CityAM TV: Daily Market Snapshot
With such a sharp rally in global equity markets over the past 36 hours, the debate continues to rage about whether this is a wave two relief rally in this pullback, or indeed whether wave one is still ongoing?
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This morning we look at the key technical support and resistance levels, as well as the Fibonacci levels of this market and the message of the sharp rally of the past 36 hours. All the while asking: What’s next?
Today’s key macro and market events should also provide some clues. Traders will be watching the key earnings releases which are due out from many of the US tech heavyweights including Amazon and Alphabet (i.e. Google), as well as some of the cyclically attuned names like UPS and Eaton amongst others.