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Economic Indicators Released Overnight
No change in Jobless Claims but weak ADP again.
Markets are focused on FED/liquidity. We may have to wait for the next FOMC meeting on 10 December for clarity. That seems like an awfully long time.
US Equities
Oracle is already underwater on its ‘astonishing’ $300bn OpenAI deal [FT]
US House votes to release Epstein files [FT]
Price nearly tagged the trend support at 88.9k and then a good bounce. Expect we’ll try the downside again a couple of times before some sort of consolidation. We’d be very surprised if price can get above the trend midline at 97.7k this week. Read more
We like that price tagged our support line at just below 4,000. Good psychological support. Upside limited to 4,200 for now. Read more
An 11% retracement brings price down to 6,200, the beginning of the move up from 1 August. The mood is sombre. So many different types of bad news. Yet we still can’t break the spike low from 10 October. Read more
This seems to be a talking point. “JGB yields crash global markets” or similar. It’s everywhere, particularly on X. Read more
Japan 10 Year Government Bond Yield Daily