General Market Comment
US indices closed higher on Monday, led by shares in the Automobiles & Components (+3.45%), Retailing (+3.06%) and Software & Services (+2.64%) sectors. On the economic data front, the Chicago federal national activity index advanced to 0.24 in October (estimated 0.18) from 0.14 in September. Also, the Dallas federal manufacturing activity index declined to 17.6 in November (forecast 24.5) from 29.4 October. The S&P 500 (2,673.45) remains below its 20d moving average (2,714.98 – flat slope) and 50d moving average (2,789.20 – negative slope).
European markets are expected to open on a flat note.
Foreign Exchange
The US dollar was bullish against most of its major pairs on Monday with the exception of the NZD. On the economic data front, the Chicago federal national activity index advanced to 0.24 in October (estimated 0.18) from 0.14 in September. Also, the Dallas federal manufacturing activity index declined to 17.6 in November (forecasted 24.5) compared to 29.4 a month earlier.
The Euro was bearish against most of its major pairs except for the JPY and the GBP. The German IFO business climate index fell to 102 in November (102.3 expected) from 102.9 a month earlier. The sub-index for expectations fell to 98.7 (99.2 anticipated) from 99.7 in October.
The Australian dollar was lower against most of its major pairs except for the JPY and the CHF.
Commodities
After the close of Wall Street, WTI Crude Future (JAN 19) was up $1.1 to $51.55. The contract was below its 20D MA (@ $59.38) and below its 50D MA (@ $66.44). The 14d RSI below 30 (23.38) indicates WTI Crude Future (JAN 19) was oversold.
Gold was about flat to $1222.3. The precious metal was above its 20D MA (@ $1221) and above its 50D MA (@ $1215).
Copper Future (MAR 19) on Comex was down 2.3c to 276.3c/lb. The contract was above its 20D MA (@ 275.35c) and below its 50D MA (@ 278.13c). In Europe, the London Metal Exchange reported its copper inventories decreased 2450 tons to 137100 tons.