Fridays Employment news with much better figures than expected sparked unexpected strong rallies as well helped by short covering to above the falling 8 MA in a SP500 and DOW. Strongest performance SP500 which was helped by a new high from NAS. These two indexes even closed above their falling 8 MA which only happens in situations like this. This morning SP500 and Dow opened with small gaps even higher and are now trading sideways. SP500 high this morning has been 809 just 4 points shy of the all time high. The 8 MA has turned sideways and the whole picture has changed for the big indexes.
Now all indexes have very strong 2 hr up trends and the daily 8 MA is sideways for SP500 but still down for the others. FTSE did not cross its lower channel line and went strongly on upside but the daily downtrend is still in place. SWED closed 4,5 hrs before the rest and should open with a gap at 09:00.
The US 10 year bonds closed more or less the same at 2.85 percent yield and that is the same now this morning. NIK and HSI are both above their daily 8 MA.
The question is now how Europe will react this morning or how high the indexes will go. The US opening is also of importance today. Is the Friday rally overdone or not? We just have to wait and see.
Now all indexes have very strong 2 hr up trends and the daily 8 MA is sideways for SP500 but still down for the others. FTSE did not cross its lower channel line and went strongly on upside but the daily downtrend is still in place. SWED closed 4,5 hrs before the rest and should open with a gap at 09:00.
The US 10 year bonds closed more or less the same at 2.85 percent yield and that is the same now this morning. NIK and HSI are both above their daily 8 MA.
The question is now how Europe will react this morning or how high the indexes will go. The US opening is also of importance today. Is the Friday rally overdone or not? We just have to wait and see.
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