Markets are Roller Coasters – Market wrap for the North American session - November 18

Log in to today's North American session Market wrap for November 18

As the title says, Markets are roller coasters.

Volatility fiends are loving the action, particularly when looking at how much back and forth action all asset classes are seeing.

As was mentioned in one of our Market Wraps from a few days prior, such flows resemble those that can be seen at the end of huge Quarters.

However, we are still far even for Month-end.

November is known to be a volatile month (although usually one for upside in stocks).

Crypto veterans can only confirm as the two past Market cycle tops (2018 and 2021) have happened between November and December.

Seasonals are always a big thing in Market. Don't forget to keep an eye on them.

Nevertheless, no one could have expected that another 2% gap down in stocks (particularly Tech) would be followed by a follow-up recovery, and once again close lower – Microsoft, Nvidia, Amazon and Tesla are among the worst performers of today's session.

Still no apparent cause for the current volatility, at least for now.

Traders are getting ready for some huge earnings reports, with Nvidia tomorrow (Check out our preview!) and Walmart the day after.

How important they are cannot be emphasized enough.

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A clear wave has been drawn between Stocks and other asset classes today.

Equities are victim of quite some anxiety these days. It'll be interesting to see how it all plays out.

Keep an eye on Cryptos which ended up rebounding today after terrible performance (Dead cat bounce or bottom ?).

Oil has been rebounding quite consistently too which remains something to keep your eyes on.

The lack of narrative explaining FX movement these past sessions has been pretty confusing to be quite honest.

The Loonie saw strong flows bringing USD/CAD back below 1.40 for the first time since about a month, and competed with the AUD which saw strong flows once again (this one has been consistent).

On the other hand, the CHF got hammered from what seems to be more position unrolling. Another victim of the Re-basement trade?

Nvidia will release their earnings after the session close. Expect very anxious trading throughout the session.

Wednesday is dominated by the UK’s inflation landscape, with CPI, core CPI, PPI outputs and inputs, and the retail price index all landing at once—an important cross-check for how quickly price pressures are cooling heading into year-end (if they actually are cooling).

Europe follows with the ECB’s non-monetary policy meeting and a full set of harmonized inflation readings (not the most volatile usually), which should help shape expectations for the next policy steps.

The Markets will once again have to focus on the Fed as the Bureau of Labor Statistics is slowly getting back into action – Expect more announcements.

The North American session begins late with Miran and Williams before the FOMC Minutes hit (15:00 ET)—a potential catalyst if tone or language shifts from recent messaging, and particularly with the recent doubts regarding the upcoming Decision.

The day wraps with China’s PBoC rate decision, expected to stay put but communications will, as always, be closely watched.

NZD traders should also make sure to not forget the Wage Price Index data releasing at 20:00 ET in this evening's session.

Safe Trades!

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