S&P500, daily shart.
The correction is becoming more prominent.
Yesterday, the Dow, the S&P 500, and the NASDAQ dropped by 0.9% despite a positive labor market report in the US. The US stock market needs to enter a correction even if a bullish trend follows.
Asian stock markets: China +0.5%, Japan -0.8%.
COVID-19 worldwide: the third wave is tightening its grip. Yesterady, there were 880 new cases registered globally/ The number exceeded the highest level of the second wave, recorded in January. The situation is getting worse in India: +330K new infections. The highest daily death toll is in Brazil and India: +2K. France and Germany reported on +34K and +29K new cases respectively.
Yesterday, the ECB kept interest rates and the QE program unchanged. The market saw almost no reaction to the ECB's decision.
Today, BRENT has climbed 0.5% to $65.80. It is forecast to trade in the 64.00–67.50 range. Oil is recovering after two consecutive bearish days. Perhaps the price has found support after a correction.
Today, WTI has gained 0.5% to $61.80. It is forecast to trade in the 60.80 – 63.00 range. The price is supported by the opening of the American economy and growing demand expectations in the US this summer.
Conclusion: Friday is likely to be a calm day for trading, as there is no important news left. Today, the global market will focus on the close of the US stock market.
