Daily Market Overview

Daily Market Overview

  • Market News
  • Daily Market News
  • 2021, 15 March

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. Near term the Yen crosses should continue higher in the daily & weekly cycles with exception of the USDJPY that should see weakness continue alongside the dollar. While below the March 2021 highs the USDX can see weakness against most currencies.

Indices

IBEX  The weekly & daily time frame charts remain bearish favoring longer term weakness toward the 2526 100% extension area later. The 4 hour hour right side is up with a bullish sequence against the 6337 lows from 10/29/20. While above 8239 the index is expected higher toward 9300 in the cycle up from the March 2020 lows.  FTSE The weekly & daily is turning up against the 3/16/2020 lows at 4906. The 4 hour right side is up with a bullish sequence against the 10/28/20 lows at 5524. While above 6465 the index can continue higher. 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 27154. The hourly is favored turning up against 28294 & while above there can continue toward 32000 in the larger cycle up from the March 2020 lows. DAX The larger correction against 2009 lows is proposed complete at 8236 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 10/30/20 lows at 11444. While a pullback remains above 13868 it is expected higher toward the 15000 area in the cycle up from the March lows. Dow The weekly and daily right side is up against the March lows at 18115. The 4 hour right side is up with a bullish sequence against the 10/30/20 lows at 25931. While above 30510 the index can extend higher toward 34000 in the cycle up from the March lows. SPX The larger correction against the 2009 low is proposed complete at 2195 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 10/30/20 lows at 3229. While above 3723 the index can continue higher again toward 4100 in the cycle up from the March lows.

Yen Pairs

GBPJPY: The daily is turning up against the March lows at 124.07.  The 4 right side is up against 147.34. The hourly right side is up against 149.33. While a pullback remains above there the pair can see strength higher. EURJPY:  The daily right side is up against 114.47. The 4 hour right side is up against 125.09. While above 128.14 it can see the 136.00 area in the cycle up from the March 2020 lows. USDJPY The daily is turning down against the March highs at 111.68.  The pair is favored correcting the cycle lower from there. The 4 hour right side is up against 104.88.  While above 105.82 the pair can see further strength into this 108.52 to 110.76 area 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 turning up against 81.95. While above 82.76 it’s expected higher toward the 91.00 area in the cycle up from the March lows. CADJPY: The Daily right side is up against the March 2020 lows at 73.78. The 4 hour time frame right side is up with a bullish sequence against 80.95. While above 85.70 the pair can later see the 90.00 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 right side is up against 1.1834.  While above 1.1834 it can later see the 1.2881 area before it corrects the cycle from the 3/23/20 lows. GBPUSD The weekly right side is down against the 7/15/14 highs at 1.7168. The daily right side is up against 1.2682. The 4 & 1 hour are turning up against 1.3775.  While above there we expect a turn back higher.   USDX The weekly is turning down against the 1/3/17 highs at 103.91. The daily right side is down against 102.99 high from 3/20/20. The 4 & 1 hour are turning down against 92.51. While below there it can see weakness continue toward 87.40 before it corrects the cycle from the 3/20/20 highs.  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 128’22.  The 4 hour right side is down against 137’20. While it shows it will remain below there it can see further weakness toward 130’00 before turning higher again.

Commodity Dollars

AUDUSD The Weekly is turning up against the 3/19/20 lows at .5506. The daily right side is up against .5506. The 4 & 1 hour are turning up against .7617. While above there pair can see a turn back higher toward .8700 before it corrects the cycle from the March 2020 lows.  NZDUSD The weekly is turning up and the daily right side is up against the 3/19/20 lows at .5464. The 4 & 1 hour are turning  up against .7099. While above there we expect it continues toward .8000 in the cycle from the 3/19/20 lows. 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 & 1 hour are turning down against 1.2748. While below there it can continue lower again toward 1.2044 before it corrects the cycle from the March 2020 highs.

Crosses

EURAUD The pairs larger correction against the 1998 high is proposed complete at 1.9797 in March where the weekly is turning down. The daily right side is down against 1.6826.  The 4 hour right side is down against 1.5947. While below 1.5611 the pair can see further weakness continue. EURGBP The Weekly right side is up with a bullish sequence against the 2015 lows at .6959. The daily is turning down against the March 2020 highs at .9497. The 4 hour right side is down against the .9232 high from 12/11/20. While below .8731 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 2.0850 in March 2020. The daily right side is down with a bearish sequence against the 10/22/20 highs at 1.8518. While below 1.8115 the pair can see weakness continue. GBPNZD The pairs larger correction against August 2015 peak where the weekly right side is down with a bearish sequence is proposed complete at 2.1826 high from 3/8/2020. The daily right side is down with a bearish sequence against the 8/20/20 highs at 2.0289. The 4 hour right side is down with a bearish sequence against 1.9973. While below 1.9463 the pair can see weakness lower continue.

Commodities

CL_F Crude Oil  The weekly is turning up and the daily right side is up against the  4/22/2020 low at 28.24. The 4 hour right side is up with a bullish sequence against 59.21. The 1 hour is turning up against 63.10.  While above there expect it continues higher. Copper The metal ended a correction of the cycle up from the 2016 lows at the 1.975 lows in March where the daily right side is up. The 4 hour right side is up against 3.487.  While above 3.850 the metal can continue higher. Silver The weekly time frames is turning up and the daily right side is up against the 3/18/20 lows at 11.58. The 4 & 1 hour are turning up against 24.79. While above there 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 1452. The 4 & 1 hour are turning up against 1676. While above there the metal can continue higher again.

Trade Safe & Good Luck!

Lewis 

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