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  • Fed's Mester: -Want to see more, broader progress in recovery -May end year with inflation above 2%, but falling next year -Sees upside risks to inflation forecast -Sees upward valuation pressures in equity markets -Don't see elevated market risks now, but must be attuned $SPX
  • Inflation concerns revive the reflation trade, evident in yesterday’s Nasdaq drop DAX 30 likely to face increase selling pressure as tech stocks unwind. Get your market update from @HathornSabin here:https://t.co/LH8K92N8LY https://t.co/BB2FDC9qtW
  • Hey traders! Risk aversion really picked up yesterday at the close of the session. What is in-store today? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/wJkVH4AZUY
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.49% Oil - US Crude: 0.35% Gold: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GKaLs4uLkI
  • Heads Up:🇺🇸 Fed Williams Speech due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-11
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  • JOLTS US job openings soar to 8.1M, the highest reading on record and well above the consensus forecast looking for 7.5M.
  • Not a pretty picture for the Nasdaq 100 which opens to its biggest bearish gap since October 2nd. Takes out the 100-day moving average and 38.2% Fib of the March-present range. The past year's trendline support still in place at ~12,900 https://t.co/5D2YW648Nc
  • Central Bank chat on tap later today. (BST/GMT+1) https://t.co/0RuBGVbW8m
  • US equities rebounding nicely after the opening bell on Wall Street. The recovery in risk appetite steers the US Dollar back down to intraday lows. $SPX $NDX $DJI https://t.co/6X7KA5i0iD
Potential High with EUR/USD Near 1.3000, USD/JPY 100 and S&P 500 1,535

Potential High with EUR/USD Near 1.3000, USD/JPY 100 and S&P 500 1,535

John Kicklighter, Chief Strategist

Traders' appetites were no doubt whet by the clear potential so many different currency pairs and capital market benchmarks presented into the end of this week. On one end of the speculative spectrum, the S&P 500 closed just above the neckline of a head-and-shoulders forming at record highs. On the other, the USDollar was stationed just below the midpoint (50% Fib) of the past decade's range. The alignment of various risk-sensitive markets to serious break feeds into fundamentals that have gradually leveraged the pressure behind the divergence in price and the true elements of risk-reward. In the weekend video, we discuss specific trade opportunities for both scenarios - risk aversion (EURUSD) and risk appetite (USDJPY) - outcomes as well as the fundamental cues to watch for.

Expect breakouts in the near future? Use the DailyFX Breakout 2 strategy to signal or confirm setups!

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