Watch for Asian and European reaction to Friday’s sell off in the U.S.
If you thought you might have finally figured out this current market, last week probably confused you even more. The 200-day SMA continues to hold the S&P 500 up, as witnessed by last week’s action, although the indexes closed down in trading.
Will stocks push higher this coming week, or was that just a blip?
- Overnight, the MSCI Asia Pacific Index gained 0.5 percent
- Japan’s Topix Index ended the session 0.4 percent higher.
- In Europe, the Stoxx 600 Index was 0.5 percent higher at 5:35 a.m. Eastern Time, with Deutsche Bank among the region’s biggest gainers.
- London-listed Russian miners were falling following the U.S. sanctions announced on Friday.
Volatility continues to be the overriding variable that has not changed for a couple of months.
As far as economic reports go, several worth looking at are listed below, including the notes from the last FOMC meeting.
- Apr 10: PPI
- Apr 11: CPI
- Apr 11: FOMC Minutes
- Apr 11: Treasury Budget
- Apr 12: Jobless Claims
- Apr 13: Consumer Sentiment
- Apr 13: JOLTS
Quarterly earnings announcements continue to inch closer, and a few financial institutions are expected to announce earnings toward the end of the week. Try not force any trades today.
Standing on the sidelines is always a possibility.