Author: Specialist

Brent Crude Technical Snap

Pivot: 74.50.  Short positions below 74.50 with targets at 74.10 & 73.80 in extension.  Above 74.50 look for further upside with 74.85 & 75.10 as targets.  RSI is capped by a bearish trend line.

Today’s Economic Events

09:30 UK JUN M4 Money Supply (MoM) exp: NA prev: 0.4%
10:00 EC JUL Business Climate Indicator exp: 1.31 prev: 1.39
10:00 EC JUL Euro-Zone: Economic Confidence exp: 111.9 prev: 112.3
10:00 EC JUL Euro-zone: Industrial Confidence exp: 6.4 prev: 6.9
10:00 EC JUL F Euro-Zone: Consumer Confidence exp: -0.6 prev: -0.6
13:00 GE JUL P Consumer Price Index (MoM) exp: 0.4% prev: 0.1%
13:00 GE JUL P CPI – EU Harmonised (MoM) exp: 0.4% prev: 0.1%

General Market Comment

US indices closed lower to finish the week on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-2.22%), Software & Services (-2%) and Technology Hardware & Equipment (-1.81%) sectors. On the economic data front, 2Q advance GDP increased to 4.1% (estimated 4.2%) from a revised 2.2% in the previous quarter. 2Q advance personal consumption also increased to 4% (expected 3%) from a revised 0.5% in the prior quarter. Finally, the University of Michigan consumer sentiment index decreased to 97.9 in final estimate in July (expected 97.1) from 98.2 in the prior month. The S&P 500 (2,818.82) remains above both its 20d moving average (2,788.30 – positive slope) and 50d moving average (2,761.62 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 27.07.18

Crude Oil rally stall after 3-Day gains

Oil prices edged lower in Europe Friday in quiet trade following 3 days of gains. Prices took support from Saudi Arabia halting crude transport through a key shipping lane, lower U.S. inventories and sentiment suggesting an easing trade tensions between the US and Europe.

Brent Crude Technical Snap

Pivot: 73.80. Long positions above 73.80 with targets at 74.85 & 75.35 in extension. Below 73.80 look for further downside with 73.50 & 73.05 as targets. RSI lacks downward momentum.

Today’s Economic Events

06:30 FR 2Q A GDP (QoQ) exp: 0.3% prev: 0.2%
07:00 GE JUN Import Prices (MoM) exp: 0.3% prev: 1.6%
07:45 FR JUN Households Consumption (MoM) exp: 0.4% prev: 0.9%
13:30 US 2Q A GDP (QoQ) exp: 4.2% prev: 2%
13:30 US 2Q A GDP Price (QoQ) exp: 2.2% prev: 2.2%
13:30 US 2Q A Personal Consumption exp: 3% prev: 0.9%
15:00 US JUL F U. of Michigan Confidence exp: 97.1 prev: 97.1

General Market Comment

US indices closed mixed on Thursday. Shares in the Automobiles & Components (-3.13%), Software & Services (-2.97%) and Commercial & Professional Services (-1.66%) sectors were under pressure while shares in the Media (+2.47%), Semiconductors & Semiconductor Equipment (+1.34%) and Transportation (+1.29%) sectors gained a bit of strength. On the economic data front, wholesale inventories MoM remained unchanged in the preliminary estimate in June (estimated +0.3%) from a revised +0.4% in May. In addition, initial jobless claims increased to 217K in the week ending July 21 (estimated 215K) from a revised 208K previously. Continuing claims decreased to 1.745M in the week ending July 14 (anticipated 1.733M) from a revised 1.753M last week. In other news, durable goods orders increased in the preliminary estimate of 1% in June (estimated +3%) from -0.3% in the previous month. Finally, the Bloomberg consumer comfort index increased to 59 in the week ending July 22 from 58.8 in the prior week. The S&P 500 (2,837.44) remains above both its 20d moving average (2,783.17 – positive slope) and 50d moving average (2,759.69 – positive slope). read more

Commodity Closing – Europe/Oil-Gas Majors 26.07.18

Brent Crude Technical Snap

Pivot: 73.75. Long positions above 73.75 with targets at 75.00 & 75.60 in extension.  Below 73.75 look for further downside with 73.05 & 72.65 as targets. RSI is mixed to bullish