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Markets on High Alert as S&P 500 Reverses with ECB, NFPs Ahead

Markets on High Alert as S&P 500 Reverses with ECB, NFPs Ahead

John Kicklighter, Chief Strategist

The director of risk appetite - US equity markets - took a dangerous tumble this past session. With the S&P 500's drop back to 1,600, we are at the threshold of a market-wide sentiment shift where confidence and positioning in stimulus give way to very deficient fundamentals. Have the bears already seized control of the capital markets or will judgment be reserved until the Fed's favored NFPs release? Will this overwhelming fundamental theme sidetrack a EURUSD and EURJPY breakout opportunity instigated by the upcoming ECB rate decision? We discuss the scenarios and trade setups in today's video.

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