{"id":790,"date":"2018-08-03T13:25:32","date_gmt":"2018-08-03T12:25:32","guid":{"rendered":"https:\/\/inscx.com\/trading\/?p=790"},"modified":"2018-08-03T13:25:32","modified_gmt":"2018-08-03T12:25:32","slug":"general-market-comment-02-08-18","status":"publish","type":"post","link":"https:\/\/inscx.com\/trading\/2018\/08\/03\/general-market-comment-02-08-18\/","title":{"rendered":"General Market Comment: 02.08.18"},"content":{"rendered":"

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

US indices closed mixed on Thursday<\/span><\/span> as Apple becomes the first US company to reach a valuation of $1T. Shares in the Media (-0.95%), Materials (-0.72%) and Real Estate (-0.53%) sectors ended on a negative note while shares in the Technology Hardware & Equipment (+2.3%), Household & Personal Products (+2.05%) and Retailing (+1.32%) sectors gained momentum. On the economic data front, initial jobless claims increased to 218K in the week ending July 28 (estimated 220k) from 217K previously. Continuing claims decreased to 1.724M in the week ending July 21 (anticipated 1.75M) from a revised 1.747M last week. In addition, the Bloomberg consumer comfort index decreased to 58.6 in the week ending July 29 from 59 in the prior week. In other news, durable goods orders increased in the final estimate of 0.8% in June (estimated +1%) from -0.3% in the previous month. Finally, factory orders increased by 0.7% in June, estimated to remain flat compared to 0.4% in May. The S&P 500 (2,827.22) remains above both its 20d moving average (2,806.53 – positive slope) and 50d moving average (2,769.00 – positive slope).<\/p>\n

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

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

The US dollar was bullish against all of its major pairs on Thursday<\/span><\/span>. On the economic data front, initial jobless claims increased to 218K in the week ending July 28 (estimated 220k) from 217K previously. Continuing claims decreased to 1.724M in the week ending July 21 (anticipated 1.75M) from a revised 1.747M last week. In addition, the Bloomberg consumer comfort index decreased to 58.6 in the week ending July 29 from 59 in the prior week. In other news, durable goods orders increased in the final estimate of 0.8% in June (estimated +1%) from -0.3% in the previous month. Finally, factory orders increased by 0.7% in June, estimated to remain flat compared to 0.4% in May.<\/p>\n

The Euro was bearish against its major pairs with exception of the NZD and the GBP. Eurozone PPI grew 0.4% in June (+0.3% expected) after being up 0.8% in May. Bank of England raised its main benchmark interest rate at 0.75%, as anticipated, from 0.5% previously, and stuck to its \u00a3435B asset purchase target.<\/p>\n

The Australian dollar was mixed against its major pairs.<\/p>\n

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

After the close of Wall Street, WTI Crude Future (SEP 18<\/span><\/span>) was up $1.3 to $68.98. The contract was below its 20D MA (@ $69.11) and above its 50D MA (@ $68.09).<\/p>\n

Gold was down $7.5 to $1208.4. The precious metal was below its 20D MA (@ $1232) and below its 50D MA (@ $1261).<\/p>\n

Copper Future (SEP 18<\/span><\/span>) on Comex was down 1.9c to 272.85c\/lb. The contract was below its 20D MA (@ 278.13c) and below its 50D MA (@ 297.64c). In Europe, the London Metal Exchange reported its copper inventories decreased 500 tons to 251450 tons.<\/p>\n","protected":false},"excerpt":{"rendered":"

General Market Comment US indices closed mixed on Thursday as Apple becomes the first US company to reach a valuation of $1T. Shares in the Media (-0.95%), Materials (-0.72%) and Real Estate (-0.53%) sectors ended on a negative note while shares in the Technology Hardware & Equipment (+2.3%), Household & Personal Products (+2.05%) and Retailing … <\/p>\n

Continue reading “General Market Comment: 02.08.18”<\/span><\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-790","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nGeneral Market Comment: 02.08.18 - INSCX Live Trading Platform<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/inscx.com\/trading\/2018\/08\/03\/general-market-comment-02-08-18\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"General Market Comment: 02.08.18 - INSCX Live Trading Platform\" \/>\n<meta property=\"og:description\" content=\"General Market Comment US indices closed mixed on Thursday as Apple becomes the first US company to reach a valuation of $1T. 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