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Scrap 304 SS Solid Idx (SSPAUSY39.CM)

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Scrap 304 SS Solid Idx Futures Market News and Commentary

U.S. Economic Strength Boosts the Dollar

The dollar index (DXY00) on Thursday rose by +0.19%.  The dollar Thursday recovered from a 7-3/4 month low and posted moderate gains.  Better-than-expected U.S. economic news Thursday showed economic strength that is hawkish for Fed policy, which pushed bond yields and the dollar higher.  However, strength in stocks Thursday has curbed liquidity demand for the dollar and limited the dollar’s upside.   

Stronger-than-expected U.S. economic data Thursday was bullish for the dollar.  Weekly initial unemployment claims unexpectedly fell -6,000 to a 9-month low of 186,000, showing a stronger labor market than expectations of an increase to 205,000.  Also, Q4 GDP rose +2.9% (q/q annualized), stronger than expectations of +2.6%.  In addition, Dec new home sales unexpectedly rose +2.3% m/m to 616,000, stronger than expectations of a decline to 612,000. Finally, Dec durable goods orders rose +5.6% m/m, stronger than expectations of +2.5% m/m and the biggest increase in nearly 2-1/2 yea... Read more

Price Performance

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Period Period Low Period High Performance
0.2397 +2.75%
on 08/10/22
0.2708 -9.05%
on 08/19/22
-0.0086 (-3.37%)
since 08/05/22
0.2302 +6.99%
on 07/19/22
0.5206 -52.69%
on 06/14/22
-0.2565 (-51.01%)
since 06/06/22
0.2302 +6.99%
on 07/19/22
0.6035 -59.19%
on 02/23/22
-0.1483 (-37.58%)
since 09/03/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 100% Sell with a Strengthening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

3rd Resistance Point 0.2463
2nd Resistance Point 0.2463
1st Resistance Point 0.2463
Last Price 0.2463
1st Support Level 0.2463
2nd Support Level 0.2463
3rd Support Level 0.2463

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52-Week High 0.6035
Fibonacci 61.8% 0.4609
Fibonacci 50% 0.4169
Fibonacci 38.2% 0.3728
Last Price 0.2463
52-Week Low 0.2302

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Barchart Futures Commentary

Barchart Futures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Delivered every Wednesday and Friday morning to your inbox.

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