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Global Market Wrap:
Markets Advancing As Yen Weakens
Equity Futures: Dow +17.00. S&P +2.40. NASDAQ +5.25. Japanese Nikkei +40.00. German Dax +32.00.
Most Asian stocks were gaining on the day pushing the major indices higher. The Japanese Nikkei advanced 25 points while the Australian S&P/ASX was trading 3 points higher. Most sectors were trading higher with exporters leading after the yen weakened during today’s U.S. session. Electronics manufacturer Sony Corp advanced 2.12 percent and software maker Trend Micro climbed 1.48 percent. Liquidity is starting to return to the markets even as the yen begins to weaken.
S&P Technical View:
4 Hour chart trend: Long. Main price points: 1058, and 1075.25. Looking for: 5)
The MSCI Asia Pacific Index has increased by 0.50 points or 0.42 percent during the session.
4 Hour chart trend: Short possibilities. Main price points: 73.00, and 74.90. Looking for: Wave II) top
Oil is trading higher, and already above the previous $73 resistance area and approaching $74.90 highs. The wave count however, stays valid so long as the market trades below the wave 1) top at $75.00. Wave two must never make a retrace for more than 100% of the wave one distance. Traders will be looking for a new wave count on a daily and four hour chart if the $74.90 high is taken out anytime soon. Until then, the red wave II) correction outlook may still be the case.
Overnight, the Japanese Nikkei climbed 25.08 points (0.24%) to 10,263.73. The Australian S&P/Asx was gaining 3.10 points (0.06%) to 4,863.00.
Crude oil for November delivery was recently trading at $78.06 per barrel, higher by $0.48.
Gold for November delivery was recently trading higher by $3.80 to $1,054.40.
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