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Technical Tuesday: Russell and USD/JPY
In this edition, we are getting technical on the small cap Russell 2000 index and the USD/JPY.
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Russell 2000: US stocks attempt to form near-term base
The US stock markets have been trying to stabilise in recent times following the wobble at the start of the year. Though concerns over the global economy are still there, sentiment has turned slightly positive after the major global central banks either expanded their unconventional policy tools or promised to do so, or in the case of the Fed and BoE, dropped their previously hawkish tone. Fourth quarter earnings results have not been too bad but not great either with Facebook for example doing particularly well and Netflix not so great. All in all we are not out of the woods just yet, but there is a possibility for a short-term recovery from these depressed levels. At least that’s what the charts are pointing to, anyway.
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