General Market Comment
US indices closed lower on Monday as the Dow dropped by over 600pts. Shares in the Semiconductors & Semiconductor Equipment (-4.61%), Technology Hardware & Equipment (-4.44%) and Retailing (-3%) sectors were under pressure. On the economic data front, there was no major data released yesterday. The S&P 500 (2,726.11) breaks below its 20d moving average (2,739.67 – flat slope) and stays below 50d moving average (2,825.59 – negative slope).
European markets are expected to start on a flat note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Monday. On the economic data front, there was no major data released yesterday.
The Euro was bearish against most of its major pairs with the exception of the GBP. In Europe, there was no major economic news yesterday.
The Australian dollar was lower against most of its major pairs except for the GBP and the EUR.
Commodities
After the close of Wall Street, WTI Crude Future (DEC 18) was down $1.2 to $59.02. The contract was below its 20D MA (@ $65.46) and below its 50D MA (@ $68.89). The 14d RSI below 30 (18.19) indicates WTI Crude Future (DEC 18) was oversold.
Gold was down $9.1 to $1200.7. The precious metal was below its 20D MA (@ $1225) and below its 50D MA (@ $1210).
Copper Future (DEC 18) on Comex was down 1.6c to 266.85c/lb. The contract was below its 20D MA (@ 274.01c) and below its 50D MA (@ 274.05c). In Europe, the London Metal Exchange reported its copper inventories decreased 1725 tons to 169325 tons.