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World Market Snapshot 27th May 2024

Last week’s events saw market movement, but which markets might attract the laser focus of traders around the world?

US30 vs US500

Last week saw the US30 fall rather heavily compared to the S&P500. These indices are weighted by market capitalization (price x shares = market cap), with bigger stocks holding a bigger percentage of weight in the index. 


On the weekly chart, the GBPCAD has expanded beyond the upper Bollinger Band and breached price highs back to early 2022.

Giant Drop for AUDNZD

A few weeks ago the AUDNZD was near the upper Bollinger Band and received mention in previous weekly updates. Last week the AUDNZD dropped substantially, making anyone holding the pair short a very happy trader.

Gold Decline Following Double Top

Double top on weekly charts can be lucrative setups when the market respects the layout. The large candles that a weekly chart often generates can mean big moves if you can choose the direction with limited swings against you.

This would have been a great opportunity for those who were confident the market would turn down for them, however as the market rose early in the week beyond the all time highs, this would have surely created some disconcertion and worry for the trade.

Let’s not Forget Bitcoin

Bitcoin followed a similar path to gold recently, however last week the drop was not in line with that of gold. Reflecting back to the US30 and US500 (S&P), where the drop in US30 was felt far more than that of the US500, perhaps there are a couple of mean reversion setups building.