Morning Preview: Stocks on a Tear – Time to Sell? - Forex News by FX Leaders

Morning Preview: Stocks on a Tear – Time to Sell?

Posted Thursday, September 28, 2017 by
Rowan Crosby • 1 min read

Morning Guys,

Despite how overbought it might appear to be, it seems that the stock market just won’t quit. US equities rallied again in overnight trade, with the Nasdaq and the Russell the star performers. Thanks to the apparent Trump Tax cuts looking like they might pass, after all, stocks put in another big day of trade.

The USD continued to rally higher, albeit after a small push lower throughout the session. While gold sold after, as it appears the safe havens are now on the back foot.

Where to for Stocks?

If you take a look at the S&P 500 (SPX), then, in my opinion, I don’t think we’ve quite reached the top just yet. I’ve been suggesting that we’re overbought for a while now, however, we still haven’t reached my ‘sell zone.’

As a result, I think we can push a little higher. On the other hand, the Russell (RUT), just had a massive 1.9% jump and I think we are ripe for a correction in that market.

SPX

SPX – Daily Chart.

Economic Data at a Glance

Thursday

NZD – RBNZ Interest Rate Decision

EUR – Business Confidence

EUR – German CPI

USD – GDP

Friday

JPY – Unemployment

EUR – German Unemployment

GBP – GDP

EUR – Inflation

USD – Chicago PMI and Michigan Consumer Confidence

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of