US Market

Watch today’s US Open for insights into Wall Street’s effort to stop the five-day slide, the 2022 lows of USOIL, the latest policy decision by the Bank of Canada and more

The NAS100 daily chart (left) trades at support (green-shaded horizontal). This zone is around the 11,500 level

The broader US index is having a bad week as market seem to be nervous around the global economy, despite the fact that China has been relaxing its zero-Covid policy

Watch today’s US Open for commentary on the latest data from the US, the pandemic situation in China and the RBA rate hike to the highest levels in ten years

FXCM's US30 CFD has charted a bullish 1-2-3 pattern on the weekly scale. It seems to be in the midst of its next impulse move. To this end, we note that the stochastic has pushed into the upper quintile (blue arrow). The longer it stays in this region, the greater the chances of an impulse swing.

The NAS100 remains positioned in its bullish channel, between the upper blue and red bands. The market responded positively to Fed Chair Powell's Brooking Institution delivery, and a long blue candle was charted two days ago (green vertical rectangle).

Watch today’s US Open for commentary on the prospects of a less aggressive Fed, following Mr Powell’s speech and the softer PCE Inflation figures, as well as the impact on Wall Street and the greenback

The market is anticipating that the current hiking cycle is reaching its peak, with the risk-on sentiment more prevalent since the beginning of October. This is not surprising given the forward-looking nature of the markets.

Wall Street rallied on Wednesday, after Mr Powell’s remarks cemented market expectations for a smaller hike by the Fed, but steadies today ahead of the PCE Inflation update

Watch today’s US Open for commentary on the latest markets themes and the technical outlook of EUR/USD, SPX500 and other assets

The daily NAS100 has slipped from its bullish area, between the upper blue and red bands, to neutral, between the blue bands (green rectangle). On a relative basis, this suggests weakness. The hourly chart shows that the trend-following EMAs and the momentum-based stochastic have turned negative (black ellipses). If the EMAs develop angle and separation to the downside and the stochastic makes its way to the 20- levels, a bearish…