The alarming correction which developed on Friday's trading afternoon session effected the biggest technology companies in the US which extended to impact vast majority global stock markets yesterday.
We'll most likely witness one out of four market moves this week. One that has the greatest impact, obviously, will be the Fed interest rate announcement. This week We have four crucial central banks meeting: Federal Reserve, Bank of England, Bank of Japan, and Swiss National Bank, however, it is only the FED where the global market are anticipating a move.
Following the move to the downside at the beginning of the US trading session on Monday, stocks stayed at the primarily negative territory. The NASDAQ underperformed its competitors, pushing back again more from the record closing level placed past Thursday.
The NASDAQ’s technical format has been torn apart by its mini flash-crash on Friday session. The tech-heavy benchmark dropped by nearly 5% and also was trading at the short-term support level of 5645. The short-term reversal to 5765 is anticipated. However, one more down move to test the 5600 support is very possible. However, the long-term climbing trend line is a probability in the next several days.
The S&P 500 dropped 2.38 points (0.1%) to 2,429.39. the NASDAQ decreased 32.45 points (0.5%) to 6,1765.46, and the DowJones surrounded 36.30 points (0.2%) to 21,235.67.
Within Asian equity markets, most indexes went mainly lower throughout trading on Monday. HK's Hang Seng Index dropped by 1.2%, while Nikkei225 Index fell by 0.5%.
The key Euro stock markets likewise went to the downside on Monday. As the FTSE100 Index has surrounded 0.3%, the DAX30 Index declined by 1%, and the CAC40 Index fell by 1.1%.
The Pound continued to be stressed after last week’s election, and so it dropped to a new 6-week-low in comparison to the DXY (US Dollar), and also to year-to-date low level up against the Euro Dollar. The Swissy, as well as the Yen, include the most robust foreign currencies while risk-off sentiment which took over the Monday session.
The yellow metal is definitely lagging various other safe-haven assets since it quests last week’s smash-down by naked shorts continues to be impacting the precious metal’s market. Crude oil has now rebounded following its latest losses. The WTI (West Texas Intermediate) contract has returned over the $46 per barrel amount. However, the short-term trend pattern continues to be unhealthy.
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