{"id":865,"date":"2018-08-30T09:20:59","date_gmt":"2018-08-30T08:20:59","guid":{"rendered":"https:\/\/inscx.com\/trading\/?p=865"},"modified":"2018-08-30T09:23:52","modified_gmt":"2018-08-30T08:23:52","slug":"865","status":"publish","type":"post","link":"https:\/\/inscx.com\/trading\/2018\/08\/30\/865\/","title":{"rendered":"General Market Comment"},"content":{"rendered":"

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

US indices closed higher on Wednesday<\/span><\/span> as the S&P500 and Nasdaq both reached a new record high. Shares in the Retailing (+1.61%), Technology Hardware & Equipment (+1.22%) and Software & Services (+1.13%) ended on a positive note. On the economic data front, MBA mortgage applications decreased 1.7% in the week ending on August 24th compared to +4.2% in the week prior. In addition, 2Q GDP increased by 4.2% in a second estimate (expected 4%) from 4.1% in the prior estimate while 2Q personal consumption decreased to 3.8% in a second estimate (expected 3.9%) from 4% in the prior estimate. Finally, pending home sales decreased by 0.7% in July, below the expectation of +0.3%, from a revised +1% in the last month. The S&P 500 (2,914.04) remains above its 20d moving average (2,855.65 – positive slope) and 50d moving average (2,808.80 – 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 mixed against its major pairs on Wednesday<\/span><\/span>. On the economic data front, MBA mortgage applications decreased 1.7% in the week ending on August 24th compared to +4.2% in the week prior. In addition, 2Q GDP increased by 4.2% in a second estimate (expected 4%) from 4.1% in the prior estimate while 2Q personal consumption decreased to 3.8% in a second estimate (expected 3.9%) from 4% in the prior estimate. Finally, pending home sales decreased by 0.7% in July, below the expectation of +0.3%, from a revised +1% in the last month.<\/p>\n

The Euro was bullish against its major pairs with exception of the CHF and the GBP. Germany GfK consumer confidence index fell to 10.5 in September from 10.6 a month earlier. It was expected to be flat. French GDP growth was 0.2% in 2Q in the second estimation, as in the first one.<\/p>\n

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

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

After the close of Wall Street, WTI Crude Future (OCT 18<\/span><\/span>) was up $1.2 to $69.7. The contract was above its 20D MA (@ $67.04) and above its 50D MA (@ $67.49). The US Department of Energy reported that, for the week ended 24 August, crude oil inventories fell 2566k barrels compared to the previous week.<\/p>\n

Gold was up $6.2 to $1207.2. The precious metal was above its 20D MA (@ $1200) and below its 50D MA (@ $1225).<\/p>\n

Copper Future (DEC 18<\/span><\/span>) on Comex was down 2.5c to 273.35c\/lb. The contract was above its 20D MA (@ 272.14c) and below its 50D MA (@ 281.66c). In Europe, the London Metal Exchange reported its copper inventories decreased 325 tons to 267850 tons.<\/p>\n","protected":false},"excerpt":{"rendered":"

General Market Comment US indices closed higher on Wednesday as the S&P500 and Nasdaq both reached a new record high. Shares in the Retailing (+1.61%), Technology Hardware & Equipment (+1.22%) and Software & Services (+1.13%) ended on a positive note. On the economic data front, MBA mortgage applications decreased 1.7% in the week ending on … <\/p>\n

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