Markets have continued their consolidation patterns in recent trading sessions. That is key global equity markets have largely paused their uptrend & moved sideways for much of February.
Those markets include the key US market, the S&P500, the tech heavy NASDAQ and various Asian markets. The UK’s FTSE100 index has also consolidated its recent gains (i.e. the index is unchanged since Wednesday last week). As a result, the key question for market watchers, investors and traders is whether or not markets are pausing as they prepare for their next leg higher, or indeed is this the start of a near term topping out process (with some weakness likely over the remainder of February)?
In terms of key events today, the calendar is fairly light: Out of the US, the next Michigan sentiment data point will be published at 3pm London time; Canada is publishing its January producer price inflation data (1:30pm UK time); while US companies continue to publish their fourth quarter earnings results later today as well.