Risk-off as there is no prospect of a slowdown in the pace of interest rate hikes due to strong employment statistics. Created at 2022/10/9pm13:30

Stocks around the world, including US stocks, continue to trend downward.

The stock market, which had rallied somewhat on expectations that the US central bank would slow down the pace of interest rate hikes in light of the recession and stock market declines, had rebounded just as it did in September after news that the Fed would maintain its pace of interest rate hikes.

Judging from the content of the index, the FRB will continue to maintain a bullish stance on rate hikes, and prices will fall.

The US 10-year bond yield and the dollar index have risen again after a temporary drop, creating a dip. The dollar/yen pair reacted slightly higher due to caution about intervention, but the dollar straight fell.

The euro and pound were oversold, and the markets rebounded sharply last week due to the news of the purchase of British bonds, but they started to fall again from the middle of the week. As for the Aussie dollar, the rebound was weak, and it broke below the year-to-date low on Friday.

There may be another rebound from the oversold at the beginning of the week, but the current trend is likely to continue unless the fundamentals change.

However, indexes such as the Dow and Nasdaq have used the waves to some extent from the perspective of Elliott Count, and technically, they are in a position where it is likely that there will be an upward turnaround soon.

Every year from this time to the end of the year, the Christmas sales season begins and stock prices tend to be strong, so it is necessary to pay attention to the reversal movement.

What is likely to change is that precious metals such as gold and silver are moving steadily. However, on the daily chart, it looks like a retest after breaking below the 3-year line. In that case, watch out for further declines.

(Bitcoin is about to finish adjusting the daily pattern, and there was an increase from the daily line break, but so far it has failed.)

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