Month: August 2018

Brent Crude Technical Snap

Pivot: 73.15.  Short positions below 73.15 with targets at 72.05 & 71.66 in extension. Above 73.15 look for further upside with 73.50 & 74.10 as targets. RSI is mixed to bearish.

Today’s Economic Events

10:00 EC JUN Euro-Zone: PPI (MoM) exp: 0.3% prev: 0.8%
12:00 UK BoE: Rates decision exp: 0.75% prev: 0.5%
13:30 US W29 Initial Jobless Claims (k) exp: 220 prev: 217
15:00 US JUN F Durable Goods Ex Transportation exp: NA prev: 0.4%
15:00 US JUN F Durable Goods Orders exp: NA prev: 1%
15:00 US JUN Factory Orders exp: 0.9% prev: 0.4%

General Market Comment

US indices closed mixed on Wednesday. Shares in the Automobiles & Components (-1.91%), Capital Goods (-1.56%) and Energy (-1.33%) sectors closed lower while shares in the Technology Hardware & Equipment (+3.74%), Real Estate (+0.69%) and Commercial & Professional Services (+0.67%) sectors gained traction. On the economic data front, MBA mortgage applications decreased by 2.6% in the week ending July 27 from -0.2% previously. In addition, the ADP national employment report showed U.S. companies added 219K jobs in July (estimated +186K) from a revised +181K in the prior month. Markit manufacturing PMI decreased at a final estimate of 55.3 in July (estimated 55.5) from 55.4 in June. Moreover, construction spending MoM decreased by 1.1% in June (expected +0.3%) from a revised +1.3% in May while ISM manufacturing PMI decreased to 58.1 in July (estimated 59.4) from 60.2 in June. Finally, the Fed released the FOMC statement stating that it decided to maintain the target range for the federal funds rate at 1.75% – 2%. The Fed added that the economy is growing at a “strong rate” and continues to expect further gradual rate increases. The S&P 500 (2,813.36) remains above both its 20d moving average (2,802.00 – positive slope) and 50d moving average (2,766.94 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 01.08.18

Brent Crude Technical Snap

Pivot: 74.35.  Short positions below 74.35 with targets at 73.50 & 73.25 in extension. Above 74.35 look for further upside with 74.60 & 74.90 as targets. RSI is mixed to bearish.

Today’s Economic Events

US JUL Total Vehicule Sales (M) exp: NA prev: 17.4
08:50 FR JUL F Markit Manufacturing PMI exp: 53.1 prev: 53.1
09:00 EU JUL F Markit Manufacturing exp: 55.1 prev: 55.1
13:15 US JUL ADP Employment Report (k) exp: 180 prev: 177
14:45 US JUL F Markit Manufacturing PMI exp: NA prev: 55.5
15:00 US JUL ISM – Manufacturing exp: 59.2 prev: 60.2
15:00 US JUL ISM – Price Paid exp: NA prev: 76.8
15:00 US JUN Construction Spending (MoM) exp: 0.3% prev: 0.4%
15:30 US W29 Crude Oil Inventories (WoW chg) exp: NA prev: -6147
19:00 US Fed: Rates decision exp: 2% prev: 2% read more

General Market Comment

US indices closed higher on Tuesday, after news that the US is in talks with China to settle the trade conflict. Shares in the Capital Goods (+2.57%), Real Estate (+1.89%) and Pharmaceuticals, Biotechnology & Life Sciences (+1.58%) sectors ended in the green zone. On the economic data front, personal income increased by 0.4% in June, meeting the estimate, compared to +0.4% a month ago while personal spending also increased by 0.4%, meeting the expectation, from a revised +0.5% in May. Finally, the Conference Board consumer confidence index increased to 127.4 in July, above the estimate of 126, from a revised 127.1 previously. The S&P 500 (2,816.29) remains above both its 20d moving average (2,796.99 – positive slope) and 50d moving average (2,765.34 – positive slope). read more