Investing.com | Mar 13, 2019 09:29
NASDAQ 100 also clung onto green territory.
In the Asian session, every major index posted losses. Japan’s Healthcare (+0.73%) leading the rally after President Donald Trump significantly cut Medicare spending in his 2020 budget proposal. Technically, the index's gain was paltry and well off its highs. It formed a shooting star, as selling orders increased when prices neared the March 4 peak that had spurred last week’s rout.
The more countries grounded the 737 Max jet after Sunday's Ethiopian Airlines plane crash. BA dropped 6.15% to $375.41 on Tuesday, for a total dip of 11.15% in the last two days. Absent an overall market decline, we consider this a buying opportunity, as the day’s lows confirmed the support—seen on Monday—of the November-December-January highs. Also, the 100 and 200 DMA’s realigning with the $360 price level reinforces the presumed support.
The NASDAQ Composite added 0.44% to the tech-led rally, for a total of 2.28% gains over the last two days. Like the S&P 500, the index produced a small real body, suggesting bulls are losing momentum below the March 4 peak.
The Russell 2000 underperformed, eking out a 0.12% climb and forming a doji.
Meanwhile, the yield on as we had forecast .
The will remain cautious with interest rates hikes. We consider this drop a buying opportunity, as the price is correcting to the bottom of a rising channel, supported by the 200 DMA. Currently, the price also remains above the 50 and 100 DMAs.
On the other side of the Atlantic, the ready their contingency plans and ramp up liquidity , after Prime Minister Theresa May's proposal was rejected in the House of Commons yesterday.
The consumer confidence exacerbated pre-existing concerns of an economic slowdown. The Aussie is finding support above the January trough—the lowest level since Jan. 2016.
industrial production data are scheduled for release on Thursday. The National People’s Congress is set to wrap up with a speech by Premier Li Keqiang on Friday.
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