Daily Market Review 25/05/2015
Markets mostly closed due to holiday
Asia stocks rise on Monday, both Nikkei and Shanghai at multi-years highs. Japan central bank left its monetary policy unchanged.
Europe opens flat on Monday amid low volume, with most major market closed for holiday.
US indices closed flat Friday after Yellen’s speech. Saying a rate hike would be appropriate this year if the economy improves, she didn’t say anything new really. SPY continues to hold near highs and built an upper-level base with support at 212.50. A break above 213.78 could lead the price higher. If not, it may test 21 and 50 EMA at 211.35 and 210 respectively. Markets are closed Monday due to Memorial Day.
Many technology stocks that usually lead US markets have already regained buying momentum. Investors are looking for stocks with discounted from their highs. Facebook (FB) fits this criteria very well. With company stocks were sold off after its quarterly report. Prices dropped from 85.60 to 77 dollars per share. But it now seems to have found buyers with support at 80. A Break up above 81, then above 81.85 will open doors to highs. If prices drop below 79.23, then it will lose active buyers.
Oil keeps its buying momentum, above its 8/21 moving averages. Prices are perking up and look ready to break consolidation at 60.88 with support 57.93. Mid-term goal is 66.