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Reading Charts in Real Time
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thalestrader, in General Trading
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By HFblogNews · Posted
Date: 6th June 2024. Ideal Economic Conditions Push The NASDAQ To New Highs! Economists expect the European Central Bank to cut interest rates this afternoon. However, investors will be keen to hear how many cuts are likely in 2024 after strong wage growth. The NASDAQ climbs to a new all-time high while economic data indicates an earlier rate adjustment but not a recession. The NASDAQ rises more than 2.00% on Wednesday. 88% of the most influential components within the NASDAQ rose. The US employment sector continues to witness signs of a slowdown, but investor sentiment rises while the ISM Services PMI rises to a 9-month high. USA100 – 88% of NASDAQ’s Components Rise! The NASDAQ rose again to an all-time-high after obtaining the ideal economic data to signal a sooner rate adjustment but not a harsh landing. The ADP Non-Farm Employment Change fell to 152,000 and the JOLTS Job Openings to 8,060,000. The data indicates the US employment sector is now at a higher risk of declining, but not yet necessarily on the downturn. Simultaneously the ISM Services PMI rose to a 9-month high which points to potential economic growth in the services sector. As mentioned during yesterday’s market analysis, in order for the stock market to witness a stronger bullish impulse wave, investors will be looking for two elements. Economic data to pressure the Fed to adjust interest rates, but also some positive data to lower the risk of a recession. This was the primary reason for the strong trend observed during yesterday’s US session, marking one of the rare occasions when the asset increased without any pullbacks. The 11 stocks with the highest “weight” all rose in value and only 12% of the most influential stocks declined. The best performing stocks were Broadcom (+6.18%), Applied Material (+5.25%) and NVIDIA (+5.16%). The only stocks which did not witness an increase were PepsiCo which fell 0.23% and Cisco Systems which fell 2.95%. The NASDAQ is obtaining clear indications of upward price movement on all indicators (2-Hour & 4-Hour Chart). However, the price is trading slightly lower this morning which may prompt short term traders to hold off buy signals. In order to obtain a further buy signal, technical analysts point to 3 potential entry points. Based on the 100-Bar SMA the 5-Minute chart indicates a buy signal above $19,077.09, Fibonacci indicates a buy signal at $19,082.50 and the breakout level is at $19,095.00. EURCHF – Investors Focus On The ECB’s Rate Decisions! The day’s best performing currencies during this morning’s Asian session are the Swiss Franc, Canadian Dollar and the Australian Dollar. Therefore, if investors wish to speculate downward price movement due to rate cuts, these pairs potentially can be beneficial. From these exchanges the lowest spread is the EURAUD. During this morning the EURCHF is trading 0.09% lower and is forming a symmetrical triangle. Therefore, there is not yet a clear indication of buy or sell indications. However, volatility is likely to rise after the European Cash Open and after the European Central Bank’s rate decision. Most economists believe the European Central Bank will cut interest rates 0.25%, and according to Bloomberg, this has almost been fully priced within the market. However, economists advise a key factor will be how many rate cuts are likely. Over the past two weeks, the Eurozone witnessed higher wage growth, economic growth and sticky inflation. Therefore, the main question will be how many interest rate cuts will come in the rest of 2024. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. -
By Stocks4life · Posted
TWLO Twilio stock hold and bounce at 56.91 support area or breakdown? https://stockconsultant.com/?TWLO -
By Stocks4life · Posted
JMIA Jumia stock top of range breakout, https://stockconsultant.com/?JMIA -
By Stocks4life · Posted
CDNA Caredx stock great day off 13.48 support area, from Stocks To Watch, https://stockconsultant.com/?CDNA -
By Stocks4life · Posted
SWI SolarWinds stock attempting to move higher off the 11.59 triple+ support area, https://stockconsultant.com/?SWI
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