Indices

Today's growth figures are unlikely to force the RBA into any easing action, but it has been enough to weigh on the Australian dollar and ASX 200. And this could allow EUR/AUD to continue higher after a 4-day retracement.

What are the odds of a Deecember melt up in the S&P 500?

ASX 200 futures (SPI 200) were allowed to print a fresh record high on a daily-close basis. Yet 8500 remains a clear level of resistance, and one which prompted a potential bearish reversal pattern.

Despite the current gains, a correction may be necessary before the market can sustain a significant upward trajectory, but so far, the technical Nasdaq 100 analysis is still bullish and we haven’t seen a reversal stick.

Wall Street indices took the relatively rare step of ignoring its tendency to rally ahead of the Thanksgiving holiday, and price action suggests there could be deeper pullback. Which may not bode so well for ASX 200 bulls who may be sleeping behind their wheel around a record high.

In Europe, concerns about US tariffs, a struggling Eurozone economy and political uncertainty in France and Germany are continuing to hold back risk assets. France's CAC index is now nearly 6% lower on the year. The DAX forecast is also far from bullish, with a key drag being the European auto sector’s reaction to potential tariff threats.

Caught in the middle of an outperforming US and underperforming Chinese equities, European markets rallied last week despite fresh concerns about the eurozone economy. While the selling has been contained to the euro so far, should recession worries intensify then we could see the stock market also respond negatively, putting the DAX outlook on a negative watch.

While the market appears bullish right now, the S&P 500 forecast is far from certain, especially with a lack of fresh bullish catalysts to consider. Could profit-taking negatively impact the market soon?

GBPUSD, Nasdaq Forecast: Following the DXY’s pullback from the 107-mark, the GBPUSD held its ground, hinting at a potential bullish rebound. Meanwhile, Nasdaq entered a pullback mode to recharge from the Trump rally effect, signaling a possible recovery phase.

The Hang Seng has seen no fewer than six times already this year on the daily charts, and it looks like it wants to tally up a seventh.

So far, US stock investors appear unfazed by global softness in commodities and bond markets, even as the 10-year Treasury yield inches closer to 4.5%, reflecting a more hawkish interest rate outlook for next year. But with the dust settling on Trump’s election victory, could we finally see retracement to cause a bearish shift in the short-term S&P 500 forecast?