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European, US Stocks Brace as S&P 500 Futures Weaken in Asia Trade

European, US Stocks Brace as S&P 500 Futures Weaken in Asia Trade

Daniel Dubrovsky, Strategist

Asia Pacific Market Wrap – Huawei, Nikkei 225, ASX 200, Japanese Yen, S&P 500 Futures

  • Most Asia Pacific stocks rise but market mood is pessimistic after Huawei charges
  • ASX 200 fulfilling bullish reversal pattern, Nikkei 225 resistance line break false?
  • S&P 500 futures are pointing lower as Japanese Yen gains, AUD and NZD decline

Find out what retail traders’ equities buy and sell decisions say about the coming price trend!

Most Asia Pacific benchmark stock indexes traded cautiously higher following gains on Wall Street amidst rosy earnings reports from major banks such as Goldman Sachs. However, markets were not universally optimistic during the morning session. Japan’s Nikkei 225 traded about 0.15% lower after the index experienced a sharp decline earlier in the day.

This might have reflected concerns after the US pursued criminal charges against Chinese telecom giant Huawei which might have set the S&P 500 up for a reversal to come. The Nikkei 225 attempted to trim losses within the day but ended up heading lower. Meanwhile the ASX 200 and Shanghai Composite traded roughly 0.27% and 0.46% higher. The former is attempting to complete a bullish reversal pattern on the chart below.

ASX 200 Daily Chart

European, US Stocks Brace as S&P 500 Futures Weaken in Asia Trade

Chart created in TradingView

Looking at currency markets reveals a story of pessimism. The anti-risk Japanese Yen appreciated as well as the highly liquid US Dollar. Meanwhile the pro-risk Australian and New Zealand Dollars aimed cautiously lower. US front-end government bond prices rose, reflecting traders prioritizing preserving capital instead of seeking higher returns.

Moreover, S&P 500 futures are pointing lower which suggests that a ‘risk off’ trading dynamic might prevail in the European and US sessions ahead. Fundamentally, the US economy is overshadowed by ongoing partial government shutdown which is projected to detract about 0.13 percentage points in quarterly GDP each week.

Nikkei 225 Technical Analysis

The Nikkei 225 has struggled to make further upside progress after closing above the descending trend line from December 2018. This is a great reminder of how important confirmation is in technical analysis. Prices are sitting right on top of support at 20,347 which is the March 2018 low. Near-term resistance is a horizontal range in-between 20,950 and 21,035.

Nikkei 225 Daily Chart

European, US Stocks Brace as S&P 500 Futures Weaken in Asia Trade

Chart created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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