Oil companies were among the worst performers on Friday, in line with the behavior shown by the price of crude oil in response to OPEC statements about the expectation of a greater supply of this raw material in the market in 2018 by the non-member countries of this organization.
It's impressive how U.S. stocks ignore the government shutdown drama in Washington and rose to all-time highs.
This is a classic bubble case, S&P hit RSI all time high last Friday.
The results of UBS officially inaugurate the earnings season of the European banking sector. Today, the IMF announce its economic forecasts for 2018. This event is taking place in Davos, Switzerland, where the World Economic Forum will begin tomorrow. This event, attended by politicians, economists, CEOs, central bank presidents, among others, is generally a precious source of insight and opinions from people with a potential to influence the global political-economic environment.
Since December 2012, the US debt limit has been reached and since then the State has operated through a series of legal and accounting subterfuges, without having a budget as such. As time goes by the efficiency and duration of these subterfuges is becoming smaller and it will be important that this problem find a more structural solution.
Yesterday, the main catalyst of the rally were the good results of Netflix. Not only did profits exceed estimates, but the number of subscribers to the company's media services was much higher than forecast (8.33 million versus 6.39 million). Netflix shares appreciated 10% and boosted the other technology titles that in turn served as the engine for the rest of the market. Not taking any notice of Netflix's bottom line, the market appears to be going through a phase where investors do not need economic or financial drivers to buy stocks. Positive feeling finds stimuli in itself.
The recent hyperbolic rise of the indices is uncommon and often leads to excesses, which ultimately leads investors to regret. Thus, a short-term correction may be the best scenario for the continuation of the current Bull Market.
In the uncertain context of recent days, the Hong Kong stock exchange has been a notable exception. This market continues to be used by many global investors as a good way to expose themselves to the Chinese stock markets. In addition to several companies from this country being listed in this market, in the last decade China has become the main economic and commercial partner of this autonomous region, making its companies more interconnected with those of the continent.
Forum on trading, automated trading systems and testing trading strategies
Sergey Golubev, 2018.01.28 08:51
The Week Ahead - bullish breakout (based on the article)
Weekly price is on bullish breakout by 2,813 weekly resistance level to be crossing for the primary bullish trend to be continuing.
The chart was made on H4 timeframe with Ichimoku market condition setup (MT5) from this post (free to download for indicators and template) as well as the following indicators from CodeBase: