the 1998 high is proposed complete at 1.9810 in March 2020 where the weekly is turning down. The daily right side is down against the 10/20/20 highs at 1.6826. The 4 hour is turning up against the 3/18/20 lows to correct the cycle from the 10/20/20 highs. While a bounce fails below there the pair can see weakness continue.  EURGBP The Weekly right side is up with a bullish sequence against the 2015 lows at .6924. The daily is turning down against the March 2020 highs at .9497. The 4 hour right side is down against the .9230 high from 12/11/20. While a bounce fails below there the pair can continue lower again as it corrects the cycle up from the 2015 lows. GBPAUD The pairs larger correction against August 2015 peak where the weekly is turning down is proposed complete at 2.0852 in March 2020 where the daily is turning down. The 4 hour is turning down. While above 1.7681 the pair can correct the cycle lower from the March 2020 highs before turning lower again. GBPNZD The pairs larger correction against August 2015 peak where the weekly right side is down with a bearish sequence is proposed complete at the 2.1817 high from 3/8/2020 where the daily is turning down. The 4 hour is turning down. While above 1.8926 the pair can correct the cycle lower from the 3/8/2020 highs.

Commodities

CL_F Crude Oil  The weekly is turning up and the daily right side is up against the 4/22/2020 low at 29.00. The 4 hour is turning down against the 3/5/21 highs at 67.79. While a bounce fails below there it can see another swing lower to correct the cycle up from the 11/2/20 lows before a turn back higher. Copper The metal ended a correction of the cycle up from the 2016 lows at the 1.975 lows in March 2020 where the daily right side is up. The 4 hour is turning down against 4.361. While below there the metal can correct the cycle up from the October 2020 lows before a turn back higher. Silver The weekly time frame is turning up and the daily is turning up with a bullish sequence against the 3/18/20 lows at 11.58. The 4 hour is turning down against 28.23. While below there expect more weakness toward 23.00 before the metal can continue higher.  Gold The weekly right side is up against the 1041 lows from December 2015. The daily right side is up against 1454. The 4 hour is turning up against 1675. While above there it can see a bounce to correct the cycle from the 1/6/21 highs. Afterward it can see another swing lower toward the daily buying extension area before a turn back higher.

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