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Here we go!

We’re continuing to see caution in the markets on Tuesday as investors prepare for an intense 48 hours, with big tech reporting and the Fed meeting.

Tesla got the week underway with some impressive numbers on Monday, not that it’s helping their share price that much with all the big tech names on the backfoot. That may change over the next few days as we get results from Apple, Microsoft, Alphabet, Facebook and Amazon.

Stock markets are slightly in the red as we move into the European close but I struggle to view that with any pessimism ahead of the earnings, or the Fed for that matter. Last week’s bounceback was phenomenal and was far more indicative of what investors are anticipating, rather than what we’ve seen since trading got underway on Monday.

The real action starts after the close this evening and Wednesday will be huge. We may even see these markets take a more positive turn as we head into the close on Wall Street and, if we do, that will be far more indicative of expectations over the coming days.

Bitcoin remains elevated despite Amazon denial

Bitcoin is slowly finding its feet from its latest rollercoaster ride, following reports that Amazon is apparently preparing to accept the virtual currency this year. Naturally this was quickly rejected but in a sign of where we are in the crytpo cycle, the story generated plenty of gains and very little was given back. When traders are feeling bullish, it doesn’t really matter that the story wasn’t accurate.

The moves were seeing now have been made possible by Elon Musk becoming a one-man support around USD 30,000 following his comments last week. We may now see the crypto rally gather pace once more and so I wouldn’t be surprised to see more of these kinds of stories cropping up in the coming weeks.

 

For a look at all of today’s economic events, check out our economic calendar. www.marketpulse.com/economic-events/ [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam [5]

Senior Market Analyst, UK & EMEA at OANDA [6]
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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