Month: June 2019

BRENT Crude Technical Snap (Daily)

Pivot: 62.00 Our preference: short positions below 62.00 with targets at 60.55 & 60.00 in extension. Alternative scenario: above 62.00 look for further upside with 62.70 & 63.25 as targets. Comment: the RSI is bearish and calls for further decline.

Today’s Economic Events

US MAY Total Vehicule Sales (M) exp: 16.8 prev: 16.4
08:50 FR MAY F Markit Manufacturing PMI exp: 50.3 prev: 50.6
09:00 EU MAY F Markit Manufacturing exp: 47.7 prev: 47.7
14:45 US MAY F Markit Manufacturing PMI exp: NA prev: 50.6
15:00 US APR Construction Spending (MoM) exp: 0.4% prev: -0.9%
15:00 US MAY ISM – Manufacturing exp: 53.2 prev: 52.8
15:00 US MAY ISM – Price Paid exp: NA prev: 50

US indices closed lower on Friday after Trump threatens to impose new tariffs on Mexico. Shares in the Telecommunication Services (-4.15%), Automobiles & Components (-3.82%) and Technology Hardware & Equipment (-2.16%) sectors closed lower. On the economic data front, personal income increased by 0.5% in April (estimated 0.3%) from 0.1% in March while personal spending improved by 0.3% in April (forecasted 0.2%) compared to 1.1% a month earlier. Also, the MNI Chicago PMI increased to 54.2 in May (expected 54) vs. 52.6 in April. In other news, the University of Michigan sentiment index decreased to 100 in May (estimated 101.5) from 97.2 in April. 

The S&P 500 (2,752.06) stays below both its 20d moving average (2,848.11 – negative slope) and 50d moving average (2,870.22 – negative slope).

European markets are expected to open on a negative note. read more