Author: Specialist

BRENT Crude Technical Snap (Daily)

Pivot: 67.00 Our preference: short positions below 67.00 with targets at 66.40 & 65.70 in extension. Alternative scenario: above 67.00 look for further upside with 67.30 & 67.65 as targets. Comment: a break below 66.40 would trigger a drop towards 65.70.

Today’s Economic Events

13:30 US JUL Empire Manufacturing exp: 2 prev: -8.6

U.S. indices closed higher on Friday lifted by shares in the Automobiles & Components (+2.51%), Semiconductors & Semiconductor Equipment (+2.12%) and Transportation (+2.04%) sectors. On the economic data front, PPI rose 1.7% YoY in June (vs +1.6% expected, +1.8% in May). The S&P 500 (3,013.77) stays above its 20d moving average (2,952.73 – positive slope) and its 50d moving average (2,891.38 – positive slope).

European markets are expected to start on a positive note.

Foreign Exchange read more

BRENT Crude Technical Snap (Daily)

Pivot: 66.45 Our preference: long positions above 66.45 with targets at 67.50 & 68.00 in extension. Alternative scenario: below 66.45 look for further downside with 66.00 & 65.50 as targets. Comment: a support base at 66.45 has formed and has allowed for a temporary stabilisation.

Today’s Economic Events

07:00 GE JUN Wholesale Price Index (MoM) exp: NA prev: 0.3%
10:00 EC MAY Euro-Zone: Industrial Production (MoM) exp: 0.1% prev: -0.5%
13:30 US JUN PPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.2%
13:30 US JUN Producer Price Index (MoM) exp: 0% prev: 0.1%

U.S. indices closed mixed on Thursday, with the Dow Jones Industrial Average closing at a record high. Shares in the Health Care Equipment & Services (+2.38%), Transportation (+1.17%) and Food & Staples Retailing (+0.98%) sectors traded higher while shares in the Pharmaceuticals, Biotechnology & Life Sciences (-1.89%), Real Estate (-1.21%) and Telecommunication Services (-0.48%) sectors were under pressure. On the economic data front, core CPI rose 2.1% YoY in June (vs. +2.0% expected and in May). Initial Jobless Claims fell to 209K in week ending July 6 (vs. 221K estimated) from 222K in the previous week. The S&P 500 (2,999.91) stays above its 20d moving average (2,946.62 – positive slope) and its 50d moving average (2,889.58 – positive slope).

European markets are expected to start on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 66.40 Our preference: long positions above 66.40 with targets at 68.00 & 68.60 in extension. Alternative scenario: below 66.40 look for further downside with 66.00 & 65.50 as targets. Comment: the RSI shows upside momentum.

Today’s Economic Events

07:00 GE JUN F Consumer Price Index (MoM) exp: 0.3% prev: 0.3%
07:00 GE JUN F CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.1%
07:45 FR JUN F Consumer Price Index (MoM) exp: 0.2% prev: 0.2%
07:45 FR JUN F CPI – EU Harmonised (MoM) exp: 0.3% prev: 0.3%
13:30 US JUN Consumer Price Index (MoM) exp: 0% prev: 0.1%
13:30 US JUN CPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1%
13:30 US W26 Initial Jobless Claims (k) exp: 222 prev: 221
19:00 US JUN Monthly Budget Satement (B USD) exp: -19 prev: -208 read more

U.S. indices closed higher on Wednesday, as the Federal Reserve signaled policy easing. The Nasdaq climbed to a record high, while the Dow Jones Industrial Average and the S&P500 posted intraday record highs before easing back. Shares in the Energy (+1.4%), Media (+1.36%) and Food, Beverage & Tobacco (+0.98%) sectors led the gains. Fed Chairman Jerome Powell reaffirmed, during his Congressional testimony, that the Fed “would act as appropriate to sustain the expansion”, citing “increased uncertainties about the economic outlook and muted inflation pressures”. On the other hand, the latest Fed’s FOMC meeting minutes showed that “many participants indicated that the case for somewhat more accommodative policy had strengthened”. The S&P 500 (2,993.07) stays above its 20d moving average (2,940.62 – positive slope) and its 50d moving average (2,888.50 – positive slope).

European markets are expected to start on a positive note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 64.30 Our preference: long positions above 64.30 with targets at 65.15 & 65.45 in extension. Alternative scenario: below 64.30 look for further downside with 64.05 & 63.80 as targets. Comment: the RSI calls for a new upleg.