Regardless of the asset class, I still feel the US500 is central to the thesis around broad risk and sentiment – On the move today, we’ve broken the 50-day MA today, but the 61.8% fibo and I-cloud looms large and there is much wood to chop here. This could hold a lot of insights into where global markets are going to head in the near-term. On the daily time frame, on this current set-up and flow, there is not much to suggest being positioned any other way than long right now – I am sure many will disagree.
A number of factors are at play here, but at its heart we’ve see Trump announcing the Administrations guidelines for “opening Up America Again” – https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rYDX4WWYX9Qg/v0 . However, we’ve also seen good news at a corporate level, with news flow from Gilead, Apple and Boeing, pushing stocks higher in the after-market. Volumes are hardly emphatic today, but the feel into the weekend is positive. We’ve seen China’s Q1 GDP come in at -6.8% YoY, slightly worse than the -6% expected, but this is considered old news for ther forward-looking markets.
As we can see the higher frequency data has shown some improvement from the February numbers, but there has been no limited reaction to the data.
One aspect I have been focused on is US earnings and what the corporate’s are going to reveal. I have put some video’s together on the earnings season and why traders of all markets/instruments should be interested – You’ll find it here – https://pepperstone.com/au/market-analysis/us-earnings-season-q1-2020
You’ll see the topics:
- Introduction to US earnings season
- How to master US earnings season with Pepperstone
- 5 key focal points to look out for
- What to expect from US earning season?
- The road to earnings- the feel of the markets
This chart I complied may be of interest as well, as it shows the pedigree around earnings for some of the more influential names that I expect either to get real interest from clients or even move the broader market. If you’re a client and have a stock you want added, just reach out.
I will also be holding a webinar with the traders at FX Evolution on Wednesday at 7pm AEST in which we try and make sense of the market- The focus is:
‘ How to day trade forex with cross currency analysis’
LIVE cross-currency analysis and charting using the US Dollar Index
A dive into major currency pairs AUDUSD, EURUSD, GBPUSD and more
How to identify a trend bias and develop your system during times of volatility
Live Q&A with Pepperstone’s Head of Research Chris Weston and the FX Evolution team
Sign up for it here, but I hope it should give some good insights into the current state of play in the markets, with some trading education/strategy along the way – https://register.gotowebinar.com/register/5225334859257589515?source=DFX
Have a great weekend