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  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs https://www.dailyfx.com/forex/market_alert/2021/09/23/SPX-SPY-ES-SP500-Nasdaq-NQ-QQQ-Rally-After-the-Fed-10-Year-Yield-2-Month-High.html https://t.co/peftVleO0y
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? - https://t.co/ixsRMKgCom https://t.co/KDQv4wgfot
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF https://t.co/MViWZiiPZ7
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again... https://t.co/4jmOPnzzK9
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support https://t.co/UBWBxY2nFC
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday! https://t.co/jihKB44ELn
  • https://t.co/lbNvVbQq4n
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19 https://t.co/EgUtX6Pmvy
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:https://t.co/iEL5cbFnHs https://t.co/6kLkUFkFvU
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy https://t.co/PKWy7SE8Dt
Trading Video: S&P 500 Rebound A Correction or Reversal in Risk Trends?

Trading Video: S&P 500 Rebound A Correction or Reversal in Risk Trends?

John Kicklighter, Chief Strategist

Talking Points:

• The S&P 500 finally found a breather after its worst start to a trading year since 1991

• A correction in risk trends was a high probability, but what is the dominant trend moving forward?

• Meanwhile, data on the Euro side further weighed the currency while US data bolsters the USD

Sign up for a free trial of DailyFX-Plus to have access to Trading Q&A's, educational webinars, updated speculative positioning measures, trading signals and much more!

After a five-day tumble, the S&P 500 finally gathered itself for a gain. Fear of a full collapse in risk trends and capital markets has been curbed. That said, averting a panic doesn't mean the markets are looking to return to the status quo reach for yield that defined the preceeding years. Speculators watch nervously for any tremors in the system as they gauge correction versus reversal for US equities, Yen crosses and even EURUSD. Our next move on many of these benchmarks hinges on this assessment. In the meantime, data is queuing up volatility for certain currencies. This past session, the FOMC rate decision shaped the outlook for rate speculation and a dense round of Euro-area data reinforced the probability of stimulus. Ahead, the docket provides a few notable distractions from the sentiment ebb-and-flow including Friday's NFPs. We take a look at the trading environment in today's Trading Video.

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

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