{"id":1540,"date":"2019-01-31T10:11:46","date_gmt":"2019-01-31T09:11:46","guid":{"rendered":"https:\/\/inscx.com\/trading\/?p=1540"},"modified":"2019-01-31T10:11:46","modified_gmt":"2019-01-31T09:11:46","slug":"general-market-comment-30-01-19","status":"publish","type":"post","link":"https:\/\/inscx.com\/trading\/2019\/01\/31\/general-market-comment-30-01-19\/","title":{"rendered":"General Market Comment 30.01.19"},"content":{"rendered":"

General Market Comment<\/strong><\/p>\n

US indices closed higher on Wednesday after the Fed decided to maintain the federal funds rate at 2.25%-2.5%, as expected. Shares in the Technology Hardware & Equipment (+4.67%), Retailing (+2.75%) and Semiconductors & Semiconductor Equipment (+2.62%) sectors ended higher. On the economic data front, MBA mortgage applications decreased by 3% in week ended January 25th vs. a decline of 2.7% in the previous week. ADP employment change reached 213k in January (estimated 181k) from 263k in December. In other news, pending home sales declined by 2.2% MoM in December (forecasted 0.5%) compared to -0.9% a month earlier. Finally, the Fed decided to maintain the federal funds rate at 2.25%-2.5%, as expected. The Federal Reserve Chairman Jerome Powell mentioned that the case for raising rates “has weakened somewhat” while adding that financial conditions are “less supportive of growth”. The S&P 500 (2,681.05) stays above its 20d moving average (2,602.55 – positive slope) and 50d moving average (2,610.18 – flat slope).<\/p>\n

European markets are expected to start on a positive note.<\/p>\n

Foreign Exchange<\/span><\/strong><\/p>\n

The US dollar was bearish against all of its major pairs on Wednesday. On the economic data front, MBA mortgage applications decreased by 3% in week ended January 25th vs. a decline of 2.7% in the previous week. ADP employment change reached 213k in January (estimated 181k) from 263k in December. In other news, pending home sales declined by 2.2% MoM in December (forecasted 0.5%) compared to -0.9% a month earlier. Finally, the Fed decided to maintain the federal funds rate at 2.25%-2.5%, as expected. The Federal Reserve Chairman Jerome Powell mentioned that the case for raising rates “has weakened somewhat” while adding that financial conditions are “less supportive of growth”.<\/p>\n

The Euro was mixed against its major pairs. The euro-zone consumer confidence index was confirmed at -7.9 in January, as expected, vs -6.2 a month earlier. The Germany Economy Ministry slashed its 2019 GDP growth outlook to 1% vs a previous forecast, of +1.8% made last October. Finally, French GDP growth was 0.3% in 4Q in first estimation for 4Q (+0.2% anticipated) vs +0.3% in 3Q.<\/p>\n

The Australian dollar was higher against all of its major pairs.<\/p>\n

Commodities<\/span><\/strong><\/p>\n

After the close of Wall Street, WTI Crude Future (MAR 19) was up $1 to $54.29. The contract was above its 20D MA (@ $51.66) and above its 50D MA (@ $51.07). The US Department of Energy reported that, for the week ended 25 January, crude oil inventories increased 919k barrels compared to the previous week.<\/p>\n

Gold was up $7.8 to $1319.6. The precious metal was above its 20D MA (@ $1292) and above its 50D MA (@ $1265). The 14d RSI above 70 (71.29) indicates gold was overbought.<\/p>\n

Copper Future (MAR 19) on Comex was up 5.2c to 277.65c\/lb. The contract was above its 20D MA (@ 266.5c) and above its 50D MA (@ 271.31c). In Europe, the London Metal Exchange reported its copper inventories increased 1500 tons to 149100 tons<\/p>\n","protected":false},"excerpt":{"rendered":"

General Market Comment US indices closed higher on Wednesday after the Fed decided to maintain the federal funds rate at 2.25%-2.5%, as expected. Shares in the Technology Hardware & Equipment (+4.67%), Retailing (+2.75%) and Semiconductors & Semiconductor Equipment (+2.62%) sectors ended higher. On the economic data front, MBA mortgage applications decreased by 3% in week … <\/p>\n

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