Daily Market Comment – Recovery hopes pull stocks higher as US-China row put aside

Posted on May 26, 2020 at 8:38 am GMT

Growth optimism drives equities higher as outlook brightens on lockdown easing Dollar slips on risk-on mood, pound and aussie shine But gold supported by lingering US-China tensions Stocks buoyed by economic reopening Global equities extended yesterday’s strong gains with Asian indices adding between 1-3% on Tuesday and European and US futures surging by 2%. The recovery theme continues to support risk assets as more businesses around the world are given the green light to reopen, fuelling hopes of a sustainable [..]


Technical Analysis – US 30 index’s ascent slows, forming head and shoulders pattern

Posted on May 15, 2020 at 9:37 am GMT

US 30 stock index’s (Cash) one-month ascent from the multi-year low of 18,170 seems to have eased, forming a head and shoulders pattern on the daily timeframe. The price is currently testing the neckline of the pattern barely under the 23,869 level, that being the 50.0% Fibonacci retracement of the down leg from the all-time-high of 29,582.61 to the 40½-month low of 18,170. The short-term oscillators appear to be leaning towards the downside, accompanying the already negatively charged simple moving [..]


Technical Analysis – US 30 index consolidates above 200-MA; maintains bullish tone

Posted on April 16, 2020 at 12:50 pm GMT

US 30 Index (Cash) has taken a breather, trading around the mid-Bollinger band after breaking above the 200-period simple moving average (SMA) on the four-hour chart. That said, the index sustains its bullish bearing and is aided by the supportive trend line drawn from March 23, which has merged with the upward-sloping 50-period SMA. Moreover, the short-term oscillators are holding onto positive improvements in the price and could be boosted by the approaching bullish crossover of the 200-period SMA by [..]


Daily Market Comment – OPEC cuts, but oil and stocks don’t ‘buy it’

Posted on April 13, 2020 at 8:33 am GMT

OPEC+ agrees to an almost 10 million barrels/day supply cut Oil opens higher, but surrenders most gains as compliance doubts set in Stocks turn red, yen and gold inch higher in holiday-thinned trading OPEC cuts, but oil can’t stay afloat The world’s biggest oil producers finalized a historic deal to cut their production over the weekend, in an attempt to stabilize a market that has been ravaged by collapsing demand. After a few hiccups with Mexico, OPEC and its allies [..]


Technical Analysis – US 30 index claws its way higher as recovery persists

Posted on April 9, 2020 at 2:37 pm GMT

The US 30 index has recovered a good chunk of its losses in the past couple of weeks and is now posting higher highs and higher lows on the four-hour chart above a short-term uptrend line drawn from the March 23 bottom. The immediate-term outlook therefore seems to have turned positive, and for that to change, the bears would need to pierce below the 22,350 area and the uptrend line. Momentum oscillators endorse the improving picture, with the RSI looking [..]


Daily Market Comment – Oil firms as OPEC hypes deal, stocks cheer

Posted on April 9, 2020 at 9:23 am GMT

Hopes for a production-cut deal by OPEC today catapult oil higher Deal will likely get done, yet any positive reaction in oil may be short lived Stocks climb with crude, but watch out for US jobless claims today Euro will stay tuned to the Eurogroup meeting – are Eurobonds on the menu? Oil jumps on signs a deal is near, but caution warranted The energy market has come back into the spotlight ahead of the meeting between OPEC and Russia [..]


Daily Market Comment – Euro rebound falters as EU rejects Eurobonds; stocks go nowhere

Posted on April 8, 2020 at 8:50 am GMT

Euro surrenders some gains as EU fails to agree coordinated fiscal plan Besides euro, US stock futures also retreat on Eurobond disappointment Has the bear market rally gone too far?   Oil crumbles as doubts about production cuts set in – even if they cut, it won’t be enough Eurobonds get a cold reception, euro struggles The Eurozone’s institutional deficiencies came back on the market’s radar today, after a lengthy meeting of the bloc’s finance ministers ended without an agreement [..]


Daily Market Comment – Signs of virus slowdown breathe life into markets

Posted on April 6, 2020 at 8:53 am GMT

Stocks roar higher, yen stumbles as new infections plateau in Europe   Is this recovery sustainable though, or just another bear market rebound? Oil remains in focus as OPEC+ postpones meeting – will they cut enough? Risk appetite returns on hopes ‘peak virus’ is behind us Global markets woke up in a better mood on Monday, with stocks in Tokyo gaining roughly 4% and futures pointing to a similar open in New York, as a slowdown in new infections in [..]


Technical Analysis – US 30 index sidelined in near term; strongly negative in medium term

Posted on April 3, 2020 at 10:35 am GMT

The US 30 cash index is being embraced by the 23.6% Fibonacci retracement level of the down leg from 29,582.61 to 18,145 at 20,851 and the 38.2% Fibonacci at 22,518 over the last days. The lack of direction is confirmed by the RSI indicator which is moving with weak momentum beneath the 50 level, while the MACD is edging sideways above the trigger line. Moreover, the 50- and 200-day simple moving averages (SMAs) are continuing to turn lower after the ‘death cross’ in the previous sessions. [..]


Daily Market Comment – Dollar firms, stocks dive again as US virus cases soar

Posted on April 1, 2020 at 8:41 am GMT

Risk sentiment sours again on mounting virus fallout, pulling stocks lower Manufacturing PMIs heighten recession fears; US ISM PMI next in focus Fed tries to ease dollar funding pressure but unable to keep currency down for long Stocks head south as virus panic returns It was a poor start to the second quarter for stock markets around the world as the growing coronavirus pandemic shows no sign of slowing, with the number of cases globally shooting past 800,000 yesterday. Stocks [..]

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