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S&P500
Big investors did not support the market's growth. The market is in a state of correction.
On Monday, the US stock market declined markedly. The Dow was down 0.7%, the NASDAQ sank 0.6%%, and the S&P500 lost 0.7%.
Asian markets fell on Tuesday morning following a new decline in the US market. Japan's stock indices plunged by 1%, while China's indices were down by 1.5%.
Oil prices hold near the highs of the year. Brent crude settled at $83.80, while West Texas Intermediate (WTI) oil closed $80.60.
Germany's economy is recovering strongly from the coronavirus crisis. In September GDP rose by 13.2% year-on-year. In August, the growth was 12.3%.
The S&P500 index is trading at 4,361 and is expected to be in the 4,330–4,400 range. At the week's opening, the US market was ready for a new wave of gains. However, big investors chose to switch to selling as soon as the indices made their highs. As a result, the market again failed to overcome the 50-day average downwards. The market is in a state of correction. The signal for a possible new upside will be a market rally above 4420-4430 on the S&P500 index.
The US market is reacting negatively to a new rise in oil prices. It has already gained 30%, or $20, since August. Meanwhile, commodity inflation has already reached multi-year highs in the USA. Rising oil prices threaten the Fed's reaction and a sharp rise in the cost of credit. There could also be a hard landing for the property market in China, as there are clear signs of a downturn amid inflated prices and over-loaning by buyers. Meanwhile, the Chinese authorities are launching a campaign to tighten requirements for financial institutions.
USDX is trading at 94.25 and is expected to be in the 93.90–94.60 range. The dollar continues to stay in the same range. On Wednesday a new US inflation report and the minutes of the Fed meeting will be released. These are likely to boost the currency market.
USDCAD is trading at 1.2480 and is expected to be in the 1.2400–1.2520 range. The currency pair is still under strong pressure from high oil prices.
The market awaits the new US inflation report on Wednesday and the minutes from the Fed meeting.
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