After the excitement of yesterday, with all-time highs across the major US stock indices, traders are marking time today with equities across the pond expected to open up mildly lower on the day and European markets giving back a small portion of this week’s gains. So far, the Dow is enjoying its best month since 1987, while the small-cap Russell 2000 (+20%), the S&P Energy sector (+37%) and Industrial sector (+18%) are having their best months ever.

One stock index not making record highs yesterday was the Nasdaq 100, which is notable in this year of performance driven primarily by the technology giants. The tech-heavy gauge is heading into a zone around 12,133 which has previously been resistance four times. New highs beckon if momentum traders can break through here. Interestingly the well-known CNN Fear & Greed index, that describes what emotion is driving the market now, is pointing at Extreme Greed with a reading of 88 (0 being extreme fear, 100 extreme greed).

US data out today has been mixed with bumper durable goods figures suggesting there may need to be upgrades to Q4 GDP numbers. On the downside, initial jobless claims rose more than expected and remain stubbornly high in historic terms. These figures will feed into next week’s non-farm payrolls report. The Dollar retains a weak tone overall, steadying around 92, but it would not be surprising to see risk assets correct into the Thanksgiving break as markets see some position squaring before the long weekend.

Gloomy Brexit Headlines

GBP is leading the losses among its major peers after the UK Chancellor warned of an ‘economic emergency’ in his spending review. More significantly, numerous depressing Brexit headlines have emerged with many claiming that talks are not going well and the outstanding issues on fisheries and the level playing field among others remain at a standstill.

This week, EUR/GBP has bounced off support around 0.8866 near the September lows and previous trough set earlier in the month. The 200-week moving average sits here as well so represents quite a barrier for the bears before they can take on the Spring lows around 0.87.  Expect ‘headline havoc’ as the clock ticks closer to December!

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