General Market Comment 22.10.18
US indices closed mixed on Monday. Shares in the Banks (-2.55%), Diversified Financials (-1.84%) and Real Estate (-1.42%) sectors were under pressure while shares in the Semiconductors & Semiconductor Equipment (+0.96%), Retailing (+0.86%) and Software & Services (+0.85%) sectors closed in the green zone. On the economic data front, the Chicago Federal National Activity index was diminished to 0.17 in September (estimated 0.21) from 0.27 in the previous month. The S&P 500 (2,755.83) remains at levels below both its 20d moving average (2,845.93 – negative slope) and 50d moving average (2,867.86 – negative slope).
European markets are expected to open on a negative note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Monday. On the economic data front, the Chicago Federal National Activity index was diminished to 0.17 in September (estimated 0.21) from 0.27 in the previous month.
The Euro was bearish against most of its major pairs with the exception of the NZD, the AUD and the GBP. There was no major economic news in Europe yesterday.
The Australian dollar was bearish against most of its major pairs with the exception of the NZD and the GBP.
Commodities
After the close of Wall Street, WTI Crude Future (DEC 18) was about flat to $69.54. The contract was below its 20D MA (@ $72.4) and below its 50D MA (@ $69.7).
Gold was down $4.7 to $1222.2. The precious metal was above its 20D MA (@ $1206) and above its 50D MA (@ $1201).
Copper Future (DEC 18) on Comex was about flat to 278c/lb. The contract was below its 20D MA (@ 279.08c) and above its 50D MA (@ 273.03c). In Europe, the London Metal Exchange reported its copper inventories increased 275 tons to 154225 tons.