The US$ has gained with flight to safety activity following gloomy US jobs and Covid data. The S&P500 remains below the all-important 2,900 – 3,000 range keeping this as the zone to watch for the week especially with this week’s NFP.
Stocks have carved out another day of gains on optimism about the re-opening of the US economy and the rise in Oil pricing. There hasn’t been a whole lot of movement across most of the Forex pairs I monitor however meaning that traders will have to choose their battles / trades rather carefully.
Is this it? Are we witnessing the beginning of a shift between the ASX-200 and S&P500? Where the ASX-200 no longer under-performs the S&P500? I’ve long wondered what could initiate such a significant shift but now ponder whether the Covid-19 pandemic might be just the trigger!
Last week: The first day of May started with selling and this is bringing the ‘Sell in May and Go Away‘ mantra into greater focus for traders. The US major stock index of the S&P500 has now peaked at a major technical resistance zone; the same zone that featured back in the 2008-2009 Global Financial […]
The US$ index will close sharply lower for the week following FOMC guidance that US rates will be kept lower for longer and also due to weaker US data. The index has struggle to remain above the key 100 level but this remains a key level to monitor in coming sessions.