The US stock market stabilized yesterday, but there were no significant moves during the US session as speculators remained neutral ahead of Nvidia (NASDAQ:NVDA) earnings, which once again beat expectations, leading to a slight move higher in after-hours trading.
Interestingly, the US dollar remains sideways, testing resistance, possibly due to Trump’s tariff policy, as he announced that tariffs on Canada and Mexico will take effect in April, which could be why the dollar is still holding support.
However, looking at the price action, I still see the potential for a turn lower into wave five on the Dollar Index intraday wave count, with a possible catalyst being a further relief rally in stocks, especially if Ukraine signs the deal with Trump tomorrow, as reported by the media.