Daily Alert: Thursday 23rd August 2018

Mark NugentAug 2018, Daily Alert

Daily Alert: Thursday 23rd August 2018

Updated trading plan is here – https://goo.gl/HKbn7M

The FOMC minutes referred to trade wars as being a downside risk and initially the market view was that the Fed was being dovish and the USD dropped. However this soon reversed as further reading of the minutes revealed that they said it would soon be appropriate to raise rates again and it may be close to the time to stop referring to their policy as “accommodative”.

The S&P500 records the longest bull run in history (3,453 days without a drop of 20% or more). US equities move sideways and elsewhere the indices are up. Oil rises on two stock drawdowns this week.

The USD drop looks to be running out of steam. The EUR and GBP continue to rise and the JPY weakens slightly.

My EURUSD is taken out at breakeven. The Euro50 long continues to make profit.

It’s a Thursday in August with no economic news scheduled for the rest of the week. I will look for equity pullbacks as long entry signals and that’s about it.

I’ll be back with you next Tuesday.

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