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• The S&P 500 has tried to rally during the day on Tuesday, reaching towards the 2838 handle, before pulling back again to test the 2830 level. At this point, the market has been consolidating between the 2840 level, and the 2820 level. I think that it is only a matter time before the market goes in one direction or the other. In the meantime, I think range bound trading will probably be what we expect to see, and that makes a lot of sense as there are major concerns globally.

A strengthening US dollar of course doesn’t help stock markets, so I believe that the S&P 500 will continue to be very difficult to deal with, but in the end we are still very much in and uptrend. The question now is whether we can hold that uptrend in the short term, or if we can continue to chop around. I’m not concerned about selling, I believe that if we break down below the 2820 handle, we will also find support at the 2800 level given enough time. If we were to break down below there, then things change drastically, but until then it seems very unlikely and I think that we continue to “buy on the dips” going forward, as it should continue to push this market back towards the 2840 handle, eventually reaching as high as 2850 in the short term. After all, money keeps flowing to America in this environment eventually.

• Shares in Europe were slightly higher Wednesday as concerns over the Turkish currency crisis continue to affect investors' appetite. However, trading flows were also sluggish as a number of European bourses are closed due to a public holiday, including Italy, Greece and Austria.

The pan-European Stoxx 600 was up by 0.18 percent with most sectors trading in positive territory.

·       Asian stocks retreated to a one-year low on Wednesday as bearish Chinese markets worsened investor sentiment already hurt by Turkey’s financial crisis.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slid more than 1 percent to its lowest since August 2017, after bouncing 0.4 percent the previous day when the Turkish lira showed signs of stabilizing.

·       Japan’s Nikkei dropped on Wednesday morning as profit-taking hit after the previous day’s sharp gains, though the drops were limited as the yen’s weakness against the dollar aided investor sentiment.

The Nikkei share average ended 0.7 percent lower to 22,204.22, after soaring 2.3 percent - its biggest one-day percentage gain since March - on Tuesday.

·       China stocks extended losses on Wednesday to a third straight day of declines as worries over the country’s cooling economy and the yuan’s descent to a 15-month low knocked investor confidence.

The blue-chip CSI300 index fell 2.4 percent to 3,291.98 points, while the Shanghai Composite Index closed down 2.1 percent at 2,723.26 points.

Reference: Reuters, CNBC, FX Expire