Upbeat earnings helped to lift stocks last session with the DJIA printing a new high and the S&P500 fast approaching its previous all-time high. The US$ remains weak which is helping to fuel a classic-style risk on environment.
The US$ is trading lower and this weakness set in at the start of the last Asian session helping to lift the EUR/USD. US stocks continued higher on the back of strong earnings and this may continue into the next session given the strong earnings from Netflix that was released after market close.
It has been a steady start to the week as investors wait for some big US names to report earnings this week. The charts are not very different from the w/e update BUT the S&P500 and EUR/USD are both holding up well and edging higher.
Last week: It was a slow and choppy start to the week for US stocks but upbeat US bank earnings and Retail Sales data helped to lift sentiment such that the S&P500, DJIA, NASDAQ and Russell-2000 all closed higher, and, the first three of these look to have made Bull Flag-style breakouts. The other significant […]
US stocks closed higher last session on the back of better than expected Bank earnings and Yen weakness has continued. Every chart that I review has experienced some kind of trend line breakout this week, although some have been rather messy moves. Here’s hoping this will set up for more decent moves next week though! […]