Daily Market Outlook, November 8, 2022

Daily Market Outlook, November 8, 2022“Asian markets retain a bid tone overnight, the outlier remains Chinese equities which have failed to take the positive lead from European and US markets overnight. Overnight data from Australia showed continued deterioration in both business and consumer sentiment readings. Markets are firmly focused on political developments in the US, polling suggests that Republicans are favored to take control of  the House of Representatives, the Senate races remain too close to call. With President Biden’s popularity plumbing new lows there is a decent chance that Republicans wrestle control of both houses, this result would significantly hamper the Biden’s administration to make any meaningful policy headway in the second half of his term, further frustration for the Biden administration is seen with former President Trump setting the stage for a Presidential run in 2024, this would essentially see the clock running on the 2024 race as soon as next week. Markets appear poised for a red sweep in the US which will be seen as positive for markets, weighing on the Dollar and US Yields, as the Fed will likely have to take up the baton of economic support as the fiscal impulse from the government will be significantly impeded if not totally neutralised...”Overnight HeadlinesBiden: GOP Win Will Roll Back Help For ‘Struggling’ Families - BBGTrump Will Make A "Big Announcement" On Nov 15 - RTRSChina Reopening Hopes Keep US Dollar On Guard - RTRSFTX Token Plummets As Market Fears Possible Alameda Contagion - CoinDeskBiden Predicts Democrats Will Win The Senate - The HillPoll: Biden Approval Ticks Lower As Democrats Brace For Midterm Losses - RTRSUS Monetary Policy Tighter Than Benchmark Rate Suggests - RTRSFed’s Barkin: Fed Will Stick To The Task Of Curbing Inflation - BBGEU Dims Hopes For A Price Cap To Contain Soaring Gas Costs - BBGEU Aims To Dispel Criticism On Ukraine Aid With €18 Billion Plan - BBGEurozone Grapples With Coordinating Energy Support Plans As Recession Looms - RTRSECB’s Lagarde: ECB Must Bring Inflation Back To 2% - BBGGermany To Spend €83.3 Billion To Subsidize Energy Prices - BBGGermany Should Hike Taxes On Rich To Finance Relief Packages - RTRSOil Prices Fall As China Demand, Recession Concerns Outweigh Supply Woes - RTRSGold Stalls As Investors Brace For US Inflation Data - RTRSTechnical & Trade ViewsSP500 Bias: Bullish Above Bearish Below 3730TechnicalsPrimary support is 3730Primary upside objective is 3994Next pattern confirmation, acceptance above 3920Failure below 3695 opens a test of 363020 Day VWAP bullish, 5 Day VWAP bullishEURUSD Bias: Bullish Above Bearish below .9890TechnicalsPrimary support is .9890Primary upside objective is 1.0284Next pattern confirmation, acceptance above 1.00Failure below .9815 opens a test of .963020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 0.9800 (1.06BN), 0.9900 (201M), 0.9950 (603M),0.9970-85 (1.42BN), 0.9990-00 (1.022BN), 1.0020-25 (673M), 1.0050 (468M)GBPUSD Bias: Bullish Above Bearish below 1.1320TechnicalsPrimary support is 1.1320Primary upside objective 1.20Next pattern confirmation, acceptance above 1.1650Failure below 1.1290 opens a test of 1.115020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 1.1500 (603M)USDJPY Bias: Bullish above Bearish Below 148.10TechnicalsPrimary resistance is 148.10Primary downside objective is 143.25Next pattern confirmation, acceptance below 146Acceptance above 148.50 opens a test of 149.7020 Day VWAP bearish, 5 Day VWAP bearishToday's New York Cut Option Expiries: EUR/JPY: 146.00 (243M)AUDUSD Bias: Bullish Above Bearish below .6400TechnicalsPrimary support is .6400Primary upside objective is .6590Next pattern confirmation, acceptance above .6520Failure below .6350 opens a test of .628020 Day VWAP bullish, 5 Day VWAP bullishToday’s New York Cut Option Expiries: 0.6250 (307M), 0.6275 (714M), 0.6300 (325M), 0.6390 (225M), 0.6450 (1.73BN), 0.6500 (494M)BTCUSD Bias: Intraday Bullish Above Bearish below 19100TechnicalsIntraday 19100 is primary supportPrimary upside objective is 22191Next pattern confirmation, acceptance above 21460Failure below 19000 opens a test of 1860020 Day VWAP bearish, 5 Day VWAP bearish

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