Stocks move a little higher after Beige Book

Technical Analysis

Author: Greg Michalowski | usdjpy

Nasdaq back in the the black

The US stocks have moved higher after the beige book with the Nasdaq back in the black.  The S&P and the Dow are still in the red with the S&P down -11 points and the Dow down about -200 points. 

The USDJPY is higher. It has traded above and below its 100 hour MA over the prior 6 hourly bars (at 105.88). The current bar is moving away. It trades at 106.00

The commodity currencies that went to the edge earlier in the NY afternoon session, and has moved away from those edges (see prior post).   It's risk on for those pairs...for now.

Looking ahead, the talk is that the tariffs will be announced tomorrow (unless the President does an about face at the last minute which is not expected). The ECB meets tomorrow.  How will Draghi dance?  The US employment is on Friday with non farm payroll expected to rise by 200K (was 200K last month too).  The unemployment rate is expected to fall to 4.0%. Average hourly wages are expected to rise by 0.2% vs 0.3% last month. The YoY is expected to dip to 2.8% from 2.9% last month.