Month: September 2018

Brent Crude Technical Snap

Pivot: 77.50. Short positions below 77.50 with targets at 76.75 & 76.45 in extension. Above 77.50 look for further upside with 77.90 & 78.45 as targets. RSI advocates for further downside.

Today’s Economic Events

13:15 US AUG ADP Employment Report (k) exp: 193 prev: 219
13:30 US 2Q F Nonfarm Productivity exp: 2.9% prev: 2.9%
13:30 US 2Q F Unit Labor Costs exp: -0.9% prev: -0.9%
13:30 US W34 Initial Jobless Claims (k) exp: 212 prev: 213
14:45 US AUG F Markit Composite PMI exp: NA prev: 55
14:45 US AUG F Markit Services PMI exp: NA prev: 55.2
15:00 US AUG ISM – Non Manufacturing exp: 56.8 prev: 55.7
15:00 US JUL F Durable Goods Ex Transportation exp: NA prev: 0.2%
15:00 US JUL F Durable Goods Orders exp: NA prev: -1.7%
15:00 US JUL Factory Orders exp: -0.5% prev: 0.7%
16:00 US W34 Crude Oil Inventories (WoW chg) exp: -1930 prev: -2566 read more

General Market Comment

US indices closed mixed on Wednesday. Shares in the Software & Services (-2.02%), Retailing (-1.82%) and Technology Hardware & Equipment (-0.77%) sectors ended lower while shares in the Food, Beverage & Tobacco (+1.36%), Utilities (+1.27%) and Household & Personal Products (+1.15%) sectors ended on a positive note. On the economic data front, MBA mortgage applications declined by 0.1% in week ended August 31st from a fall of 1.7% in the prior week. In other news, the trade deficit widened to $50.1B in July (forecasted $50.2B) from $45.7B in June. The S&P 500 (2,888.60) remains above its 20d moving average (2,866.27 – positive slope) and 50d moving average (2,820.78 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 05.09.18

Brent Crude Technical Snap

Pivot: 78.10. Short positions below 78.10 with targets at 77.20 & 76.75 in extension. Above 78.10 look for further upside with 78.45 & 78.85 as targets. RSI advocates for further decline.

Today’s Economic Events

08:50 FR AUG F Markit Composite PMI exp: 55.1 prev: 55.1
08:50 FR AUG F Markit Services PMI exp: 55.6 prev: 55.7
09:00 EU AUG F Markit Composite PMI exp: 54.4 prev: 54.4
09:00 EU AUG F Markit Services PMI exp: 54.4 prev: 54.4
10:00 EC JUL Euro-Zone: Retail Trade (MoM) exp: -0.1% prev: 0.3%
13:30 US JUL Trade Balance (B USD) exp: -48.4 prev: -46.3

General Market Comment

US indices closed lower on Tuesday, pressured by shares in the Consumer Durables & Apparel (-1.43%), Telecommunication Services (-1.12%) and Pharmaceuticals, Biotechnology & Life Sciences (-0.95%) sectors. On the economic data front, Markit US manufacturing PMI improved to 54.7 in August (estimated 54.5) from 55.3 in July. In other news, construction spending increased by 0.1% MoM in July (expected 0.4%) compared to a decline of 0.8% in June. Finally, the ISM manufacturing index rose to 61.3 in August (estimated 57.6) from 58.1 in July. The S&P 500 (2,896.72) remains above its 20d moving average (2,864.76 – positive slope) and 50d moving average (2,817.35 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 04.09.18

Brent Crude Technical Snap

Pivot: 77.75. Long positions above 77.75 with targets at 78.45 & 78.90 in extension. Below 77.75 look for further downside with 77.30 & 76.75 as targets. Technically the RSI is above its neutrality area at 50.

Today’s Economic Events

US AUG Total Vehicule Sales (M) exp: NA prev: 16.7
10:00 EC JUL Euro-Zone: PPI (MoM) exp: 0.3% prev: 0.4%
14:45 US AUG F Markit Manufacturing PMI exp: NA prev: 54.5
15:00 US AUG ISM – Manufacturing exp: 57.6 prev: 58.1
15:00 US AUG ISM – Price Paid exp: NA prev: 73.2
15:00 US JUL Construction Spending (MoM) exp: 0.5% prev: -1.1%