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13.09.2021 09:41 AM
Review of the US market on September 13
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S & P 500 chart.

The US stock market continued to decline. Nasdaq fell by another 0.9%, while both Dow and S&P 500 lost 0.8%.

Following this, Asian markets also dropped this morning. Japan indices sank 0.8%, while China indices slipped 0.7%.

On the bright side, the oil market posted growth both on Friday and this Monday. Now, Brent is worth above $ 73.

With regards to the coronavirus, there is a slight decrease in the amount of new cases from around the world. Yesterday, the total count was only 374,000. The US accounted for approximately 35,000, while the UK accounted for 29,000. Vaccination rate in the EU also roughly measures 65-70% of the population now.

As for stimulus measures, Democrats in the lower house of Congress agreed to raise business taxes from the current 21% to 26.5% - significantly lower than Biden wanted. The US budget remains in deficit for many years, while the national debt exceeds annual GDP. But as long as dollar is trusted by the whole world, this is not a big problem.

Going back to the markets, the S&P 500 valued 4.460 points, ranging from 4.420 to 4.480. It fell by 1.5% because the index has been growing for a very long time already without any big correction. Prices are uncomfortably high, so investors wanted to see a significant decrease in prices for new purchases. The first obvious target is the 50 MA - 4.415. The impetus for this could be the upcoming Fed meeting on September 22.

But the future is unclear so the market may turn around and re-enter record highs.

In any case, many large banks such as Morgan Stanley, Citigroup, Deutsche Bank, Bank of America recently sent a warning to their clients that the US market will be very risky to invest this fall due to "too high" price levels. After all, it has already posted 54 new record highs this year.

Talking about dollar, it hit 92.70 points yesterday and ranged from 92.40 to 93.00. It should remain there until the Fed meeting this week. Euro, on the other hand, will be affected by the German elections on September 26.

As for USD/CAD, price reached 1.2670, ranging from 1.2600 to 1.2720. Apparently, employment in Canada slowed down to 68,000, from 83,000 a month earlier.

Conclusion: Market sentiment will depend on the upcoming CPI report on Tuesday.

Jozef Kovach,
Analytical expert of InstaForex
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