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S&P 500, daily chart:

US stock market yesterday: the Dow and the S&P 500 increased by 0.9%, while the NASDAQ gained 1.2%.

Large investors assume that the bullish trend may extend for a while before the market enters an inevitable correction.

The ECB decided to keep the interest rate at the same level. The regulator is committed to support the EU economy amid the raging third COVID-19 wave. Yesterday, Germany recorded 28K new infections, while France reported on 35K new cases.

Market participants are awaiting the publication of the weekly US labor market report.

Asian stock markets during early trading hours: Japan’s stocks soared by 2%, while China’s stocks fell by 0.1%.

The oil market plunged by 2.5% yesterday.

The Dow is at 34,140. It is forecast to be in the 33,800 – 34,300 range. Despite yesterday’s bullish US market, a deep correction is likely.

The USDX is at 91.10. It is expected to be in the 90.80 – 91.50 range. Today, the US dollar index was waiting for the ECB’s decision at its low. If the euro drops, the USDX will strengthen.

The USD/CAD pair is at 1.2500. It is likely to be in the 1.2400 – 1.2550 range. Yesterday, the loonie grew sharply and offset losses incurred the day before.

The material has been provided by InstaForex Company – www.instaforex.com

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