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By this time, most people are also starting to believe in the V-shape recovery, and the Nasdaq has already fully recovered from the crisis, surpassing its highs before the Covid crash.
Will the tech stocks be able to lift the rest of the market to new highs, or will the general market drag down the tech giants as the reality of the economy kicks in?
Table of Contents
Last month, the USD was very strong, while the AUD was one of the weakest, however this month we have started to see a twist of events, where the AUDCAD is in a strong bull, while the USD/CHF is in a strong bear.
Gold has declined slightly, putting it in weak bear territory.
Nasdaq (NASUSD) remains the strongest stock market, whereas Hang Seng (H33HKD) remains the weakest.
The biggest news of the week is probably the awesome jobs data from the US, although there was some classification error.
The stock markets continued to rise, and as I posted in the case study below, since the tech stocks have gone up so much relative to the rest of the market, I was expecting the rest of the market to play catch up, and on Friday we saw the Dow Jones & S&P 500 outperforming the Nasdaq as anticipated.
Here are some highlights and case studies of trades done on forex, commodities and CFD products, also taken from our private forum.
See more case studies: https://synapsetrading.com/trading-guides/case-studies/
The first is a trade we did on the USD/CAD, as it broke down from a descending triangle.
Next, we also had a good run on Crude Oil, riding on the surge in prices as economies reopened.
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.