Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
U.S. indices closed lower on Monday, pressured by shares in the Transportation (-0.98%), Banks (-0.81%) and Automobiles & Components (-0.8%) sectors. On the economic data front, the Empire Manufacturing Index rose to 10.1 in April (estimated 8.0) from 3.7 in March. The S&P 500 (2,905.58) stays above both its 20d moving average (2,856.39 – positive slope) and 50d moving average (2,805.26 – positive slope).
European markets are expected to start on a positive note.
Foreign Exchange
BRENT Crude Technical Snap (Daily)
| Pivot: 71.75 Our preference: short positions below 71.75 with targets at 71.15 & 70.90 in extension. Alternative scenario: above 71.75 look for further upside with 72.05 & 72.45 as targets. Comment: as long as 71.75 is resistance, look for choppy price action with a bearish bias. |
Today’s Economic Events
13:30 US APR Empire Manufacturing exp: 7.4 prev: 3.7
U.S. indices closed higher to finish the week on Friday, boosted by shares in the Banks (+2.4%), Diversified Financials (+1.78%) and Media (+1.52%) sectors. On the economic data front, import price index rose 0.6% MoM in March (estimated +0.4%, +0.1% in February). In other news, the University of Michigan Sentiment index dropped to 96.9 in a preliminary estimate in April (forecasted 98.2) from 98.4 a month earlier. The S&P 500 (2,907.41) stays above both its 20d moving average (2,852.76 – positive slope) and 50d moving average (2,801.28 – positive slope).
European markets are expected to start on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 71.25 Our preference: short positions below 71.25 with targets at 70.80 & 70.60 in extension. Alternative scenario: above 71.25 look for further upside with 71.50 & 71.75 as targets. Comment: as long as the resistance at 71.25 is not surpassed, the risk of the break below 70.80 remains high |
Today’s Economic Events
07:00 GE MAR Wholesale Price Index (MoM) exp: NA prev: 0.3%
10:00 EC FEB Euro-Zone: Industrial Production (MoM) exp: -0.5% prev: 1.4%
15:00 US APR P U. of Michigan Confidence exp: 97.9 prev: 98.4
U.S. indices closed mixed on Thursday. Stocks in the Capital Goods (+1.12%), Insurance (+0.8%) and Diversified Financials (+0.56%) sectors traded higher while stocks in the Health Care Equipment & Services (-1.65%), Pharmaceuticals, Biotechnology & Life Sciences (-0.87%) and Technology Hardware & Equipment (-0.5%) sectors traded lower. On the economic data front, Initial jobless claims fell to 196K (210K estimated) in the week ended April 6, the lowest level since 1969, from 201K in the previous week. Continuing claims declined to 1.713M (1.735M estimated) in the week ended March 20 from 1.726M in the prior week. Also, PPI rose 2.2% YoY in March (+1.9% expected) and core PPI grew 2.4% (as expected). The S&P 500 (2,888.32) stays above both its 20d moving average (2,848.51 – positive slope) and 50d moving average (2,797.21 – positive slope).
European markets are expected to start on a positive note.
BRENT Crude Technical Snap (Daily)
| Pivot: 71.10 Our preference: long positions above 71.10 with targets at 71.75 & 72.00 in extension. Alternative scenario: below 71.10 look for further downside with 70.75 & 70.50 as targets. Comment: technically the RSI is above its neutrality area at 50. |
Today’s Economic Events
07:00 GE MAR F Consumer Price Index (MoM) exp: 0.4% prev: 0.4%
07:00 GE MAR F CPI – EU Harmonised (MoM) exp: 0.5% prev: 0.5%
07:45 FR MAR F Consumer Price Index (MoM) exp: 0.8% prev: 0.8%
07:45 FR MAR F CPI – EU Harmonised (MoM) exp: 0.9% prev: 0.9%
13:30 US MAR PPI – Ex Food & Energy (MoM) exp: 0.2% prev: 0.1%
13:30 US MAR Producer Price Index (MoM) exp: 0.3% prev: 0.1%
13:30 US W13 Initial Jobless Claims (k) exp: 211 prev: 202
US indices closed higher on Wednesday as the Nasdaq reached its highest level since October 2018. Shares in the Automobiles & Components (+1.23%), Semiconductors & Semiconductor Equipment (+0.88%) and Consumer Durables & Apparel (+0.86%) sectors gained a bit of strength. On the economic data front, mortgage applications declined by 5.6% in week ended April 5th from a jump of 18.6% in the previous week. CPI improved by 0.4% MoM in March, as expected, vs. 0.2% in February and increased by 1.9% YoY in March (forecasted 1.8%) compared to 1.5% a month earlier. In other news, the monthly deficit improved to $146.9B in March (expected $181B) from $208.7B in the prior month. The S&P 500 (2,888.21) stays above both its 20d moving average (2,844.52 – positive slope) and 50d moving average (2,793.07 – positive slope).
European markets are expected to start on a flat note.