Tech reversal a warning?
Heading into the Q2 earnings season in the US, equities have been treading water with most major indices remaining range bound searching for a catalyst to breakout, with the exception of the Nasdaq 100 where mega-cap tech stocks have continued to set new highs on declining volumes. However, price action on Wall Street overnight is signalling sentiment is beginning to shift and a near term top for the Nasdaq 100 could be in. After setting a fresh record high, the index sharply reversed closing more than 2% lower.
Podcast: Pivotal levels across markets as Q2 earnings season on tap
Today a look at so many assets perched near interesting levels, including the S&P500 Index, several USD pairs, oil and more, and whether the start of the earning season this week sees the market able to continue bulling higher on the perceived support of liquidity, or taking a more cautious stance.
Market Quick Take - July 13, 2020
Last week ended on a positive note despite the ongoing drumbeat of worrisome news on the resurgence of Covid19 cases, particularly in the US. The broader US and other international equity markets joined the high-flying Nasdaq100 with strong showings on Friday, taking the German DAX and S&P500 within striking distance of the post-Covid19 outbreak highs from early June. Equity futures around the world are on a strong footing to start the week ahead of the start of an interesting earnings season.