Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Daily Report: Stocks Staged Massive Rebound as Trade War Development Takes a Rest For Now While the initial selloff in US stocks were steep, they quickly recovered and didn't look back. DOW made a massive 700 pts come back from session low at 2523.16 to close at 24264.30, up 230.94 pts or 0.96%. Nikkei followed and staged a strong 1.5% rebound. For now, the first set of the first battle of US-China trade war is done. The Donald Trump led government and China have both unveiled their cards. But no implementation date for the tariffs are set as US will need to go through the process of public input till May 22. China certainly won't have any drastic action before the US concludes the Section 301 tariffs. Hence, it's now time or the markets to focus back on other issues first. implemented. Action Insight | Market Overview | Central Bank Views | China Watch | Special Topics | Oil N' Gold | Live Comments Technical Outlook USD/CAD Daily Outlook Daily Pivots: (S1) 1.2732; (P) 1.2789; (R1) 1.2822; More.... USD/CAD drops to as low as 1.2744 so far as decline from 1.3124 extends. The break of 38.2% retracement of 1.2246 to 1.3124 at 1.2789 should confirm near term reversal, with head and shoulder top pattern (ls: 1.3000; h: 1.3124; rs: 1.2942). Intraday bias stays on the downside for 61.8% retracement at 1.2581 next. Also, noted that current development suggest rejection by 1.3065 fibonacci level. And deeper decline could be seen back to 1.2246 and below eventually. On the upside, break of 1.2942 is needed to confirm completion of the decline. Otherwise, outlook will stay cautiously bearish in case of recovery. Suggested Readings Two Scenarios for the US-China Trade Conflict Services PMI Data For UK Expected To Show Further Weakness The US And Mexico Continue NAFTA Negotiations US Treasuries Underperforming German Bunds GBP/USD Turned Bearish Below 1.4100? USD/CHF Drifts Higher as US-Swiss Monetary Policy Disparity Grows Economic Data
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