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Oil price dropped another 5%, down 20% the last five trading days

Oil price dropped another 5%, down 20% the last five trading days

Information is not investment advice

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Ichimoku Kinko Hyo

CHF/JPY: The CHF/JPY pair is now trading slightly above the Kumo. An upward wave would lead the exchange rate to surpass the Tenkan sen level, targeting the previous top. Alternatively, a plunge of the market will push prices within the cloud.

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Market View

The key event today will be the FOMC meeting, where consensus and markets are pricing in a 25bp hike. The Federal Reserve will also release its updated economic and rate projections.

In the equity space, stocks were higher yesterday despite the big drop in Hang Seng index.

Oil price dropped another 5%, down 20% the last five trading days and hence one of biggest fears from financial markets fading. The move higher in US equities supported by lower oil price and stabilizing yields resulted in tech outperforming energy and hence growth outperforming value. In US Dow Jones closed higher by +1.8%, S&P 500 +2.1%, and NASDAQ +2.9%.

Relief rally in Asia this morning with all markets higher and Hang Seng leading the advances. However, even with the relief in tech stocks this morning leaves them 65% below the peak a year ago. US futures are flat while European futures were about 0.5% higher at the time of writing.

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