US stocks open sharply higher today with S&P 500 and NASDAQ hitting new record highs. NASDAQ is clearly leading the way higher. It's staying well inside near term rising channel, without clear upside acceleration so far. But as long as the channel holds, we'd expect further rise to 61.8%...
Asian markets are staying in full risk on mode, except China, following the record runs in US overnight. However, this time, Dollar is not facing much selling pressure, but recovered instead. The reflation trade and strong rally in treasury yield might finally start to give the greenback a floor....
NASDAQ was finally back in the driving seat overnight, closing at new record high at 13067.47, up 2.56% or 326.68 pts. S&P 500 rose 1.48% to 3803.79 while DOW rose 0.69% to 31041.14. All were new records. Technically, next medium term target for NASDAQ will be 61.8% projection of...
As the COVID-19 vaccine is released, life will revert to the “old normal”. However, that doesn’t necessarily mean it will be good for the markets!
It has been over a year since the first cases of the COVID-19 were diagnosed in Wuhan, China. As a result of the virus, we...
Dollar turns softer again in Asian session today as markets are back in full risk on mode. Following the record runs in US, Nikkei is also hitting new 30-year high. Yen is following as second weakest for now. However, risk appetite is not clearly seen elsewhere. Australian and Canadian...
US stocks resumed recent up trends overnight as supported by the pandemic fiscal stimulus. All three major indices, DOW, S&P 500 and NASDAQ closed at new record highs. DOW's close above 38.2% projection of 18213.65 to 29199.35 from 26143.77 at 30340.30 is taken as a sign of solid underlying...
US stocks ended mixed overnight with NASDAQ closed at another record, but DOW edged down slightly. Fed left monetary policy as widely expected. FOMC noted, "path of the economy will depend significantly on the course of the virus," and it pledged to "be prepared to adjust the stance of...
Sterling was in free fall last week after both UK and EU admitted that a no-deal Brexit is more likely than not. Negotiation deadline was ended to end of Sunday. Euro and Dollar, followed as the next weakest and focus turned to rally in commodity currencies. In particular, Australian...
Sterling softened again after the Brussels meeting ended with nothing more than comments that UK and EU are still far apart. Yet, traders are still holding their bets for now. Yen and Dollar also shrug off the deep pull back in US stocks overnight. Some fresh selling is seen...
NASDAQ suffered a steep pull back and ended down -1.94% at 12338.95 overnight, after hitting new record high at 12607.14. Stalled stimulus talks in the US was a factor putting investors on guard. The Congress has less than tw0 weeks to try and reach a comprise before budget deadline....
Short term Elliott Wave View in Nasdaq (NQ) suggests the Index ended wave 2 on November 10 at 11505.33. The Index has since turned higher in wave 3. The internal of wave 3 is unfolding as a 5 waves impulse. Up from wave 2 low at 11505.33, wave (i)...
Stocks around the world skyrocketed on news this week that the Covid-19 vaccine being developed by Pfizer and BioNTech is more than 90% effective in protecting against the virus. That’s a very impressive number when considering that it’s much higher than the most optimistic expectations and even more so...
US equities continued their mixed path on Tuesday, as value stocks extended gains while tech shares declined. Investors dumped tech stocks that rallied amid virus lockdowns and focused on the sectors that have been damaged the most during the pandemic. The u-turn has to do with the successful late-stage...
The forex markets turned mixed in Asian session today as the boost from coronavirus vaccine faded quickly. The close in US stocks overnight was rather disappointing and DOW ended up just 2.95%. NASDAQ has indeed closed with -1.53% loss. In the currency markets, Yen is trying to recover but...
Dollar's decline is slowing a little bit in Asian session but there is no sign of a turnaround. The greenback remains the worst performing one for the week, followed by Yen, on strong risk-on markets. Australian Dollar is the strongest one, followed by other commodity currencies. FOMC meeting overnight...
Movements in the forex markets in reaction to the US elections were relatively indecisive, comparing to the strong risk-on moves in the stocks. There is no clear follow through selling in Dollar and Yen so far, while commodity currencies are struggling to extend gains. Focuses will now turn to...
The US stock markets responded to US elections result in very bullish way. NASDAQ, in particular, shone with 3.85% gain while S&P 500 also added 2.21% overnight. Both indices are set to resume the record runs.
NASDAQ's consolidation from 12074.06 looked completed with three waves to 10822.557, after breaching 55...
Biden has claimed victory, Trump has claimed victory but counting continues in the key swing states. The reality is the US election remains up in the air.
At the time of writing Joe Biden has 238 vs Trump’s 213 but the final result hangs on the key swing states and...
Investors could have been anticipating an October surprise. But none could have expected it to come that early, with US President Donald Trump's coronavirus infections. The world has been in historically high level of uncertainty ever since the virus outbreak in Wuhan of China half a year ago. And...
Asian markets trade with a mixed tone today despite strong rebound in the US overnight. Positive sentiments couldn't carry through to the session again. Nevertheless, Yen is trading slightly weaker in general, followed by Canadian and Dollar. Aussie and Kiwi are the firmer ones together with Sterling. In particular,...
The solid rebound in US stocks overnight raised the chance that this month's correction is already over. All three major indices, DOW, S&P 500 and NASDAQ closed above 55 day EMA. Focus for NASDAQ is now on 11245.41 resistance. Firm break there should confirm completion of the pull back...
Dollar and Yen ended as the strongest ones last week as global stock markets tumble. There were concerns over resurgence in coronavirus infections in Europe, with worries over a return to lockdown. Though, the US markets ended not too badly after Friday's rebound. It's still not clear if the...
Yen ended up broadly as the strongest one last week, extending this month's rebound. Domestically, political uncertainty was cleared with Yoshihide Suga took up the job of Prime Minister, ensuring continuity of Abenomics. Externally, geopolitical risks at the South China Sea and Taiwan Strait heightened while US-China relations deteriorated...
Dollar is back trading as the weakest one for the week as it's earlier rally attempt faded quickly. Though, Euro and Swiss Franc are not too far behind as the next weakest. Yen is also paring some of this week's gain but remains generally firm. New Zealand Dollar is...
Sterling's selloff was the most decisive move last week. UK-EU negotiations seemed heading to a dead-end as UK published the so-called internal market bill, which violates part of the Brexit Withdrawal Agreement. WTO style of trade relationship after Brexit looks more likely than ever. Technical developments in Sterling pairs...
Sterling weakness remains the unified theme in the markets this week. The Pound remain under pressure in Asian session today while recovery attempt was brief and weak. As for the week, Canadian Dollar is currently the second weakest, in tandem with the sharp decline in oil price. Swiss Franc...
Yen remains generally firm as Asian session as deep risk aversion carries forward from US markets. Concerns over coronavirus vaccine development was a major factor weighing on sentiments. Dollar turns softer, digesting yesterday's gains, but remains generally firm. Sterling continues to trade as the weakest one and selloff is...
Now, there's finally a strong reason that could explain the deep selloff in the stock market that started late last week. AstraZeneca Plc said it has paused a late-stage trial of one of the coronavirus vaccine candidate, due to an "unexplained illness in one of the trials. The company...
Markets experienced a roller-coaster ride in the first week of September. S&P 500 and NASDAQ extended record runs and it looked like DOW was on the way for a catch-up. Then technology stocks led a steep selloff towards the end of the week and pulled all indices sharply lower....
Asian markets are generally in red following the steep corrective selloff in the US overnight. The forex markets are relatively steady though, with Dollar and Yen trading with a firm tone. Australian and New Zealand Dollars are the weakest ones, followed by Sterling. Over the week, Dollar is set...
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