Stock markets had been quite bullish since the middle of March, when the coronavirus crash ended and they sort of claimed back all the losses during this period, until the beginning of September. But in the second half of October we saw another strong decline, as the price pulled back lower in stock markets, with US elections coming up.
They reversed higher last week, as the uncertainty evaporated somewhat, but the 100 SMA (green) was keeping the German DAX in check on the H4 chart. Although, after the Pfizer vaccine news the sentiment improved in financial markets, sending Gold $100 lower and stock markets surging higher.
- Experimental vaccine found to be over 90% effective in preventing COVID-19
- No serious safety concerns have been identified as of first interim analysis
- Plans to seek US emergency-use authorisation soon after reaching safety milestone in late November
Dax has jumped above the 100 SMA and is trading above 13,000 points now. The previous highs from late August are back in play, so the bullish trend in stock markets is back on and w will try to go long on another retrace lower, probably to the 100 SMA.
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