Market sentiment analysis:
- Trader confidence is not high at present, with US stocks off their highs.
- However, it is still too early to say whether the Wall Street indexes have peaked.
Trader confidence wavering
Traders are not confident at present, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq 100 all off their highs. However, few traders are yet willing to sell Wall Street stocks and there is more confidence in the currency markets, where the British Pound and the Euro are gaining ground against the US Dollar.
S&P 500 Price Chart, Daily Timeframe (January 4 – September 14, 2021)
Chart by IG (You can click on it for a larger image)
Elsewhere, the gold price seems to be stuck below $1,800 per ounce while Bitcoin is also failing to rise. However, the crude oil price is benefiting from fears that the next tropical storm could damage crude output in Texas.
In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it.
— Written by Martin Essex, Analyst
Feel free to contact me on Twitter @MartinSEssex
Be the first to comment