Important news for the day
Fri, 21st, 09:30 CET DE Services / Manufacturing PMI data.
Fri, 21st, 10:30 CET UK Services / Manufacturing PMI data.
Fri, 21st, 15:45 CET US Services / Manufacturing PMI data.
Volatile tech stocks
US technology stocks remain under pressure amid the recent fear in the AI sector. The pressure remains the strongest since the big correction in April and the Nasdaq index lost more than 2% during yesterday’s trading. Asian trading also continued to remain negative today as also tech companies from China went lower. Usually markets tend to rally towards the end of the year but the situation might remain shaky this time round. The Dollar remains rather weak currently without much signs of fresh strength. Only the AUDUSD currency pair is losing steam, indicating potential negative sentiment ahead.
Market talk
Despite the better than expected earnings of Nvidia from Wednesday, stock markets did not take long to face another round of negative momentum. The downside pressure started during US trading, when sellers stepped in pushing the S&P 500 index below the technical support zone of 6.600. While markets have now started to stabilize at around the 6.500 price level the pressure might increase. On the other hand, extreme fear in the fear and greed index might also indicate another rise in prices in the short- run. Especially also the slide in Bitcoin might be a sign that the crypto market will also weaken further. Most tokens remain under pressure with no positive signs for now. The weakening oil market might also indicate that the demand keeps fading similar to Silver which remains under pressure again.
Tendencies in the markets
- Equities weak, USD correcting, crypto weak, oil weak, Silver weak, Gold weak.