Wednesday, May 17, 2023

Solid Day For Stocks

It was another solid day for Nasdaq 100 futures after reaching another 2023 high. The Dow and the S&P 500 both shot up to put recent high back in focus. The USD started off strong but faded towards the end of the North American session. Oil gained again to hint of a key higher low, which if confirmed would shift momentum towards 75. Meanwhile, Gold futures tested 1980, where a key 38.2% retracement lies, but will now need to reclaim 2000 to avoid a deper dip. And, interest rates crept higher as US 10-year futures rejected at the 50-day MA.