Technical Analysis

Still lower on the day but well off the lows. The US stocks are recovering and trading near highs for the day.  The snapshot of the major indices shows the S&P index -21.52 points. The NASDAQ index -53.94 points and the Dow down -282.29. Those levels are well off session lows where the Dow was down as much as 457.91
Rough day for crude oil Fears that Russia will block an OPEC+ quota extension have hammered oil prices today. WTI is now down $4.27, or 4.75%, to $55.35. The drop puts crude in-line for the second-lowest close of the month and puts the market on eggshells ahead of the December 5 OPEC meeting in Vienna.
Fresh highs  NZD/USD is at the best levels of the day ahead of trade balance numbers to come at 2145 GMT (4:45 pm ET). The kiwi has been solid since yesterday’s strong Q3 retail sales report. Excluding inflation, sales rose 1.6%, far above the 0.5% expected. Despite the huge beat, the reaction has been tepid
The 61.8% retracement is being approached The EURUSD has moved toward the next downside target at 1.10298 (see earlier post HERE). That is home to the 61.8% of the move up from last week’s lows. Also near the level is the swing high from November 15. That level was broken on that day and the