General Market Comment
US indices closed lower to finish the week on Friday, pressured by shares in the Automobiles & Components (-1.26%), Media (-1.13%) and Real Estate (-0.92%) sectors. No major economic data was released Friday. The S&P 500 (2,801.83) remains above both its 20d moving average (2,762.36 – positive slope) and 50d moving average (2,751.32 – positive slope). European markets are expected to open on a flat note.
Foreign Exchange
The US dollar was bearish against all of its major pairs on Friday. No major economic data was released yesterday.
The Euro was bearish against its major pairs with exception of the CHF and the USD. The Australian dollar was mixed against its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (SEP 18) was about flat to $68.09. The contract was below its 20D MA (@ $69.8) and below its 50D MA (@ $68.44).
Gold was up $8 to $1230.9. The precious metal was below its 20D MA (@ $1247) and below its 50D MA (@ $1274). The 14d RSI below 30 (27.39) indicates gold was oversold.
Copper Future (SEP 18) on Comex was up 6.1c to 275.6c/lb. The contract was below its 20D MA (@ 286.19c) and below its 50D MA (@ 303.48c). The 14d RSI below 30 (29.22) indicates Copper Future (SEP 18) contract was oversold. In Europe, the London Metal Exchange reported its copper inventories decreased 1150 tons to 255325 tons.