Market update: 30/09/22

UK Bond

The bond market going crazy in UK. People are selling bonds in UK which put pressure on the pound.

Other bond markets are rising as well but not as quickly as UK.

US market

the Nasdaq is near a breaking point on the downside, other indexes in Europe already broke down so I expect the US will follow shortly.

Nasdaq Breaking out on the downside by zuzuk on TradingView.com

Commodities

Uranium

Uranium ETF continue to form bull flag by zuzuk on TradingView.com

Uranium ETF continues to form a bull flag, the trend on the upside is not broken and it should break out at the end of the year or early-mid next year, so unless the trend change, uranium is looking great

Oil

weak oil prices by zuzuk on TradingView.com

Oil is looking weak for now, but it might be close to a $70-75 support, definitely too early to tell and not the time to start a trade on the long side. I would wait for the price to come close to the 200ma to start looking at it on the upside, but no point speculating early and waiting for a more interesting time.

Coal

I could not get a chart for coal but it is looking strong and with the current energy crisis, the easiest way to create electricity is using coal.

Dry bulk

Dry Bulk ETF by zuzuk on TradingView.com

Dry Bulk ETF is looking weak but looks like forming a bottom, anything could happen for now, but it is worth looking closely in case the bottom is forming more clearly.

Precious Metals (Gold, Silver, Platinum)

Platinum, Gold and Silver by zuzuk on TradingView.com

Precious metals are starting to form a bottom, but quite early to know it for sure, the good thing is that they do not seem to be following the Nasdaq but they still look weak. Silver is the most promising as it is now forming some sort of dragonfly Doji. Definitely getting interesting.

Conclusion

The tech and other popular industries stocks are starting to fall and commodities stocks are forming a bottom, energy is definitely looking much stronger than precious metals.