Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 25957 will signal a resumption of the uptrend. A move through 25275 will change the main trend to down.
At 06:17 GMT, March E-mini S&P 500 Index futures are trading 2778.50, down 0.25 or -0.01%.
We expect to see heightened volatility with the release of the minutes. Traders will be looking for comments on the Federal Reserve’s balance sheet.
· Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 2787.50 will signal a resumption of the uptrend. A move through 2729.00 will change the main trend to down.
The short-term range is 2729.00 to 2787.50. Its 50% level or pivot is 2758.25. This is minor support.
The major support is the Fibonacci level at 2711.50.
The pan-European Stoxx 600 was up around 0.2 percent shortly after the opening bell, with most sectors and major bourses in positive territory.
Market focus is largely attuned to global trade developments, after officials from the U.S. and China launched a new round of negotiations on Tuesday.
A follow-up session of higher-level talks is expected later in the week, as both sides look to resolve the long-running trade war before a March 1 deadline.
Meanwhile, U.K. Prime Minister Theresa May visits Brussels, Belgium to meet European Commission President Jean-Claude Juncker. The meeting comes as May continues with her bid to renegotiate her Brexit deal with the bloc, with less than 38 days to go before the country leaves the European Union.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose nearly 1.0 percent to reach its highest levels since Oct. 2.
Investors now expect Trump to meet Chinese President Xi Jinping next month, likely after China’s annual congress meeting starting from March 5, to strike a deal, or secure a “memorandum of understanding.”
· Japan’s Nikkei closed at another nine-week high on Wednesday, as hopes for U.S.-China trade talks helped lift cyclical stocks such as autos and index-heavyweights including SoftBank Group.
The gain came despite Japan’s exports suffering their biggest drop in more than two years in January, as China shipments tumbled and orders for machinery goods fell sharply.
The Nikkei share average ended 0.6 percent higher at 21,431.49, the highest closing since Dec. 17.
The Japanese market largely shrugged off the weak trade data, which showed that exports fell 8.4 percent from a year earlier, focusing instead on improved prospects of a U.S.-China trade deal that could boost equity markets.
“There are concerns about Japan’s falling exports, but to investors who haven’t caught up with the recent rally in Japanese stocks, there is a risk that they will fall behind the market’s further rise if the trade talks go well,” said Hiroyuki Ueno, a senior strategist at Sumitomo Mitsui Trust Asset Management.
· Shares in China edged higher on Wednesday as the United States and China pressed ahead with their crunch talks on trade.
The Shanghai Composite Index settled 0.2 percent higher at 2,761.22 points, while the blue-chip CSI300 gained 0.4 percent.
Reference: Reuters,CNBC,FX Empire
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