These markets will continue to be under significant pressure until the next earnings season. This makes it difficult to evaluate the stock market’s short- and mid-term outlook. That said, a bullish leverage from China may provide a boost towards equities this week after Beijing abandoned its “Covid Zero” policy and pledged more growth in 2023.
STOXX-50 is trading above 3,800pts. However, it remains below its first available resistance of 3850.0pts. The bearish pressure continues to drive the market despite’s today’s correction, and the next support remains over 3,735pts, 3,676pts and 3,645pts by extension.
Pierre Veyret– Technical analyst, ActivTrades
Disclaimer: These opinions are solely the author’s and do not necessarily reflect those of LeapRate. This is not intended to be a trading recommendation.
LeapRate first published the post Daily market commentary: Stock benchmarks are recovering some ground lost in the past two weeks