Market outlook
It appears that the recent correction in the SP500, NASDAQ 100, and leading tech stocks may be over. The bullish momentum from last Friday's close is likely to continue into Monday, signaling a potential "risk-on" environment. Meta (META) is leading this rally, while Nvidia (NVDA) is showing a clear Impulse Wave off its recent low. Aside from Microsoft (MSFT), most stocks appear ready for upward trades, with our long position on Netflix (NFLX) already triggered. Bitcoin (BTC) may also have found its wave 2 low, suggesting that long opportunities in cryptocurrency are emerging, which will be covered in our upcoming session video.
Video chapters
00:00 NASDAQ 100 (NDX). SP500 (SPX).
08:21 Apple (AAPL)
09:37 Amazon (AMZN)
10:22 NVIDIA (NVDA)
11:25 Meta Platforms (META)
15:54 Netflix (NFLX)
16:43 Alphabet (GOOGL)
18:03 Microsoft MSFT
19:08 Tesla (TSLA)
20:55 Bitcoin
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Editors’ Picks
AUD/USD holds above 0.6800 despite stronger US Dollar, eyes on RBA Minutes
The AUD/USD pair recovers some lost ground to near 0.6805, snapping the two-day losing streak during the early Asian session on Monday. The stronger-than-expected US September employment data provide some support to Greenbank and drag the major pair lower.
EUR/USD hangs near its lowest level since mid-August, seems vulnerable around 1.0975 area
The EUR/USD pair kicks off the new week on a subdued note and consolidates last week's heavy losses to its lowest level since mid-August touched in the aftermath of the upbeat US employment details on Friday.
Gold loses momentum to near $2,650 on renewed US dollar demand
Gold price trades in negative territory for the fourth consecutive day near $2,650 on Monday during the early Asian session. The further upside in the US Dollar after the upbeat US Nonfarm Payrolls on Friday exerts some selling pressure on the yellow metal.
Week ahead: What are the financial markets watching this week
Aside from geopolitical risk, this week’s macro drivers include the US CPI inflation report, the Federal Open Market Committee meeting minutes, and the Reserve Bank of New Zealand’s rate announcement.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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