Generally bullish global stock markets helped push Japan's Nikkei 225 index to a new all-time high in trading today.
➡️ The past week has been generally bullish for stock markets, with the major US indexes, the NASDAQ 100 Index and the broader S&P 500 Index, rising sharply to new record highs on Friday. Most global stock indexes are bullish, with Japan standing out today as the indexes Nikkei 225 they traded at new record highs. These are bullish signals for stocks and trend traders will want to get involved here on the Long side.
➡️ The second round of France's parliamentary elections produced a surprise result, with the far-left alliance winning the most seats, followed by Macron's centrists, then the far right. The far right was expected to do better. The result will surely produce a deadlocked parliament that will likely contribute to a stalemate, reminiscent of the later period of Germany's Weimar republic. The Euro lost some ground as a result in early trading this week.
➡️ Fed Chair Jerome Powell will testify on the semiannual monetary policy report before the Senate Banking Committee later today.
➡️ In the Forex market, the Japanese yen is the strongest major currency since Tokyo opened, while the euro is the weakest, highlighting the EUR/JPY pair . The US dollar has fallen significantly this past week, but is approaching a support level and remains within a valid long-term uptrend.
➡️ There are growing rumors that President Biden may withdraw from the presidential race, as President Trump begins to open a larger lead in opinion polls following Biden's disastrous debate performance. Betting markets suggest a likelihood of 63% retiring. Every opinion poll conducted this month shows Trump with a lead of 4% or more over Biden in the popular vote.
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