Low Opening and Quick Reversal for the Stock Markets

I guess we can’t say that the market is currently in the full risk OFF mode. Yes, stocks opened lower but are quickly reversing. Safe havens are currently not first choice instruments. Maybe everything that happened so far was already priced in?

The SP500 is bouncing off a Head and Shoulders pattern.

The Nasdaq is doing the same but here the situation is slightly worse as the price managed to break the horizontal support at 14000 points.

The DAX is in the worst situation as here the price broke the absolutely crucial support at 14900 points. Currently, that will be the closest resistance.

Currencies are pretty resilient if you ask me. The GBPUSD is not giving up the plan to climb above the 38,2% Fibonacci.

The NZDUSD is trying to climb higher despite two consecutive shooting stars on the daily chart. That doesn’t happen very often.

The GBPJPY is in a triple tip formation, where the third top is a head and shoulders pattern. The price just bounced off the neckline but the possibility of a sell signal is still there.

For a look at all of today’s economic events, check out our economic calendar.