U.S. indices were under pressure on Tuesday pressured by shares in the Consumer Durables & Apparel (-2.42%), Software & Services (-2.16%) and Media (-1.9%) sectors. On the economic data front, Conference Board Consumer Confidence Index fell to 121.5 in June (estimated 131.0) from 131.3 in the previous month. New home sales dropped to an annualized rate of 626K in May (estimated 684K) from 679K in the previous month. The S&P 500 (2,917.38) stays above its 20d moving average (2,867.34 – positive slope) and its 50d moving average (2,879.37 – flat slope).
European markets are expected to start on a negative note.
Foreign Exchange
The US dollar was mixed against its major pairs on Tuesday. On the economic data front, Consumer Confidence fell to 121.5 in June (estimated 131) compared with 131.3 in the previous month. New Home Sales also fell to 626K in May (estimated 684K) vs. 679K in the previous month.
The Euro was bearish against all of its major pairs. In Europe, the French manufacturing confidence index fell to 102 in June, its lowest level since November 2016, from 104 in May. It was expected to be flat.
The Australian dollar was bullish against all of its major pairs with the exception of the NZD and JPY.
Commodities
After the close of Wall Street, WTI Crude Future (AUG 19) was about flat to $57.87. The contract was above its 20D MA (@ $54.46) and below its 50D MA (@ $59.44).
Gold was up $3.4 to $1423.2. The precious metal was above its 20D MA (@ $1344) and above its 50D MA (@ $1306). The 14d RSI above 70 (87.17) indicates gold was overbought.
Copper Future (SEP 19) on Comex was up 2.3c to 272.75c/lb. The contract was above its 20D MA (@ 266.73c) and below its 50D MA (@ 275.58c). In Europe, the London Metal Exchange reported its copper inventories decreased 1850 tons to 242875 tons.