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S&P 500, daily chart.
The S&P 500 index is far above the 50-day moving average. The chart shows that the price retraces to this MA regularly.
This week, the ECB's Governing Council will hold a meeting. Market participants expect the regulator to keep its ultra-loose monetary policy unchanged.
COVID-19 situation worldwide: On April 14, there were 840K new infection cases recorded. The same number was registered on January 9 during the second wave of the pandemic. India had the highest daily infection rate of 260K cases in comparison with the rest of the world. Excluding India's data, the current global infection rate is approximately 30% lower than in January.
The major US stock indices closed 0.3-0.5% up last week. China's stock market gained 2%, while Japan's stocks rose by 0.2%.
BRENT fell by 0.3% to $66.50 per barrel. The benchmark is forecast to trade within the 65.00-69.00 range. The price grew last week amid a rise in stock markets and the recovery of the US economy. In case, stock markets enter a correction, the price may fall owing to the third COVID-19 wave and risks it poses to the world economy.
WTI lost 0.3% to $63.00 barrel during early trading. The benchmark is forecast to trade within the 62.00 – 66.00 range. The price is currently rising. Still, the upward trend in the oil market does not look as strong as in the US stock market. The price reached the high on March 8. This means that the upward trend is slowing down its pace and the levels of 67.50 and 71.50 will provide substantial resistance to WTI and Brent respectively.
Conclusion: The market expects the ECB's decision on monetary policy on Thursday and new macroeconomic data from the United States. Market participants are also focused on the COVID-19 situation in Europe. A strong correction in the US stock market is highly likely.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
