Have you seen the recovery of Global Stock Indices?
I’m Brad Alexander and in this week’s Market Blast Fundamentals let’s take a look at CHFJPY, Natural Gas (NatGas), Brent Crude (UK100), the NASDAQ (US100), and the Nikkei (JP225).
Even though many analysts are predicting a downturn for the second half of the year, we saw a rally last week which is continuing now.
The Nikkei, for example, is trying to head back to 27000.
However, if we look at the Daily chart, we see that levels are still well below the 200-Day Moving Average which is acting as a dynamic line of resistance.
The NASDAQ on the daily chart as well has shown a rally but let’s take a look at this from the technical side tomorrow.
This optimism is based on good US Retail Sales, among others, and the current G7 meetings where they are planning a price cap on Russian crude oil.
Brent Crude and WTI are still trending lower but be careful here.
Natural Gas is now at levels from March of this year but European industries and consumers are bracing for a gas shortage for later this year which will cause havoc in the markets and more fears of recession.
There is a lot of data this week on the Economic Calendar with Goods Orders, GDP, and Manufacturing from all around the world.
Central Banks and investors will be watching every single one to get a better idea of global economies.
And this week we will continue our JPY watch.
Source: Brad Alexander – FX Large Limited
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