Author: Specialist

U.S. indices closed mixed on Wednesday. Shares in the Semiconductors & Semiconductor Equipment (+3.43%), Technology Hardware & Equipment (+1.79%) and Energy (+1.54%) sectors traded higher while shares in the Utilities (-2.15%), Real Estate (-1.95%) and Household & Personal Products (-1.9%) sectors traded lower. On the economic data front, durable Goods Orders decreased by 1.3% MoM in May (estimated -0.3%, -2.8% in April). Also, wholesale inventories increased by 0.4% MoM in May (estimated +0.5%, +0.9% in April). The S&P 500 (2,913.78) stays above its 20d moving average (2,873.88 – positive slope) and its 50d moving average (2,879.53 – flat slope).

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

A degree of stability has settled over API Group I trade around Europe, the Middle East and Africa, with slightly increased demand and reduced production bringing the segment close to balance.

Prices for European exports and sales within the region are unchanged this week, and there were no shortages reported nor comments of the market being long. Prices have been tweaked upwards in offers, but ultimately have been discounted back to original levels. Upward pricing pressure has lessened due to feedstock prices decreasing. read more

BRENT Crude Technical Snap (Daily)

Pivot: 65.45 Our preference: long positions above 65.45 with targets at 66.85 & 67.50 in extension. Alternative scenario: below 65.45 look for further downside with 64.95 & 64.45 as targets. Comment: the RSI is bullish and calls for further upside.

Today’s Economic Events

07:45 FR JUN Consumer Confidence exp: 99 prev: 99
13:30 US MAY P Durable Goods Ex Transportation exp: 0.2% prev: 0%
13:30 US MAY P Durable Goods Orders exp: -1.2% prev: -2.1%
13:30 US MAY P Wholesale Inventories exp: NA prev: 0.8%
15:30 US W24 Crude Oil Inventories (WoW chg) exp: NA prev: -3106

U.S. indices were under pressure on Tuesday pressured by shares in the Consumer Durables & Apparel (-2.42%), Software & Services (-2.16%) and Media (-1.9%) sectors. On the economic data front, Conference Board Consumer Confidence Index fell to 121.5 in June (estimated 131.0) from 131.3 in the previous month. New home sales dropped to an annualized rate of 626K in May (estimated 684K) from 679K in the previous month. The S&P 500 (2,917.38) stays above its 20d moving average (2,867.34 – positive slope) and its 50d moving average (2,879.37 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 65.00 Our preference: short positions below 65.00 with targets at 64.05 & 63.50 in extension. Alternative scenario: above 65.00 look for further upside with 65.45 & 65.80 as targets. Comment: as long as the resistance at 65.00 is not surpassed, the risk of the break below 64.05 remains high.

Today’s Economic Events

07:45 FR JUN Business Confidence Indicator exp: 103.8 prev: 104.1
07:45 FR JUN Production Outlook Indicator exp: NA prev: 4.3
15:00 US JUN Consumer Confidence exp: 131 prev: 134.1
15:00 US MAY New Home Sales (k) exp: 685 prev: 673

U.S. indices closed relatively flat on Monday as traders look towards this week’s upcoming G-20 summit. shares in the Household & Personal Products (+1.08%), Telecommunication Services (+0.58%) and Materials (+0.45%) sectors traded higher while shares in the Transportation (-1.28%), Consumer Durables & Apparel (-1.13%) and Energy (-0.93%) sectors were under pressure. The S&P 500 (2,945.35) stays above its 20d moving average (2,861.55 – positive slope) and its 50d moving average (2,879.17 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 64.70 Our preference: long positions above 64.70 with targets at 65.70 & 66.40 in extension. Alternative scenario: below 64.70 look for further downside with 64.00 & 63.60 as targets. Comment: the RSI is mixed to bullish.

Today’s Economic Events

09:00 GE JUN IFO – Business Climate exp: 97.3 prev: 97.9
09:00 GE JUN IFO – Current Assessment exp: 101.5 prev: 100.6
09:00 GE JUN IFO – Expectations exp: 94.6 prev: 95.3