I expect the broad market to move lower into next week and quarter-end, due to portfolio re balancing flows. The 2933 fibo level and the gap @ 2860 should act as support.
I expect the dip to be a buying opportunity as improving economic data, additional fiscal and monetary policy and the reopening of the economy provide support.
The oil sector is ~10% of the Canadian economy - as price of oil remains low expect pressure on CAD.
Technically the pair exited a descending triangle on the daily time frame.
NDX has outperformed all other indices. Tech seems to benefit most from the lockdowns and the lifting of lockdowns. I would like to see a retest of the 200 day EMA before a push higher as news about opening up the economy.
Japan is one of the countries with the highest fiscal impulse for the corona virus ~19% of GDP. It is an industrial economy based on exports and should see its major companies recover relatively fast once the global quarantine is lifted. The BOJ is buying stocks in its QE programme and this should be supportive for the stock market. My strategy would be to add on...
