Market Updates at a Glance: 14 April 2022

Market Updates at a Glance: 14 April 2022 (Thursday)🌎

➤U.S. stocks rallied in light of the unofficial start of the first-quarter earnings season. Dow +1.01%, S&P 500 +1.12% & Nasdaq +2.03%.

☛On technical front: S&P 500
Yesterday's candle bounced at kijun-sen (blue dynamic line-ichimoku analysis). Looking for lower highs as part of the bearish confirmation.
Resistance levels: 4464 (cloud resistance-ichimoku analysis); previous highs: 4536, 4590, 4630
Support: 4397 (kijun-sen) & near 4300 ("neckline" head & shoulders)
-Eyeing the Opex (option expiry) on Friday & how prices react to the levels gives traders clues & predict the likely direction of the market.

➤US dollar index pulled back to below 100 from a nearly two-year high after a 9 -day winning streak on Wednesday as market shrugged off the hangover of the higher CPI & PPI data. While the treasury yields were lower across the curve, the 10-year treasury yield edged lower to 2.7%.
US PPI (Producer Price Index) hits a record high above 11%, increased by the most in more than 12 years in March, suggesting that inflation is likely to get persistently high.

➤GBP rebounded and ended higher to above 1.31 (+0.9%) on the highest Uk inflation data in three decades, hits 7%.

➤EUR reversed Tuesday's losses & rose to 1.089 (+0.6%). ECB meeting in the spotlight.

➤Gold & Oil extended the gains with gold climbed to $1977 & Oil (Brent) to $108.79.
➤BTC regained $41,000 handle while XRP edged slightly higher to 0.7233.

➤Sri Lanka declared bankruptcy & announced a temporary suspension of repayment. The local market is closing for holidays. USDLKR tumbled more than 60% since early March 2022.

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