Bulls Try to Recover Their Losses

Global markets rebound after sharp sell-off

Markets are waiting for President Trump's speech

Stitch Fix (SFIX.US) lowers revenue forecast

Monday trading session turned out to be fatal for the global equity market. Shares around the world experienced the largest decline since the global financial crisis, continuing sell off as coronavirus continues to spread worldwide and Saudi Arabia sparked price war with Russia. Panic sold off caused that trading on Wall Street was halted, an event which we have not seen since 2008.

Today, the situation seems to stabilize based on hopes of stimulus in the US. Equity markets in Asia closed green today. European indices also rebounded gaining on average 3%. US futures have hit limit up while Treasury yields have also recovered decently.

Today markets attention is focused on US President Trump press conference. Investors reacted positively to the news of potential payroll tax cut and now are expecting the promise of new stimulus which will help economy to recover from the impact of spreading coronavirus outbreak.

S&P (US500) futures rises today bouncing off the support zone located at 2777.0 pts. If positive bias remains on the market then the price may try to close the gap and test the level of 2908 pts.

Stitch Fix (SFIX.US) prices tumbled 39% in post market trading after the company reduced its full-year outlook. Company expects net revenue $1.81b-$1.84b (prev. $1.9b-$1.93b) and fiscal 2020 adj. Ebitda flat to $10m (prev $18m-$32m).

Stitch Fix (SFIX.US) share price is currently testing support at $20.59. However if this level failed to hold, then the price can test the next important level located at $17.04.

Nvidia Corp (NVDA.US) price declined -1.8% after news that the ongoing public health problems would challenge company ability to produce and deliver a digital keynote of its GPU Technology conference. The company will make news announcements on 24th March and CEO Jensen Huang will hold a conference call afterward.

Nvidia Corp (NVDA.US) share price found some support above $234.96 level and broke above the trend line. If the correlated support level and trend line breaks, then the price may fall sharply to the next major level at $195.87.



by WooHoo Ireland


Woooo Fx Education

Camden Street Lower, St Kevin's, Dublin 2, Ireland D 02 XE 80 | +353-214-651-000 |info@woohooai.com

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