Author: Specialist

Brent Crude Technical Snap

Pivot: 77.75. Long positions above 77.75 with targets at 78.45 & 78.90 in extension. Below 77.75 look for further downside with 77.30 & 76.75 as targets. Technically the RSI is above its neutrality area at 50.

Today’s Economic Events

US AUG Total Vehicule Sales (M) exp: NA prev: 16.7
10:00 EC JUL Euro-Zone: PPI (MoM) exp: 0.3% prev: 0.4%
14:45 US AUG F Markit Manufacturing PMI exp: NA prev: 54.5
15:00 US AUG ISM – Manufacturing exp: 57.6 prev: 58.1
15:00 US AUG ISM – Price Paid exp: NA prev: 73.2
15:00 US JUL Construction Spending (MoM) exp: 0.5% prev: -1.1%

General Market Comment

The US market was closed on Monday to celebrate Labor Day. On Friday, the US indices closed mixed. Shares in the Automobiles & Components (-1.45%), Energy (-0.73%) and Utilities (-0.45%) sectors lost traction while shares in the Technology Hardware & Equipment (+0.98%), Retailing (+0.59%) and Food & Staples Retailing (+0.58%) sectors gained momentum. On the economic data front, the Chicago Business Barometer Index fell to 63.6 in August (estimated 63), from 65.5 in the prior month. Lastly, the University of Michigan consumer sentiment index increased to 96.2 in final estimate in August (expected 95.5) from 97.9 in the prior month. The S&P 500 (2,901.52) remains above its 20d moving average (2,862.45 – positive slope) and 50d moving average (2,814.51 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 03.09.18

Brent Crude Technical Snap

Pivot: 77.85. Short positions below 77.85 with targets at 77.20 & 76.80 in extension. Above 77.85 look for further upside with 78.35 & 78.60 as targets. RSI advocates for further downside.

Today’s Economic Events

08:50 FR AUG F Markit Manufacturing PMI exp: 53.7 prev: 53.7
09:00 EU AUG F Markit Manufacturing exp: 54.6 prev: 54.6

General Market Comment

US indices closed mixed on Friday. Shares in the Automobiles & Components (-1.45%), Energy (-0.73%) and Utilities (-0.45%) sectors lost traction while shares in the Technology Hardware & Equipment (+0.98%), Retailing (+0.59%) and Food & Staples Retailing (+0.58%) sectors gained momentum. On the economic data front, the Chicago Business Barometer Index fell to 63.6 in August (estimated 63), from 65.5 in the prior month. Lastly, the University of Michigan consumer sentiment index increased to 96.2 in final estimate in August (expected 95.5) from 97.9 in the prior month. The S&P 500 (2,901.52) remains above its 20d moving average (2,862.45 – positive slope) and 50d moving average (2,814.51 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 31.08.18

Brent Crude Technical Snap

Pivot: 77.35. Long positions above 77.35 with targets at 78.05 & 78.50 in extension. Below 77.35 look for further downside with 76.80 & 76.15 as targets. RSI is mixed to bullish.

Today’s Economic Events

07:00 GE JUL Retail Sales (MoM) exp: -0.1% prev: 0.9%
07:45 FR AUG P Consumer Price Index (MoM) exp: 0.4% prev: -0.1%
07:45 FR AUG P CPI – EU Harmonised (MoM) exp: 0.5% prev: -0.1%
07:45 FR JUL Producer Price Index (MoM) exp: NA prev: 0.1%
10:00 EC JUL Euro-Zone: Unemployment Rate exp: 8.2% prev: 8.3%
14:45 US AUG Chicago Purchasing Manager Index exp: 63.3 prev: 65.5
15:00 US AUG F U. of Michigan Confidence exp: 95.5 prev: 95.3