Another shaky night on equity markets as traders position themselves for tonight’s Federal Reserve meeting which could prove crucial to the future of the correlated post-COVID bubble. Wall Street was largely unchanged although tech stocks pulled back in line with European bourses with Treasury yields lifting off the deck. The USD was up ever so slightly but Yen finally saw some sellers that should provide Japanese stocks a tailwind in today’s session. Commodity markets continue to overshoot with copper putting in another high alongside iron ore as oil prices came back firmer although gold remains unable to break through the $1800USD per ounce barrier.
Bitcoin put in a recovery rally in the last 24 hours with a surge back through the $55K level last night, taking it back to last week’s average price. Not yet out of the woods but definitely looking better following the Tesla relevations:
Looking at share markets in Asia from yesterday’s session where Chinese markets remaiedn in a funk with the Shanghai Composite falling sharply before recovering after the lunch break to close with a scratch session at 3442 points while the Hang Seng Index did the same, barely lifting a few points higher to almost get back above 29000 points. Futures are suggesting another staid open this morning with this market struggling to make any big move above 29000 points to at least return to the March highs. The technical pattern and positive daily momentum do point to a possible bottom here – the key neckline being the 29500 point ATR daily resistance level:
