Daily Market Intelligence 12/07/21

Swiss National Bank set the early tone today by intervening in EUR/CHF which translated into a buying of big cap U.S. equities.

It was noteworthy that the intervention happened right on the U.S. equity opening so the SNB could sterilize the intervention by buying U.S. assets.

Oil rallied to its 200 DMA

Crypto traded in lockstep with risk assets and rebounded.
They are still in rally mode after the close.

Unfortunately it was another outsized daily movement day.

Most assets and indices moved from support to resistance in one session.

Small and midcap names rallied with reopening names like the casinos, as semi’s were initially sold.

The algos soon turned to buyers when everything was deemed to be on sale.

Take it a day at a time.

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