BRENT Crude Technical Snap (Daily)

Pivot: 66.75 Our preference: long positions above 66.75 with targets at 67.95 & 68.35 in extension. Alternative scenario: below 66.75 look for further downside with 66.20 & 65.65 as targets. Comment: the RSI is mixed to bullish.

Today’s Economic Events

07:45 FR 4Q F GDP (QoQ) exp: 0.3% prev: 0.3%
07:45 FR MAR Business Confidence Indicator exp: 102.8 prev: 103
07:45 FR MAR Production Outlook Indicator exp: NA prev: -5
12:30 US FEB Bulding Permits (k) exp: 1309 prev: 1317
12:30 US FEB Housing Starts (k) exp: 1229 prev: 1230
14:00 US MAR Consumer Confidence exp: 132.2 prev: 131.4

U.S. indices closed mixed on Monday. Shares in the Semiconductors & Semiconductor Equipment (-1.28%), Technology Hardware & Equipment (-0.88%) and Banks (-0.58%) sectors ended on a negative note while shares in the Consumer Durables & Apparel (+0.84%), Retailing (+0.75%) and Automobiles & Components (+0.41%) sectors closed in the green zone. On the economic data front, the Chicago Federal National Activity Index decreased to -0.29 in February (estimated -0.38) from -0.25 in January. Also, the Dallas Federal Manufacturing Activity Index declined to 8.3 in March (forecasted 8.5) from 13.1 in February. The S&P 500 (2,798.36) stays above both its 20d moving average (2,799.04 – flat slope) and 50d moving average (2,738.24 – positive slope).

European markets are expected to start on a positive note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 67.10 Our preference: short positions below 67.10 with targets at 66.15 & 65.65 in extension. Alternative scenario: above 67.10 look for further upside with 67.60 & 67.95 as targets. Comment: the RSI shows downside momentum.

Today’s Economic Events

09:00 GE MAR IFO – Business Climate exp: 98.6 prev: 98.5
09:00 GE MAR IFO – Current Assessment exp: 103 prev: 103.4
09:00 GE MAR IFO – Expectations exp: 94.1 prev: 93.8

U.S. indices closed lower on Friday on fears of an inverted yield curve, pressured by shares in the Consumer Durables & Apparel (-3.96%), Banks (-3.68%) and Materials (-2.99%) sectors. On the economic data front, the Markit U.S. manufacturing PMI declined to 52.5 in a preliminary estimate in March (estimated 53.5) from 53.0 a month earlier and services PMI decreased to 54.8 (forecasted 55.5) from 56.0 a month earlier. In other news, wholesale inventories advanced by 1.2% MoM in January (expected 0.1%, +1.1% in December). Also, existing home sales jumped 11.8% MoM in February to 5.51M units (estimated 5.10M) from 4.93M in the previous month. Finally, the monthly budget posted its biggest monthly deficit on record at $234B in February (forecasted $227B) vs. $215B in January. The S&P 500 (2,800.71) stays above both its 20d moving average (2,798.93 – flat slope) and 50d moving average (2,734.21 – positive slope).

European markets are expected to start on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 68.20 Our preference: short positions below 68.20 with targets at 67.25 & 66.70 in extension. Alternative scenario: above 68.20 look for further upside with 68.70 & 69.40 as targets. Comment: the RSI is mixed to bearish.

Today’s Economic Events

07:45 FR 4Q F Wages (QoQ) exp: NA prev: 0.2%
08:15 FR MAR P Markit Composite PMI exp: 50.8 prev: 50.4
08:15 FR MAR P Markit Manufacturing PMI exp: 51.4 prev: 51.5
08:15 FR MAR P Markit Services PMI exp: 50.7 prev: 50.2
09:00 EU MAR P Markit Composite PMI exp: 52 prev: 51.9
09:00 EU MAR P Markit Manufacturing exp: 49.5 prev: 49.3
09:00 EU MAR P Markit Services PMI exp: 52.7 prev: 52.8
13:45 US MAR P Markit Composite PMI exp: NA prev: 55.5
13:45 US MAR P Markit Manufacturing PMI exp: 53.3 prev: 53
13:45 US MAR P Markit Services PMI exp: 55.7 prev: 56
14:00 US FEB Existing Home Sales (M) exp: 5.1 prev: 4.9
14:00 US JAN Wholesale Inventories exp: 0.1% prev: 1.1%
18:00 US FEB Monthly Budget Satement (B USD) exp: -228 prev: 9 read more

U.S. indices closed higher on Thursday, led by shares in the Semiconductors & Semiconductor Equipment (+3.13%), Technology Hardware & Equipment (+3.01%) and Software & Services (+1.98%) sectors. On the economic data front, initial jobless claims declined to 221K in week ended March 16 (estimated 225K) from 230K in the previous week and continuing claims decreased to 1.75M in week ended March 9 (expected 1.77M) from 1.777M a week earlier. Also, the Philadelphia Federal Business Outlook Index jumped to 13.7 in March (forecasted 4.8) from -4.1 in February. Finally, the Leading Index rose 0.2% MoM in February (expected +0.1%). The S&P 500 (2,854.88) stays above both its 20d moving average (2,798.52 – positive slope) and 50d moving average (2,729.89 – positive slope).

European markets are expected to start on a positive note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 67.85 Our preference: long positions above 67.85 with targets at 69.40 & 69.70 in extension. Alternative scenario: below 67.85 look for further downside with 67.10 & 66.70 as targets. Comment: the RSI advocates for further upside. The rising 20-period moving average should push the prices higher.