Forex Signals Brief for Mar 3: Stocks Looking Shaky
Rowan Crosby • 2 min read
US equity markets continue to look a little shaky at the moment, while USD volatility is on the rise.
The SPX put in another red day and importantly, it looks like it has made yet another lower high. The bullish run in stocks appears to be slowing down and the question is now whether or not we see a correction.
The USD meanwhile has pulled back after a huge surge higher. The move flipped the majors for the most part and there is a fair bit of volatility in most markets at the moment.
The main headline from yesterday was that Texas has come out and scrapped its mask mandates and fully opened up the state. We can see that the narrative is changing across the board right now, which to me suggests the China virus is getting phased out.
The Data Agenda
The main data point of interest for me today will be the private ADP jobs report. This is a preview of sorts of the official number on Friday.
We are expecting to see 177K new jobs created last month, which is slightly higher than the prior.
With states starting to open up as we’ve already pointed out, this is a big boost to the economy going forward.
Forex Signal Update
The FX Leaders Team hit 3 winners from 5 trades, with a nice result in our GOLD trade.
We have two open signals so look to the forex signals page for all the latest developments.
SPX – Watching
We can see on the charts, the SPX has been making a series of lower highs, which is bearish. Is there some downside ahead?
Silver – Pending Signal
BTC appears to have failed at the $50,000 level for the time being and is starting to make lower highs now.
As mentioned, we will be watching the $44,400 level to the downside very closely as to me that is the real line in the sand right now.