Summary:
- US stock indices have recouped Monday’s N. Korea induced declines
- US500 remains close to record high
- Equifax lower as CEO quits
The latest ratcheting up of tensions between Washington and Pyongyang saw clear risk-off moves in the market yesterday with Gold spiking higher and US stocks taking a swoon. There has been little by the way of follow through today however, with the US500 having recouped its losses to trade back at the 2500 level.
The US500 has now recovered the declines seen after the latest ratcheting up of US and N. Korean tensions. Source: xStation
The market remains well supported longer term with the uptrend firmly intact. Price has traded in a relatively narrow range for the past couple of weeks, despite the latest geopolitical tensions and the Fed meeting last Wednesday. The all-time high of 2508 is a level to watch for possible resistance but if price moves above here then another leg higher may be in the offing. For traders looking to short, they may take some encouragement from the last 3 candles being red, but it is not until price breaches 2480 that a sustained sell-off may occur.
The market remains close to its all-time high of 2508. Source: xStation
As far as individual stocks are concerned, Equifax is in the headlines once more for the wrong reasons after CEO and chairman Richard Smith announced his resignation shortly before the opening bell. The stock has dropped by around 2% in early trade with the latest news coming as a further blow to the credit-reporting agency following its recent massive data-breach scandal.
Equifax has fallen again today following the resignation of CEO and chairman Richard Smith. Source: xStation