In Asia, Japan's Benchmark Nikkei Index rose by around 1.4% at its today's high, but now cut profits, which is only 0.2% higher. This is because they've been slumped in tech stocks in backfoot after leading yesterday's bounce. S&P 500 futures fell 0.4%, while Nasdaq futures fell 0.6%.
S&P 500 Index Weekly Chart
The overall chart shows that this was a tough week for typical US stocks. The S&P 500 still falls around 3% this week, despite yesterday's Nasdaq bouncing off to similar locations.
The breakdown of major trendline support at both indexes remains an outstanding development since last week. And it continues to build up even more negative pressure amid concerns about Trump's tariffs and softening the US economy.
On FX, USD/JPY is slightly back from the current 148.00 to 147.85. The dollar is stable elsewhere, but is mixed throughout the week. The EUR/USD is still approaching 1.0900, but the GBP/USD continues to fine-tune it higher towards 1.3000.
Meanwhile, commodity currency has been largely unchanged this week against greenback. The AUD/USD is almost flat at 0.6310, but the USD/CAD was slightly higher in the week after yesterday's fall, and is currently trading at 1.4385.
Overall, yesterday's risk bounce still does not suggest a shift in emotions. The market mood remains very fragile, and the chart suggests that there is a lower pressure range in the short term.
