Month: July 2018

Brent Crude Technical Snap

Pivot: 73.05.  Long positions above 73.05 with targets at 74.50 & 75.00 in extension.  Below 73.05 look for further downside with 72.40 & 71.80 as targets.  RSI advocates for further upside.

Today’s Economic Events

07:45 FR JUN Producer Price Index (MoM) exp: NA prev: 0.6%
09:00 GE JUL IFO – Business Climate exp: 101.5 prev: 101.8
09:00 GE JUL IFO – Current Assessment exp: 105 prev: 105.1
09:00 GE JUL IFO – Expectations exp: 98.2 prev: 98.6
15:00 US JUN New Home Sales (k) exp: 670 prev: 689
15:30 US W28 Crude Oil Inventories (WoW chg) exp: NA prev: 5836

General Market Comment

US indices closed mixed on Tuesday. Shares in the Consumer Durables & Apparel (-1.91%), Media (-1.34%) and Transportation (-1.23%) sectors closed lower while shares in the Pharmaceuticals, Biotechnology & Life Sciences (+1.77%), Telecommunication Services (+1.76%) and Energy (+1.31%) sectors gained momentum. On the economic data front, the FHFA house price index increased by 0.2% in May, below the estimate of +0.3%, from +0.2% in April. In addition, Markit manufacturing PMI increased at a preliminary estimate of 55.5 in July (estimated 55.1) from 55.4 in June while Markit service PMI decreased at a preliminary estimate of 56.2 in July (estimated 56.3) from 56.5 in the previous month. Finally, Richmond Fed’s manufacturing survey increased to 20 in July (estimated 18) compared to a revised 21 from the prior month. The S&P 500 (2,820.40) remains above both its 20d moving average (2,770.13 – positive slope) and 50d moving average (2,754.86 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 24.07.18

Brent Crude Technical Snap

Pivot: 73.50.  Short positions below 73.50 with targets at 72.40 & 71.80 in extension.  Above 73.50 look for further upside with 73.95 & 74.50 as targets. RSI advocates for further decline.

Today’s Economic Events

07:45 FR JUL Business Confidence Indicator exp: 110 prev: 110
07:45 FR JUL Production Outlook Indicator exp: NA prev: 14
08:00 FR JUL P Markit Composite PMI exp: 55 prev: 55
08:00 FR JUL P Markit Manufacturing PMI exp: 52.8 prev: 52.5
08:00 FR JUL P Markit Services PMI exp: 55.9 prev: 55.9
09:00 EU JUL P Markit Composite PMI exp: 54.8 prev: 54.9
09:00 EU JUL P Markit Manufacturing exp: 54.7 prev: 54.9
09:00 EU JUL P Markit Services PMI exp: 55 prev: 55.2
14:45 US JUL P Markit Composite PMI exp: NA prev: 56.2
14:45 US JUL P Markit Manufacturing PMI exp: NA prev: 55.4
14:45 US JUL P Markit Services PMI exp: NA prev: 56.5 read more

General Market Comment

US indices closed mixed on Monday. Shares in the Capital Goods (-1.19%), Food, Beverage & Tobacco (-0.86%) and Utilities (-0.64%) sectors closed on a negative note while shares in the Banks (+1.95%), Transportation (+1.02%) and Diversified Financials (+0.94%) sectors gained traction. On the economic data front, the Chicago Fed national activity index increased to 0.43 in June (estimated 0.25) from a revised -0.45 in May. In addition, existing homes sales decreased to 5.38M in June (expected 5.44M) compared to a revised 5.41M in the prior month. The S&P 500 (2,806.98) remains above both its 20d moving average (2,764.97 – positive slope) and 50d moving average (2,753.00 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 23.07.18

Iran tensions/industrial actions lift Crude

Oil prices rose on Monday on worries over supply after tensions increased between Iran and the United States. Meanwhile some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea.

Brent Crude Technical Snap

Pivot: 72.40. Long positions above 72.40 with targets at 73.80 & 74.10 in extension.  Below 72.40 look for further downside with 71.80 & 71.20 as targets.  RSI is above its neutrality area at 50.