Good morning traders and TGIF!
The long weekend is in full force and expecting slow markets today. In America Thanksgiving is celebrated and without the US supporting, markets have no conviction in moves. But - during the long Thanksgiving weekend, there is a possibility to see some extra volatility, as the markets are illiquid, it is easy for some bigger players to push them in his favorable direction.
What's the big news today? It's the China Stock market dumping like crazy yesterday. Shanghai composite dropped 2.26% and CSI300 dropped a whopping 2.93%.
David Ingles on Twitter points out that the Chinese stock market had its worst day in 17 months, reason being weaker and weaker data from China and PBoC governor Zhou's economic politics
Via David Ingles
Catch up on the story on Axitrader.com
About cryptos - nothing new on this world, crypto still holding their own.
While this has probably been around a while, I just found it out and it's awesome - apparently you can pay for games and software on Steam with Bitcoin, with reports about this as early as April this year. Why do i just find out about this?
Thanks, I am Nomad, for pointing this out. Via Twitter
Tech
EURUSD hard-pressed against resistance. Keep running or turn down.
And negatively correlated to the previous is the DAX. The DAX index has been having a hard time lately and it's sitting on a key support. I find it hard to believe it takes of without taking thestops below first, but the market usually makes the moves that leave you baffled.
For DAX seasonality, i mediate you a chart by Ed Matts from matrixtrade.com newsletter. According this - get ready for a thanksgiving rally. And these are the stats speaking, not a hunch.
Chart thanks to Ed Matts, matrixtrade.com
Thank you for reading, enjoy your long weekend everyone!
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