Shares mainly opened higher on Wednesday ahead of what is expected to be a very busy day for investors despite an uncertain mood following mixed earnings yesterday. Today’s market sentiment is likely to be shaken as traders struggle to find any fresh bullish drivers to the current rally amid a slew of major US economic data due this afternoon (Q1 GDP, Pending Home Sales and FOMC meeting). In addition to the macro environment, stock investors will also keep an eye on corporate results with big names like Airbus, Boeing, Facebook and Tesla all reporting today.
The FTSE-100 is the best performing European index so far with the price driven up by the real estate and communication & services sectors. The market continues to register fresh highs and is currently trading above 6,000pts having cleared a notable zone when it climbed above 5,895pts. The moving averages are showing an upside reversal while the RSI indicator returned to its buy zone, climbing above 50%. The next target is 6,235pts which will constitute a 50% retracement of the entire bearish move that began at the beginning of this year.
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