Wall Street closes off another winning week
US indices completed another positive week with strong bank earnings lifting the SPX500. Encouraging data and M&A rumours helped sentiment while global finance chiefs at the IMF meeting were confident that the world economy will rebound.
US30USD Daily Chart
The US30 index rose for a second straight week last week, hitting the high for the week on Friday
The next possible resistance point could be October’s high of 26,960. The rising 55-day moving average is at 25,737
The NY Empire State manufacturing index is expected to rebound to 6.0 in April from 3.7 in March.
DE30EUR Daily Chart
The Germany30 index extended its recent rally to three weeks last week, rising to the highest since October 8 on Friday, as it tracked gains in Asia
The index is still holding below the 61.8% Fibonacci retracement level of the May-December drop at 12,089
There are no economic data from either Germany or the Euro-zone scheduled for today. ECB policymakers were said to be leaning towards offering negative rates on targeted loans to banks that achieve lending targets.
CN50USD Weekly Chart
The CN50 index rebounded off 1-1/2 week lows on Friday after new loans data for March came in well above expectations, implying that stimulus measures are filtering through to the Chinese economy and hopefully supporting it
The rebound was not enough to bring the index into positive territory for the week as it suffered the first down-week in three weeks. The 78.6% Fibonacci retracement of the 2018 drop is at 13,917
New loans hit 1.69 trillion yuan ($252 billion) in March, higher than the 1.2 trillion expected. Today we see Foreign Direct Investment data for March, which rose 5.5% y/y last month.
