The broader S&P and NASDAQ index snapped 4-day winning streaks, while the Dow industrial average extended its streak to 5 days. UnitedHealth soared by 7.27% today and was responsible for over 200 points of the Dow’s gains today. The Dow closed up $113.89 points.

A snapshot of the market shows

• Dow industrial average rose 113.89 points or 0.33% at 34509.04
• S&P index fell -4.64 points or -0.10% at 4505.41
• NASDAQ index fell -24.88 points or -0.18% at 14113.69

The small-cap Russell 2000 fell -19.80 points or -1.01% at 1931.08

The winning sectors today were led by:

• Healthcare, +1.5%
• Consumer staples +0.35%
• Consumer discretionary, +0.27%

The lagging sectors today included:

• Energy -2.75%
• Financials -0.68%, and
• Communication services, -0.62%

The top Dow stocks this week included:

• Salesforce +9.42%
• 3M +5.15%
• Home Depot +4.55%
• Caterpillar was 4.27%

The laggards of the Dow this week included:

• Verizon -5.21%
• Travelers -3.33%
• Merck -1.5%
• Cisco -1.20%

A look at the major indices this week showed gains across the board:

• Dow industrial average rose 2.29%
• S&P index rose 2.42%
• NASDAQ index rose 3.32%
• Russell 2000 rose 3.56%

This article was written by Greg Michalowski at www.forexlive.com.

BOC’s Macklem comments in a Globe and Mail article

• Inflation is going to be around 3% going forward
• Surprised by ongoing strength in demand in the economy, and persistence of underlying inflationary pressures
• Labor markets have eased a bit but remained a very tight
• Our forecast has inflation hovering around 3% for next year and then gradually moving back to 2% target
• Need to see a better balance in the labor market and we need to see wage growth moderate

Despite the more hawkish tilt, the USDCAD is trading to a new session high. The price moved above its 100-hour moving average at 1.31937. Its 200-hour moving average looms above at 1.3242. The price is also above its 38.2% retracement of the move down from last week’s high. That level comes in at 1.31937.

For an updated view of the technicals as we head into the close and into the new trading week, click on the video below.

This article was written by Greg Michalowski at www.forexlive.com.

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The price of WTI crude futures is settling at $75.42. That’s it down $-1.47 or -1.91%. Although down nearly 2% today, the price this week is still up 2.09% helped by a more positive technical view.

Looking at the daily chart, the price moved above its 100-day moving average on Tuesday’s trade at $73.68 (blue line in the chart above). The price extended higher on that day and continued the rally on Wednesday and Thursday where the price started to test its higher 200-day moving average. That level comes in at $77.32 (green line in the chart above).

The high price today stalled against that level (the high reached $77.30) and buyers turn to sellers. On the daily chart, the price came back down toward the June 5 low near $75.06. The low price today reached $75.11 just above that level.

Drilling to the hourly chart, the fall lower today also stalled against its 100-hour moving average (blue line in the chart below).

So going into the new trading week, the 100-hour moving average and swing level from June 5 will define support. Move below and the bias would have traders looking toward the 100-day moving average is $73.68. On the topside, the 200-day moving average at $77.32 becomes the key target to still get to and through.

This article was written by Greg Michalowski at www.forexlive.com.

The USDCHF broke sharply to the downside this week following the dollar’s move lower on the back of lower CPI and PPI. The prices of imports also came in lower with the YoY now down -6.1%. That sent yields lower and it pressured the USDCHF as well.

Technically, the price fell below January 2021 at 0.87568. It would ultimately take a move above that level to hurt the sellers looking for more downside momentum on the major break. Ahead of that the 2014 lows near 0.86959 may be a closer target that if broken would give a short-term tilt in the favor of the buyers.

Drilling to the hourly chart below, the yellow area represents the swing levels off of the daily chart from 2014 and 2021’s. In between sets the falling 100-hour moving average which currently comes at 0.87102. That moving average will likely be the 1st target resistance to get above if the buyers are to take control (it is moving down at a fairly rapid clip).

Ultimately if the price of the USDCHF gets above the 100-hour moving average, it is just step one in the rebuilding of any sort of buyer’s control.

• The low from 2014 at 0.86959,
• The 38.2% retracement of the move down from the July 6 high at 0.87304, and
• The 2014 low at 0.87568

Are ALL targets that would need to be broken to give the buyers more control, and also start to worry the sellers.

The current price at 0.8618 is still a bit always from those levels.

This article was written by Greg Michalowski at www.forexlive.com.