City A.M. TV: Daily Market Snapshot (video)
With a number of US equity indices pushing out to new highs yesterday, the key near term question is: Are markets about to top? Or does the upside move just gets going?
In this brief clip, we think about the answers to those questions and examine the evidence. On one hand, for example, it’s well known that upside breakouts are a technically bullish sign. Equally, though, several factors are raising questioning marks about the sustainability of this rally.
Today’s key macro data and events will be watched closely in that respect and include the US NFIB small business optimism reading (for January) and the US job openings number (for December). There’s also a speech by the Fed’s Bullard on the economy and comments by Philip Lane, the ECB’s Chief economist.