Morning Wire TV: A market snapshot
In the main, US and global equity markets have performed well this past week.
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The DJ global index, for example, has rallied back towards its early May highs while, in the US, both the S&P500 and the NASDAQ100 have broken above key levels. For the S&P500, that key level is the 61.8 per cent Fibonacci retracement ratio (of the late May to mid-May losses). For the NASDAQ100, it’s the 50 day moving average. The key question now, therefore, is: Should we expect those indices to push higher (above the top end of their trading ranges, and out to new highs); OR, are they likely to roll over/lose momentum? As we highlight in this brief clip, we answer those questions with the message from our short term models, which have generated timely signals in recent weeks and months.
Key macro data today includes US personal income and spending and the PCE inflation reading (for April) as well as the Chicago PMI (for May). Key events today include speeches by the ECB’s Lagarde and Panetta at the virtual G7 finance minister and bank governors meetings.