|Day's range||6,405.0332 - 6,470.9229|
|52-week range||4,853.9302 - 6,470.9229|
The European stock markets are a bit subdued after an initial move higher yesterday on the back of the ECB press conference. The markets have now got a sudden realisation that the extension of QE and the growth forecasts were actually dovish and hence we are seeing the euro on the backfoot and we are also seeing the stock markets being a bit lower. The delay in the tax reform bill in the US is also weighing on the stock markets in Asia and Europe though the futures in the US point higher during this period.
Based on the early trade, the direction of the index today will be determined by trader reaction to the downtrending Gann angle at 6420.50.
U.S. retail sales increased more than expected in November, helped by a brisk start to the holiday shopping season. Investors read this as a sign of sustained strength in the economy.
The Dow Jones 30 and NASDAQ 100 pulled back during the trading session on Thursday, but it’s obvious to me that the algorithmic traders are trying to make a stand later in the day, and of course there is massive support just below.
Based on the early trade, the direction of the NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 6422.50.
Retail Sales data will come from the States and ECB President will soon begin his Press Conference after keeping the key interest rate from the European Central Bank intact.
The Federal Reserve increased their interest rate by a quarter of a point on Wednesday. The Bank of England and European Central Bank will release monetary policy statements today. The U.S Dollar has been weaker in forex. Retail Sales will come from the States and Britain today.
The U.S. Dollar tumbled against a basket of currencies on Wednesday after the U.S. Federal Reserve raised interest rates as expected, but left its rate outlook for the coming years unchanged.
Based on the early trade, the direction of the market today is likely to be determined by trader reaction to the downtrending Gann angle at 6424.50.
The Federal Reserve is expected to raise its interest rate today, but its outlook via the Monetary Policy Statement is unknown.
U.S. producer price data showed an increase in wholesale inflation, increasing hopes that price pressures may be rising from sluggish levels. According to the Labor Department, the producer price index for final demand increased 0.4 percent last month. The number met economist expectations.
Based on the early price action, the direction of the index today will be determined by trader reaction to the steep uptrending Gann angle at 6410.00.
U.S. Dollar Index posts two-sided trade with most of the major players on the sidelines awaiting Wednesday’s U.S. Federal Reserve interest rate and monetary policy decisions.
Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the downtrending Gann angle at 6374.50.
While House Republicans proposed to cap the interest expense deduction at 30% of EBITDA, the Senate's version amended this provision to 30% of EBIT.
On Wednesday, the U.S. Federal Reserve is expected to raise its benchmark interest rate 0.25% to 1.50%. This has been priced into the market for at least a month. Stocks could surge if the FOMC members express concerns over the number of rate hikes in 2018.
The NFP came in stronger than expected and helped to add strength to the dollar which seems set to continue its strength through till the end of the month
The direction of the index today is likely to be determined by trader reaction to the Fibonacci level at 6371.50.
Helping to boost the U.S. Dollar Index was the rise in the Dollar/Yen. The Forex pair was supported by the return of stock market investors looking to take on risk.
US tax reform is now progressing quickly, and the technology industry (QQQ), of course, is monitoring the developments closely.