Author: Specialist

U.S. indices closed higher on Tuesday, led by shares in the Semiconductors & Semiconductor Equipment (+2.03%), Technology Hardware & Equipment (+1.79%) and Materials (+1.51%) sectors. On the economic data front, existing home sales declined by 0.4% MoM to 5.19M units in April (estimated 5.35M). The S&P 500 (2,864.36) stays below its 20d moving average (2,892.74 – negative slope) and breaks below 50d moving average (2,872.06 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 71.60 Our preference: long positions above 71.60 with targets at 72.80 & 73.30 in extension. Alternative scenario: below 71.60 look for further downside with 71.25 & 70.55 as targets. Comment: the RSI calls for a rebound.

Today’s Economic Events

15:00 EC MAY A Euro-Zone: Consumer Confidence exp: -7.7 prev: -7.9
15:00 US APR Existing Home Sales (M) exp: 5.3 prev: 5.2

U.S. indices closed lower on Monday, pressured by shares in the Information Technology (-1.75%), Real Estate (-1.62%) and Materials (-1.46%) sectors. On the economic data front, the Chicago Fed National Activity Index fell to -0.45 in April (vs -0.20 expected) from 0.05 in March. The S&P 500 (2,840.23) stays below its 20d moving average (2,896.21 – negative slope) and breaks below 50d moving average (2,870.44 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 72.50 Our preference: long positions above 72.50 with targets at 73.80 & 74.30 in extension. Alternative scenario: below 72.50 look for further downside with 71.80 & 71.45 as targets. Comment: the RSI is bullish and calls for further advance.

Today’s Economic Events

07:00 GE APR Producer Price Index (MoM) exp: 0.3% prev: -0.1%

U.S. indices closed lower to finish the week on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-1.83%), Capital Goods (-1.23%) and Energy (-1.05%) sectors. On the economic data front, the Leading Index rose 0.2% MoM in April (as expected, +0.3% a month earlier). Also, the University of Michigan sentiment index rose to 102.4 in a preliminary estimate in May (forecasted 97.2) from 97.2 in April. The S&P 500 (2,859.53) stays below its 20d moving average (2,899.55 – negative slope) and breaks below 50d moving average (2,868.50 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 72.35 Our preference: long positions above 72.35 with targets at 73.30 & 73.80 in extension. Alternative scenario: below 72.35 look for further downside with 71.80 & 71.45 as targets. Comment: technically the RSI is above its neutrality area at 50.

Today’s Economic Events

10:00 EC APR Euro-Zone: CPI (MoM) exp: 0.7% prev: 0.7%
15:00 US APR Leading Indicators exp: 0.2% prev: 0.4%
15:00 US MAY P U. of Michigan Confidence exp: 97.6 prev: 97.2

U.S. indices closed higher on Thursday, lifted by shares in the Software & Services (+1.8%), Materials (+1.34%) and Retailing (+1.23%) sectors. On the economic data front, housing starts jumped 5.7% YoY to 1.235M in April (estimated 1.209M) from 1.168M in March while building permits rose 0.6% MoM to 1.296M in April (expected 1.289M) compared to 1.288M a month earlier. Initial jobless claims decreased to 212k in week ended May 11 (forecasted 220k) from 228k a week earlier while continuing claims decreased to 1.66M in week ended May 4 (estimated 1.673M) compared to 1.688M in the prior week. The S&P 500 (2,876.23) stays below its 20d moving average (2,901.87 – negative slope) but breaks above 50d moving average (2,866.29 – positive slope).

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