Despite the S&P500’s firm +1% gains on Thursday after a 2% loss intraday, the markets sagged on Friday after a real rollercoaster ride in the New York trading session. The S&P500 got support yesterday on the downside to the 50-day average due to robust data, but could not tear away from it. The pressure intensified late in the day on Thursday, which continued during the Asian session.
The outcome of the fight for the 50-day average could be the beginning of a big move next week, potentially determining the mood for the whole of February. The DowJones and DAX30 are also struggling for their 50-day averages.
Such uneven dynamics is often a precursor of the end of a market cycle. The higher volatility of stocks in recent days dramatically increases the chances of a deeper correction. It is often a sign that the previous trend is exhausted.
The FxPro Analyst Team
The monthly ADP labour market report showed that America created 192K new jobs in April, above…
Bears showed strength ahead of the FOMC decision. U.S. indices sagged on Tuesday as investors…
Market Picture Bitcoin's closing price on Tuesday became the lowest since late February, confirming the…
- Ebay under the bearish pressure - Likely to fall to support level 51.00 Ebay…
- GBPAUD reversed from key support level 1.9135 - Likely to rise to resistance level…
Silver has lost 2.6% since the start of the day on Tuesday to $26.4 per…
This website uses cookies