Asian stocks have rebounded firmly across the region, in a correlated response to the bounce (aka BTFD) on Wall Street overnight as central bankers soothed nerves. Bitcoin is relatively stable, trading in a tight trading range again, currently hovering just above the $50K level with the four hourly chart showing the key $48 and $51 support and resistance levels going ahead:
The Shanghai Composite is up 0.6% going into the close, currently at 3585 points while the Hang Seng Index has bounced back, closing 1.6% higher to be back above 30000 points. Japanese markets saw a similar bid, with the Nikkei 225 taking back its previous losses to finish 1.6% higher at 30168 points as the USDJPY pair is slowly pushing up against the previous weekly high above the 106 handle:
The ASX200 was also able to clawback most of its previous losses, finishing 0.8% higher at 6834 points while the Australian dollar remains strongly bid above the 79 cents level against USD and ready to crack through the magical 80 handle later tonight:
Eurostoxx and S&P futures are tracking a lot higher before the European opening session with the four hourly chart of the S&P500 showing that decisive break above the downtrend line from last week’s high above 3950 points, which it needs to get back to soon to fill this very small and short term dip:
The economic calendar includes the US 4Q GDP estimate, durable goods orders for January and pending home sales data.