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The U.S. Dollar Just Keeps On Ripping Higher

By Michael KramerStock MarketsNov 15, 2021 11:42PM ET
www.investing.com/analysis/the-us-dollar-just-keeps-on-ripping-higher-200608457
The U.S. Dollar Just Keeps On Ripping Higher
By Michael Kramer   |  Nov 15, 2021 11:42PM ET
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Stocks did nothing on Monday, but that wasn’t where the action was. It was about the dollar and yields, as both pushed higher again. The dollar though, continues to impress and may still have much further to climb based on where the euro has been trading. The dollar index was up by more than 40 bps to around 95.50. I’m still looking for it to reach 96.30, but that may only be a resting point.

The euro could be heading to around 1.11 to the dollar, or 2% lower, putting the dollar index somewhere around 97.50 to 97.85. At this point, the market continues to price in more rate hikes, and until that tune changes, I don’t see much derailing the dollar’s push higher.

USD Index Daily Chart
USD Index Daily Chart

10-Year Treasury Bond

Meanwhile, the 10-year pushed back up to resistance around 1.63%. The spread between US and German bonds is getting wider, and if it is going to widen back to 2.06%, then the iShares 7-10 Year Treasury Bond ETF (NASDAQ:IEF) could be trading around 1.85% very soon.

10-Yr (IEF) Daily Chart
10-Yr (IEF) Daily Chart

S&P 500

The S&P 500 gapped higher by 30 bps to start the day, and that didn’t hold. The S&P 500 futures hit the 78% retracement level of wave A, which may be too much for this to be a true wave B, but we can worry about that later. For now, I am targeting an area of around 4,590 to 4,600 for the leg down.

S&P 500 30-Min Chart
S&P 500 30-Min Chart

Meta Platforms (Formerly Facebook)

It looks like Meta Platforms (NASDAQ:FB) has formed an inverse head and shoulder pattern. I’m hoping this one serves as a continuation pattern, and not a reversal pattern, I am not a fan of this stock. But if it is the reversal kind, then I’d think the stock rise back to $385.

Meta Platforms 1-Hr Chart
Meta Platforms 1-Hr Chart

PayPal

PayPal Holdings (NASDAQ:PYPL) was consolidating yesterday, just below resistance at $213. It could have a nice move higher once above that resistance level, with a big gap to fill up at $230.

PayPal Holdings 1-Hr Chart
PayPal Holdings 1-Hr Chart

Uber

I guess Uber Technologies (NYSE:UBER) was looking to fill that gap around $39. The stock just can’t seem to get out of its own way.

Uber Tech 1-Hr Chart
Uber Tech 1-Hr Chart

General Motors

Looks like General Motors (NYSE:GM) was hitting resistance just as the RSI made a lower high. That would be a bearish divergence pattern and would suggest the top is probably in again at the $63.50 area.

General Motors Daily Chart
General Motors Daily Chart

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The U.S. Dollar Just Keeps On Ripping Higher
 

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The U.S. Dollar Just Keeps On Ripping Higher

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Comments (1)
Damian Wahner
Damian Wahner Nov 16, 2021 7:20AM ET
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Thanks Michael for the information, really think this market is getting ready to cool down, with this last free give away of free money, don't see this market going much higher. Inflation is getting ready to take hold and see a market crash by 2022.
 
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