US2Y Technical Analysis
The 2-year yield is rising a bit in early trading here on Friday. That continues to put pressure on some things out there, particularly non-yielding assets. But we’ll have to see. The market has, at times, completely ignored that. It’s just something to keep in mind.
XLE Technical Analysis
The XLE ETF is the first thing I’m looking at beyond rates. I’m looking for an opportunity to pick up energy cheaply, and the ETF market is much safer than going into a futures position, for example, light sweet crude. This is a very bullish market and has been for some time.
We recently formed a massive bullish flag and then exploded higher. We have not filled that measured move, so short-term pullbacks at this juncture, I think, will end up being opportunities that I plan on taking advantage of to the upside. I’ll be watching today to see if we get a little bit of a bounce, a V-shaped pattern, on short-term charts, and take advantage of it.
CAC 40 Technical Analysis
Copper Price Forecast
Every new Copper analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Copper forecastsThe CAC in Paris has fallen pretty significantly. It is testing a support level. If we can get some type of stability here, I think it might bode well for a short-term bounce-type of play. We don’t seem to have the momentum to truly break out quite yet, but this is an area where we have seen action previously, and market memory tells me that perhaps this is an area that might be worth exploring.
Copper (HG) Technical Analysis
The copper market had initially broken significantly below the $6.50 level, but Asians have turned it around, and it continued into European trading. I believe copper still is a cyclically bullish market. I’m looking at short-term pullbacks as buying opportunities during the session.
As we head into the weekend with higher rates, we are approaching the 5% level in the 10-year yield. We’re only 2 basis points from there, so we’ll have to wait and see.