Today our futures are all red. The markets in Asia are mixed and those in Europe are all red. Oil is down this morning and the VIX has continued to edge up also. We are seeing no real direction today in our currency line up as the US dollar sits in front of the Aussie Dollar and the Japanese Yen lead on the one-day relative performance index.
The longer-term charts has the SPY closed below the 50 and 21 moving averages on the daily and in pre-market as well price is also below the 5 and 8 exponential moving lines. In the pre-market, the SPY is over $2.00 below where it closed yesterday sitting at 321.25.
In the news, this morning, the overnight drop in the market seems to be in response to doubt that a new fiscal stimulus bill will pass congress. The democrats have offered a new bill at 2.4 trillion dollars while President Trump says that he would not approve anything over 1.5 trillion. This has put them once again at odds and caused doubt in a deal passing soon.
One last piece of news is that Novavax out of England will be starting phase 3 trials of its Covid-19 vaccine with 10,000 participants. This has them up in premarket and is certainly a hopeful step that may impact the market, but doesn’t seem to be doing so in Europe at the moment.