The idea last week was to look for buying opportunities in this zone, but as we moved into Friday, the market lost its spring and failed to mount a decisive rebound. What I’m now watching for is a modest upside confirmation during early Asian hours—particularly if Japan’s April services PMI, which came in at 52.8, remains in expansion territory—so that we can position ourselves ahead of the European pre‑open. Given that China’s Caixin services PMI held at 53.2 and Q1 GDP growth in Japan printed 1.1% annualized, there’s a supportive backdrop for risk assets. That said, it would be prudent to trail stop‑loss orders to lock in gains, because although the consensus remains for a broadly bullish week following the softer-than-expected U.S. retail sales print of +0.2% in April, we could well see a mid‑week pullback as traders take profits.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.