Fundamental Analysis

Equities proceed to set new all-time highs

USA100, Every day

US equities are shifting additional into file excessive territory, with the Dow (USA30) and NASDAQ (USA100) zero.three% firmer whereas the S&P 500 (USA500) is up zero.2% in pre-market futures buying and selling. All three indexes closed in any respect time excessive ranges on Monday, (November four) with the current climb fueled by US-China commerce optimism, upbeat earnings, vanquished recession fears and Fed easing.

One other spherical of upbeat US-China commerce information is lifting shares in the present day. Reportedly, the White Home is contemplating rolling again the September tariffs, one of many Chinese language calls for for the deal. And President Xi mentioned China would “open its doorways solely wider” to the world. China’s CSI 300 rose zero.6%, Hong Kong’s Dangle Seng was up zero.5% and Japan’s Nikkei 225 rallied 1.eight% because the Index caught as much as the remainder of the world after being closed Monday for a vacation. Europe’s bourses are extra cautious, with the Euro Stoxx rising zero.three% after posting a file excessive shut Monday, the DAX (GER30) zero.1% firmer and the UK’s FTSE 100 (UK100) having improved zero.three%.

Technically, the USA100 broke and breached the 20 and 50-day shifting averages on October 11 (17 buying and selling days in the past) and stays biased to the upside. RSI (67) remains to be rising and has but to register within the overbought zone. The MACD histogram additionally breached the zero line on October 11, with the sign line following on October 18 because the histogram gained momentum. R3 is now at 8310 while S3 sits at 8100 with a key assist zone at 8025-8000.

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Stuart Cowell

Head Market Analyst

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Earlier articleFX Motion | 05 November 2019

With over 25 years expertise working for a bunch of worldwide acknowledged organisations within the Metropolis of London, Stuart Cowell is a passionate advocate of maintaining issues easy, doing what’s possible and understanding how the information, charts and sentiment work collectively to offer buying and selling alternatives throughout all asset courses and all time frames.

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