A sea of green across Asian stock markets today following the surge on Wall Street last night as markets mistake the absence of selling as the absence of a bear market. Gold remained above the $1600USD per ounce level while other undollar currencies advanced against USD as Congress finally passed a fiscal rescue package.
The Shanghai Composite looks set to close 2% higher at 2783 points while the Hang Seng Index has surges another 3% higher, now at 23362 points, but yet to break above its high moving average on the daily chart and hence still in swing mode only:
Japanese share markets are the best in the region in the wake of more internal stimulus, the Nikkei 225 closing over 8% higher for a near 20% gain already this week, now well over the 19000 point level. The USDJPY remains in a mild climbing phase, now reaching above the 111 handle, but still unable to beat the previous Friday highs just yet:
The ASX200 had another solid session, gapping higher on the open before again selling off during the day, then again surging at the close to finish 5.5% higher and only one point shy of the 5000 point level. Everything is awesome! Meanwhile the Aussie dollar pushed higher with a break above the 60 handle this time and looking on track to get back to the pre breakdown high at the 63 level with momentum on its side on the four hourly chart:
Eurostoxx and S&P futures are gaining following the solid Asian session, with the four hourly S&P futures chart showing a desire to get back above the 2500 point level:
The economic calendar includes US durable goods and the UK CPI print but these backward looking data points remain irrelevant for the time being, with everyone watching the virus cases/death totals, particularly the pollies who don’t like the optics of people dying on their watch or people not going to their clubs and hotels.