The US equity markets are steadying after some losses the day before. This was helped by positive housing data from the US yesterday. New home sales improved and exceeded expectations (1011K vs. 965K). There are some technical factors supporting the stocks too but we won’t go into those in this report. Please follow our YouTube channel for more Price Action Analysis videos. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.

The blue vertical lines in the above chart show the beginning and the end of the US day session for the equity index futures. After the session ended the futures trade in what’s known as Globex session. The technology stocks rallied the most (red line) indicating the risk-on mode in the US stocks is increasing. There are reports that a $2.2 trillion coronavirus stimulus package might be voted on next week. To take advantage of our analysis and ultra-low trading fees, register for an account and deposit here.

The dollar is reacting to the news about more stimulus possibly coming from the US. EURUSD and NZDUSD are attempting a rally, while USDJPY and USDCAD are also losing momentum. Gold (see our analysis here) is showing signs of strength against the dollar. Our focus in today’s trading will be on selling the USD.

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Recent macroeconomic data releases

German Flash Manufacturing PMI, 56.6, 52.0 expected
German Flash Services PMI, 49.1, 53.0 expected
UK Flash Manufacturing PMI, 54.3, 54.3 expected
UK Flash Services PMI, 55.1, 57.0 expected
US Flash Manufacturing PMI, 53.5, 52.5 expected
US Flash Services PMI, 54.6, 54.5 expected
US Crude Oil Inventories, -1.6M, -2.5M expected
SNB Policy Rate, -0.75%, -0.75% expected
US Unemployment Claims, 870K, 845K expected

Macroeconomic data releases today

UK Public Sector Net Borrowing, 35.2B, 40.6B expected
US Core Durable Goods Orders, 1.0% expected
US Durable Goods Orders, 1.1% expected

You may access the times and dates in the economic calendar here.

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Janne Muta
Chief Market Analyst

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Janne Muta

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