Global Market Highlights
IMF Scales Back Greek Aid to $23.6 Billion in Nation’s Second Rescue Deal
Iceland Will Adopt Euro or Other Currency, Prime Minister Says
Greece Deal Triggers $3B in Default Swaps: ISDA
China Has Biggest Trade Shortfall Since 1989 on Europe Turmoil Stocks rise modestly on Feb. jobs report
Global Stock Indices (S&P 500, Dow Jones Index) Daily Chart
Prices are still hovering around the key market levels for these two big indices, and while the middle-term trend is up, prices are running into strong resistance and we have seen some weakness in the price action. The DJI has many long-tailed bars, signalling much uncertainty; while the S&P 500 chart shows a bullish reversal on the price action level.
Forex Markets (EUR/USD) Daily Chart
The EURUSD has failed to cross and stay above the key resistance level, in addition to the price action weakness it is exhibiting. This looks like a high-probability short trade, and I might consider initiating shorts tomorrow.
Singapore Stocks (Straits Times Index) Daily Chart
Last week, the STI had a surprise move of over -60 in one day, and it promptly gained it back 2 days later. Prices have rebounded strongly off the resistance-turned-support, making it a key level to watch out for. Price have also yet to cross and stay above the 3,000 level, which is key for psychological reasons. Prices look like they could simply be part of a bull flag, hinting at another leg(s) of this move.