Market sentiment analysis:
Trader confidence positive in tech stocks, several commodities
Trader sentiment is broadly neutral at present, with confidence lifted by the start of vaccinations against coronavirus in the UK, with the US to follow, decent Chinese data and hopes of a US fiscal stimulus package offset by rising Covid-19 cases in several countries.
However, a variety of assets are still trending higher, including the Nasdaq 100 index of US tech stocks and commodities such as copper, iron ore and lumber.
Nasdaq 100 Price Chart, Daily Timeframe (July 9 – December 8, 2020)
Chart by IG (You can click on it for a larger image)
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[3] this week, at the IG Client Sentiment page[4] on the DailyFX website[5], and at the IG Client Sentiment reports[6] that accompany it. You might also like to check out the DailyFX Trading Global Markets Decoded[7] podcasts.
Click here for information on how to use IG client sentiment data[8]
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me on Twitter @MartinSEssex
DailyFX[9] provides forex news and technical analysis on the trends that influence the global currency markets.
