Above is the S&P 500 daily chart. As you can see, on April 16, the market closed again near the monthly highs.
The news on the US economy is also terrible: another 5.25 million Americans applied for unemployment benefits last week. The Philadelphia business activity index also fell to minus 29. It was forecasted to be just minus 16.
With these poor reports, the decline in the markets is inevitable.
Coronavirus update:
US: 678,000 Americans are infected with the virus. 34.6 thousand have died already. The infection rate per day is less than 5% (around 30 thousand), while the mortality rate has decreased to less than 4% (around 2,200 per day).
According to official figures, the total number of infected worldwide is 2.2 million. However, if we consider the total number of deaths around the world (147 thousand), plus the infection rate and mortality rate in US, the figure could actually reach 3.6 million-14.7 million.
Europe:
In Spain, the infection rate has decreased to +2%, while death rate is stable at +500.
In Italy, infection rate has fallen to + 2.5%, while death rate is still the same at +550 per day.
In recent days, Britain and France have steadily taken first places in the highest number of deaths per day - +860 and +750 respectively. Other countries, such as Germany (+248 deaths per day), have much lower.
Meanwhile, in Russia, 28 thousand people have been infected. The infection rate is +13% or about +3,448 new cases per day. Although the infection rate in Moscow has decreased to +9% per day, we should not immediately draw conclusions based on one day.
EUR/USD: Euro is consolidating.
Open buy positions from 1.0990.
Open sell positions from 1.0765.