It's been quite a 24 hours in stock markets, with risk appetite suffering due to a combination of factors including earnings and global recession warnings. This was always going to test this new-found bullishness in the markets.
As always, these may have been the catalyst for the sell-off but there will be other underlying factors as well. For example, just prior...
Stock markets have been on a good run since late March, with the FTSE bouncing back around 20% from its lows to within a whisker of 6,000.
The rally looked to be running out of steam around 5,800 but a late surge on Thursday, backed by momentum, quickly changed that. Unfortunately though, we've since seen a bearish engulfing pattern on the 4-hour chart which begs...
Market has high expectations for OPEC+++
The stand-out event today is undoubtedly the OPEC+++ meeting, where producers will attempt to find agreement on output that addresses the collapse in demand and crude prices.
No one is winning in this environment but, as ever, each are losing to different degrees and have a different ideas on how it should be resolved....
