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Equities rebounded on Monday

Equities rebounded on Monday

Information is not investment advice

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Ichimoku Kinko Hyo

CHF/JPY: The CHF/JPY pair is trading between the Tenkan sen and Kijun sen level. A plunge of the market will push prices below the Tenkan sen level, with immediate target the previous bottom. On the other hand, an upward wave would lead the currency pair above the Kijun sen level, targeting the lower level of the Kumo.

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Market View

Equities rebounded on Monday after the knee-jerk sell-off on Friday. While it is still too early for any firm conclusions, equity sentiment was helped by South Africa saying that there is still no indication of more severe symptoms. Cyclicals took the lead in the US session, with tech and consumer discretionary at the top. Friday's losers, financials and industrials, continued to lag, so markets are still positioning for the possibility of new lockdowns. In the US major indices closed as follows: S&P500 up 1.3%, Dow Jones 0.7% and NASDAQ surged 1.9% while the fear index VIX drifted lower, however still north of 20. The rebound is still absent in Asian markets, where equities are mostly lower this morning. US futures into the red as well.

In the FX space, EURUSD trades a bit higher this morning while USDJPY drifted below 113.00.

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