Wall Street Rebounds While the USD Remains Flat
After all the doom and gloom, Wall Street bounced back overnight to post solid gains across the board. At the same time, the USD was little changed on the day.
Stocks markets rallied nicely with the major indices all higher. However, the real fireworks might just be beginning. News after the close saw an earnings miss for both Amazon and Google, two of the biggest FANNG players.
It was tech that lead the charge yesterday and thanks to the after-hours weakness, we might just get a sharp reversal. ES futures have already wiped out most of the gains.
Asian markets opened higher but are grinding back lower on the session so far. Tech is weak thanks to the overnight lead once again.
The USD Outlook
The DXY looks to be holding the resistance level turned support at 96.20. There wasn’t much range yesterday and the USD held strong for the most part.
I like to think that time confirms price so it is good to trade above that level and not retrace.
97.00 now appears the upside target headed into tonights US GDP data.
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