General Market Comment
US indices closed higher on Monday as the Nasdaq reached a new record high. Shares in the Automobiles & Components (+3.87%), Semiconductors & Semiconductor Equipment (+1.55%) and Materials (+1.47%) sectors gained traction. On the economic data front, the Chicago Fed national activity index decreased to 0.13 in July (estimated 0.45) from a revised 0.48 in June. The S&P 500 (2,896.74) remains above its 20d moving average (2,846.60 – positive slope) and 50d moving average (2,803.30 – positive slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bearish against all of its major pairs on Monday. On the economic data front, the Chicago Fed national activity index decreased to 0.13 in July (estimated 0.45) from a revised 0.48 in June.
The Euro was bullish against all of its major pairs. In Europe, German business confidence IFO index rose for the first time in nine months to 103.8 in August from 101.7 in July. It was anticipated at 101.8.
The Australian dollar was mixed against its major pairs.
Commodities
After the close of Wall Street, WTI Crude Future (OCT 18) was about flat to $68.93. The contract was above its 20D MA (@ $66.84) and above its 50D MA (@ $67.3).
Gold was up $5.1 to $1211. The precious metal was above its 20D MA (@ $1201) and below its 50D MA (@ $1228).
Copper Future (DEC 18) on Comex was about flat to 273.05c/lb. The contract was above its 20D MA (@ 272.79c) and below its 50D MA (@ 283.18c). In Europe, the London Metal Exchange reported its copper inventories increased 125 tons to 267200 tons.