Nasdaq floors throttle, US T-bill breaks 22-year-high
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US benchmark indices rallied last night after Fed Chair Powell’s speech triggered another round of buying into risk assets. Nasdaq once again led the pack higher by advancing 1.90% while the S&P 500 and Dow gained 1.29% and 0.78%.
Traders holding long positions in NAS100 may find the acceleration pleasant as the index showed further signs of forming new support levels at 12,440~12,470. Another attempt to challenge 12,750 won’t surprise me.
While technical analysis has been a great friend helping us through uncharted territories, it is the fundamental variables that remain key drivers: US 12M T-bill yields just hit the highest level since 2001, on top of which we also saw aggressive selloff in 2Y T-notes – where is all this liquidity headed?
On the FX side, USD retreated against a basket of currencies. Among the biggest winners of the session was USDJPY which fell from just under 133 to 130.47 (-1.94%), AUDUSD also guarded its 50% fib level with success and is now within striking distance of 0.7000 again.
Riding on the greenback’s weakness, Gold (XAUUSD) also managed to inch higher along its upward trendline (as forecasted by my analysis on Monday).
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With the next few trading days being relatively quiet, traders might expect more swings rather than decisive breakouts.
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