Market sentiment analysis:
- Trader confidence is likely to remain high in the coming days despite a pause for breath.
- While the stock markets have responded most to the news of vaccines to combat the coronavirus pandemic, the US Dollar is still looking weak and oil is still looking firm.
Traders still confident vaccines will lift the markets
Traders remain positive in the wake of the news of two coronavirus vaccines that could eventually bring the pandemic under control and lift the global economy out of its slump. While more profit-taking is likely short-term after the gains for stock markets in particular over the past nine days, it is unlikely to last long.
S&P 500 Price Chart, One-Hour Timeframe (October 30 – November 17, 2020)
Source: IG (You can click on it for a larger image)
of clients are net long.
of clients are net short.
In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it. You might also like to check out the DailyFX Trading Global Markets Decoded podcasts.
— Written by Martin Essex, Analyst and Editor
Feel free to contact me on Twitter @MartinSEssex