City PM TV: Daily Market Snapshot (video)
Following false breakouts in markets last week, downside momentum continued to build yesterday.
[brid video=”724176″ player=”24372″ title=”Warming%20up%20for%20a%20LONG%20%20ShortView%20Morning%20Market%20Hit%20(23rd%20Feb%202021)” duration=”141″ description=”Learn more about the Daily RAG here: https://www.longvieweconomics.com/what-is-the-daily-ragSubscribe to the Daily RAG here: https://www.longvieweconomics.co…” uploaddate=”2021-02-23 12:16:31″ thumbnailurl=”https://cdn.brid.tv/live/partners/18445/thumb/724176_t_1614082819.png” contentUrl=”https://cdn.brid.tv/live/partners/18445/sd/724176.mp4″]
In particular, the weakness was centred on the tech centric parts of the equity market, including the Nasdaq100 (-2.6 per cent) and the Philly SOX (-3.8 per cent) with sharp moves lower in certain tech stocks such as Tesla (-8.5 per cent) & Apple (-3.0 per cent). The key question, therefore, is whether a near term buying opportunity in tech is now emerging, OR whether those moves will mark the start of something more sinister.
The key event today is Jerome Powell’s semi-annual testimony on Capitol Hill (which will be repeated tomorrow). That may have some impact on markets, albeit it’s already well known that Powell supports a large fiscal stimulus package.
Later today we also get US consumer confidence for February (published by the Conference Board, at 3pm London time).