EURUSD on a Friday 🤝

Here's another look at smart money this week. USOil positioning has increased for the past 5 weeks to be more net bullish. Commodities end up being at the top of the sentiment list. Today's inflation news might have been promising for these assets as well as the indices which are looking to recover from the last week's drop.

COT Data drops in a few hours...

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Inflation forecasts show a continued fall in rates through Q4 of 2024. CPI m/m stayed the same which could be because of a stronger labor market. Both inflation and jobs need to comply to add certainty in a dovish sentiment from the Fed.

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EU

I am also looking for a short term sell on XAUUSD. I will keep members posted if I take a trade!

Good morning ☕

EU is tanking! 😵

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At +6 "Very Bullish", this commodity is something worth considering to the long side. COT seems to be buying up more and more long contracts over the span of several weeks. It is now the most longed asset on the EF as well as over 75% long. The currency pair bias shows a steady increase in net bullish positioning since early July.

Pakistan's recent halt on Russian imports and China's economic struggle have brought recent downside to prices. However, rising CPI y/y in the US and expected rise in global inflation are also a good sign for the bulls, which price is in direct correlation with inflation. As long as USOil can stay above this support level, it seems like price could test back up at the highs.

BOUGHT SPX500 UPDATE (Entered 3 days ago)
📈 Bought at: 4462.72 (Floating +158.10 pips 🔥)
🚫 Stop: 4463.31 (Trailed: +5.90 pips above entry)
🎯 Target: N/A

- Frank

We love seeing members get funded 🤝

Sale ending soon

The SPX500 is on some major support to start a week of big retail earnings. Walmart and others are to report in the next few days which could be bringing in a whole new wave of volatility. Struggling with the 2 year bond yield rise, stocks are under pressure. However, COT shows us something that may counter act the recent selling pressure on the indices.

Smart money is buying up long contracts, meanwhile covering a hefty amount of shorts from last Friday's report. Because of the long term uptrend, this index looks to be in another healthy pullback. In a similar case to oil, price needs to stay above this trend line to remain bullish. Otherwise, price could retrace to even lower levels.

EU continues lower! Trailing stops further. - Nick