The stock market tried to fight the selling as the media experts came up with more reasons to argue why stocks should not move higher. Near the top of the new list is the fact that the dollar closed higher for the eighth week in a row. This coincided with last week’s Reuter survey where 81% of the FX strategists surveyed think that the risk is for further dollar gains. Their outlook for 2024 is less bullish.
On the weekly chart of the Dollar Index, the 38.2% resistance of the decline from the 2022 high at 115.06 has just been exceeded with the 50% resistance at $106.91. The March 2022 high is at 105.87 with the starc+ band at 106.52.
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