Market Overview Analysis by Michael Kramer covering: USD/JPY, Nasdaq 100, AUD/JPY, S&P 500. Read Michael Kramer's latest article on Investing.com
report had come in 0.4% cooler than expected. The market has been trying to push higher since Monday’s sell-off, and although it failed on Tuesday and Wednesday, it succeeded yesterday.
Meanwhile, continuing claims rose to their highest levels since 2021, which was a period when claims were declining. This data isn’t something that should be celebrated, nor does it hold significant meaning in the long term.Despite their efforts on Tuesday and Wednesday, futures traders finally managed to push the market higher in a low-liquidity, wide-spread environment. This momentum helped carry the market upward.
As long as the exponential moving average serves as resistance, it tells us that the direction for the AUD/JPY and the rest of the risk-asset world is lower., which has moved back into Bollinger bands. Honestly, the SMH could rally back to the 20-day moving average, in the $240s, and have it not mean anything because it is how oversold this market was and how quickly it dropped.
Significant shifts in the yield curve and across the FX space have occurred, which are too significant to ignore. It’s premature to say that everything is fine and has returned to how it was before.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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