ZuluTrade Blog

Dow Jones had its best day since 1933!

Market View | Wednesday, March 25, 2020 9:19 AM GMT

Dow Jones Industrial has risen +11,37% and this was the highest intraday rally since 1933! Investors welcomed Congress's agreement to release a massive stimulus package to deal with the coronavirus outbreak. Additionally, FED announced that it will proceed to open-ended asset purchasing to support the markets. Last but not least, based on Fox Business sources, US President Trump told to Wall Street executives that reconsiders the end of the lockdowns as well as promised that the aid package may reach $2 trillion.

Naturally, this was enough to maintain positive momentum in the Asian market. NIKKEI has its third consecutive green day as ended +7,13% while KOSPI +5,96% respectively. In the meantime, Japan announced the postponement of the Tokyo Olympics into 2021 which is the first delay in the 124-year history of the Games.

EU pre-trading session indicates a positive opening for most of the major indices. As regards the US futures are neutral after yesterday massive gains. Reviewing the SP500, the zone held perfectly as mentioned in our previous blogpost. GER30 is heading to the psychological level of 10000 that acts as resistance.

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SP500 weekly chart

GER30 240m chart

Monitoring the forex market, EURUSD stopped below the zone indicated yesterday while USDJPY is trying to break out 111.328 for the 4th time which has proved really strong resistance.

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EURUSD 60m chart

USDJPY 240m chart

 Checking the ZuluTrade’s Traders Sentiment, the community is buying USDJPY and USDCAD while is selling USDCHF and GBPUSD.

 Today’s economic calendar includes the following news:

UnitedKingdom - Consumer Price Index (YoY) (Feb)

UnitedStates - Nondefense Capital Goods Orders ex Aircraft (Feb)


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