- Wall Street opens with US stocks under pressure
- US100 the biggest loser but US30 and US500 also both lower
- Drop in JAP225 the first sign of weakness
A sell-off that began towards the end of the Asian session has spread throughout the globe with European indices declining this morning and US markets also lower as Wall Street opens. The JAP225 had early on made its highest level since 1992 but a spate of selling which saw the market trade in the red as the cash session ended.The DE30 fell to its lowest level of the month this morning and US indices are trading in the red at the beginning of the US session.
A sharp drop in the JAP225 has weighed on the US500. Source: xStation
The US500 was retesting it all-time high around 3-4AM at 2596 with the market looking strong and trading within a whisker of the big 2600 level. However, the drop seen in the JAP225 was felt in the US500 and price is now trading lower by approximately 20 points.
The US100 is the biggest loser with the market having already handed back the week’s gains. Price is now back close to where it began the week. Given the recent run up we’ve had on very small volatility today’s moves are stand out with the daily decline in the US100 currently printing a bearish engulfing candlestick of the past 3 days.
The US100 has moved back to flat on the week with today’s declines handed back the 3 previous days gains. Source: xStation
It’s a relatively light economic calendar this week but any developments regarding Trump’s tax plan could have a large impact on the US indices.