Yesterday before the market opened there was half a million...

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golden6

11,370 Posts.

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04/06/21

10:32

Post #: 53643968
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Originally posted by Diver Dan: ↑

Hi @golden6, as you know by now, we got a DXY run higher that correlates with the positive ADP employment data that showed jobs distribution of employment across the spectrum and beat expectations. Since that does not run tightly with government statistics, the equity market is in a holding pattern waiting for Friday's 08:30 release of the more important BLS NFP data/employment situation for May. The weekly unemployment claims picture was just muted. The big DXY spike gets traction at 08:20 EDT. The GC spill from Thursday gets traction at the same time. You can see gold had the inverse reaction and fell down to the GC 20-day average on the daily chart. 1850 is the trend line. Here is the that old bracket chart. The green line is the 10-year Treasury futures. Here is the weekly chart as well. There was some ES futures strength after some talk of changes in what we can expect from corporate tax rates, but that was single prints and the ES profile looks like short covering from weekly support at the 4160 area and the bottom of balance near 4173 mentioned in the last update. Equity futures traders would be cautious here going into the employment report tomorrow. Some with strong opinions will front run it but others will trade responsively. Overall I would be cautious here.

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Yesterday before the market opened there was half a million shares for sale on RMS taking the price down by 4c per share. Buyers were waiting for it. Knew then that we were in for a bumpy ride on POG for next week or so.
Thanks for the report and charts- much appreciated.
4 Upvote

0 Great analysis

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