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Staying above 10%

by Ashraf Laidi
Mar 4, 2020 16:49

Indices are pushing higher (SPX and DOW +1.6% and 2.0% respectively) on a combination of Joe Biden's winning performance in Super Tuesday's presidential Democratic contest allaying fears of a win by the less market-friendly Bernie Sanders, and a 50-bp rate cut from the Bank of Canada. The latter cut rates to 1.5% to remain in par level with the US Fed funds rate. Chatter of a rate cut from the BoE and easing steps from the ECB are also emboldening sentiment from Friday's lows. The following key levels continue to act as key resistance; 3045/55 on SPX and 26430/50 on DOW30 acting as the level of 10% decline from the highs, DAX struggles to hold the 12180/90 trendline support from the Dec 2018 low and   Apple capped below 304/5 (neckline & 55-DMA). USDJPY has yet to regain the 108.30s (200DMA).  A new video for Premium susbcribers focuses on Wednesday's trades. 

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Staying above 10% - Video Snapshot Mar 4 2020 (Chart 1)

 
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