Hey Valutraders! Have you seen that the S&P 500 is back in a bear market?
Subscribe to Free Valutrades Signals at https://www.valutrades.com/en/trading-signals
I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at WTI (USOil), Natural Gas, USDCAD, NASDAQ (US100), and the S&P 500(US500).
We have been following the easing of COVID restrictions in China and the positive effects this has had on the global economy.
It seems, however, that COVID cases are now increasing across China and this will affect almost everything including the US indices which rely on the Chinese economy to be strong.
Therefore, any more bad news about Chinese COVID restrictions will drive indices like the NASDAQ lower.
Also, we are seeing USD weakness against everything except CAD and this could change if we see an equity sell-off.
Price action on USDCAD is rising due to the fall in the price of Crude Oil as we see WTI at less than $72.
This will fall even further if China goes back into lockdown.
On the other hand, cold weather has affected price action on Natural Gas and the gap we saw last week has been filled.
A new gap has occurred with today’s opening with prices above $6.70.
As you can see we have a tremendous amount of news on the economic calendar and plenty of opportunities for counter-trend price action trading.
We have Interest Rate decisions Thursday from the US Federal Reserve, the Swiss National Bank, the Bank of England, and the European Central Bank.
The press conferences afterwards also provide us with opportunities.
Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.
Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.
That’s all for now. Happy trading with Valutrades and we will see you next time.
CFDs and FX are leveraged products and your capital may be at risk.