DAILY NEWS BRIEF - MARKET OUTLOOK

May 20, 2026

Here are today's directional views from the global research desks of Ventura Prime FX! These are starting points for your own research to identify opportunities that make sense for you.

Crude Oil (WTI) Gold GBP/USD USD/JPY EUR/USD Silver Dow Jones (CME) S&P 500 (CME)

Market Wrap

Market Wrap: Stocks, Bonds, Commodities

On Tuesday, both the S&P 500 (down 49 points or 0.67% to 7,353) and the Nasdaq 100 (down 175 points or 0.61% to 28,818) extended their decline to the third session.

And the Dow Jones dropped 322 points (-0.65%) to 49,363.

Rallying U.S. Treasury yields kept dragging market sentiment down. The U.S. 10-year Treasury yield marked an intraday high of 4.687%, the highest level since January 2025, and the 30-year Treasury yield touched 5.190%, a 19-year high.

Tech giants were mostly lower at close, with Alphabet (GOOGL) falling 2.34%, Amazon (AMZN) down 2.08%, Microsoft (MSFT) down 1.44%, and Tesla (TSLA) down 1.43%.

Nvidia (NVDA) closed 0.77% lower. The chip giant will report earnings after the market closes on Wednesday.

Intel (INTC) reversed course to close higher, gaining 2.43%. And Micron (MU) added 2.52%, and Sandisk (SNDK) was up 3.77%.

Chewy (CHWY) fell 9.11% after the pet-care company’s chief executive officer pointed out that U.S. consumers are financially stretched.

Akamai Technologies (AKAM) lost 6.25% after the cloud computing company announced a 2.6-billion-dollar convertible bond offering.

In Europe, the DAX 40 closed 0.38% higher, and the FTSE 100 edged up 0.07%, while the CAC 40 dipped 0.07%.

U.S. WTI crude futures for July delivery dipped 23 cents to 104.15 dollars a barrel, and gold dropped 84 dollars (-1.85%) to 4,482 dollars an ounce.

Market Wrap: Forex

The U.S. dollar became firm again, lifted by rallying Treasury yields. The dollar index regained the level of 99.

EUR/USD was down 51 pips to 1.1604.

GBP/USD slipped 38 pips to 1.3395. The latest U.K. jobless rate climbed to 5.0%, higher than expected.

USD/JPY gained 26 pips to 159.09. Japan’s 10-year government bond yield rose to levels above 2.8% on Tuesday, the highest level since September 1996.

AUD/USD declined 62 pips to 0.7104.

USD/CHF climbed 47 pips to 0.7888.

USD/CAD added 10 pips to 1.3749. Canada's inflation rate accelerated to 2.8% year on year in April (vs 3.0% expected).

Bitcoin was little changed at 76,700 dollars.

Morning Trading

In Asian trading hours, EUR/USD and GBP/USD were both under pressure, at 1.1600 and 1.3392 respectively.

Meanwhile, USD/JPY eased to 158.96.

Gold remained subdued at 4,481 dollars.

Bitcoin was broadly flat at 76,718 dollars.

Expected Today

Germany's producer price index is estimated to be up 1.6% year-on-year in April.

U.K. inflation rate is expected to ease to 3.0% year-on-year in April.

In the U.S., the Federal Reserve will release its latest FOMC meeting minutes.

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Crude Oil (WTI)‎ (N6)‎ intraday: under pressure.

Pivot:

103.10

Our preference:

Short positions below 103.10 with targets at 100.25 & 98.60 in extension.

Alternative scenario:

Above 103.10 look for further upside with 104.10 & 105.15 as targets.

Comment:

A break below 100.25 would trigger a drop towards 98.60.

Trade

Gold intraday: aim @ 4525.

Pivot:

4452

Our preference:

Long positions above 4452 with targets at 4505 & 4525 in extension.

Alternative scenario:

Below 4452 look for further downside with 4435 & 4418 as targets.

Comment:

The next resistances are at 4505 and then at 4525.

Trade

GBP/USD intraday: choppy.

Pivot:

1.3420

Our preference:

Short positions below 1.3420 with targets at 1.3355 & 1.3330 in extension.

Alternative scenario:

Above 1.3420 look for further upside with 1.3450 & 1.3480 as targets.

Comment:

As long as 1.3420 is resistance, expect a return to 1.3355.

Trade

USD/JPY intraday: the upside prevails.

Pivot:

158.75

Our preference:

Long positions above 158.75 with targets at 159.25 & 159.45 in extension.

Alternative scenario:

Below 158.75 look for further downside with 158.55 & 158.35 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Trade

EUR/USD intraday: key resistance at 1.1625.

Pivot:

1.1625

Our preference:

Short positions below 1.1625 with targets at 1.1575 & 1.1560 in extension.

Alternative scenario:

Above 1.1625 look for further upside with 1.1645 & 1.1660 as targets.

Comment:

Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Trade

Silver intraday: 76.35 expected.

Pivot:

73.30

Our preference:

Long positions above 73.30 with targets at 76.35 & 77.40 in extension.

Alternative scenario:

Below 73.30 look for further downside with 72.30 & 70.90 as targets.

Comment:

The RSI advocates for further upside.

Trade

Dow Jones (CME)‎ (M6)‎ intraday: intraday support around 49290.

Pivot:

49290

Our preference:

Long positions above 49290 with targets at 49700 & 49845 in extension.

Alternative scenario:

Below 49290 look for further downside with 49150 & 49000 as targets.

Comment:

A support base at 49290 has formed and has allowed for a temporary stabilisation.

Trade

S&P 500 (CME)‎ (M6)‎ intraday: intraday support around 7355.

Pivot:

7355

Our preference:

Long positions above 7355 with targets at 7431 & 7454 in extension.

Alternative scenario:

Below 7355 look for further downside with 7331 & 7315 as targets.

Comment:

A support base at 7355 has formed and has allowed for a temporary stabilisation.

Trade

TRADING FOREIGN EXCHANGE ON MARGIN CARRIES A HIGH LEVEL OF RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

THE POSSIBILITY EXISTS THAT YOU COULD SUSTAIN A LOSS OF SOME OR ALL OF YOUR INITIAL INVESTMENT AND THEREFORE YOU SHOULD NOT INVEST MONEY THAT YOU CANNOT AFFORD TO LOSE.

THE HIGH DEGREE OF LEVERAGE CAN WORK AGAINST YOU AS WELL AS FOR YOU. BEFORE DECIDING TO TRADE FOREIGN EXCHANGE OR CFD’S YOU SHOULD CAREFULLY CONSIDER YOUR INVESTMENT OBJECTIVES, LEVEL OF EXPERIENCE, AND RISK APPETITE.

YOU SHOULD BE AWARE OF ALL THE RISKS ASSOCIATED WITH FOREIGN EXCHANGE AND OTHER CFD TRADING, AND SEEK ADVICE FROM AN INDEPENDENT FINANCIAL ADVISOR IF YOU HAVE ANY DOUBTS. VPFX RECOMMENDS READING THE RISK DISCLOSURE SECTION OF THE PROSPECTUS FOR ANY FINANCIAL PRODUCT MENTIONED.

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