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Daily Market Outlook, February 21, 2024 Munnelly’s Market Minute… “Markets On Nvidia Earnings Watch” This morning, Asian stock markets are showing a varied performance, with Chinese indices gaining while most others are experiencing declines. A Chinese media source reported that a key interest rate was kept unchanged this week due to concerns about its impact […]

PBoC Slashes LPR Chinese stocks are surging higher today after the PBoC slashed its 5yr LPR rate to 3.95%. The .25% reduction marks the first LPR cut since June and the largest reduction since the bank introduced the rate in 2019, larger than the .15% cut the market was looking for. Lowering of the rate […]

EURUSD, “Euro vs US Dollar” EURUSD has formed a Shooting Star reversal pattern near the resistance level on H4. Currently, the instrument might go by the reversal signal in a descending wave. The decline target could be the support at 1.0770. However, the quotes might correct to 1.0870 and extend the downtrend after the test […]

The Japanese yen, paired with the US dollar, has reduced its activity to a minimum. The current USDJPY exchange rate stands at 149.98. Morning statistics from Japan revealed a decline in the February Reuters Tankan business confidence index, dropping to -1 points from the previous 6 points. Japanese exports surged in January, increasing by 11.9% […]

TitleSPX500 H4 | Bullish bounce TypeBullish Bounce Preference:The price could fall to the pivot at 4952.82, the overlap support, then it could bounce off the pivot and rise to the 1st resistance at 5038.6, the multi-swing high resistance. Alternative scenario:Price might break below the pivot and fall to the 1st support at 4906.53, the overlap […]

TitleDE30 H4 | Bearish breakout TypeBearish  Breakout Preference:The price could continue the downtrend and break the pivot at 17065.2, the overlap support. Then it could fall to the 1st support at 16880.39, the swing-low support that aligns with the 78.6% Fibonacci retracement. Alternative scenario:It could bounce off the pivot and rise to the 1st resistance […]