Stocks Analysis by Fawad Razaqzada covering: . Read Fawad Razaqzada's latest article on Investing.com
US index futures initially extended their losses but staged a comeback after European markets opened higher on positive Eurozone data. Meanwhile, Chinese shares took a tumble.
For less than $9 a month, you'll receive a monthly update featuring our AI's curated selection of stocks primed for significant upsideThe market appears increasingly worried about the possibility of interest rates staying elevated for a longer period, and not just in the US. So far there is no outright panic, but it is becoming increasingly difficult to justify continued buying of stocks amid a lack of any fresh catalysts.
While the US dollar was a touch weaker on Thursday morning’s session, the strength of the greenback was so pronounced on Wednesday that even a higher-than-expectedreport from Australia, which effectively ended hopes for a RBA rate cut this year, failed to provide lasting support for thedata for 2024 will be released, with a slight downward revision anticipated to an annualised pace of 1.2% from 1.6% initially.
In terms of resistance, 527.11, which was the low from Tuesday, is the first line of defence for the bears, given that we have broken below this level decisively. A potential break above this level could pave the way for 530 and potentially paving the way for a new high above last week’s range at 533.07.Be sure to check out InvestingPro to stay in sync with the market trend and what it means for your trading.
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