|S&P 500||2,077.42||+14.31 (0.69%)|
|Nikkei 225||20,522.50||+193.18 (0.95%)|
|Hang Seng Index||26,282.32||+32.29 (0.12%)|
|EURO STOXX 50||3,493.37||-2.91 (-0.08%)|
|CAC 40||4,879.44||-3.75 (-0.08%)|
|S&P TSX||14,553.33||+63.18 (0.44%)|
|S&P/ASX 200||5,599.80||+84.10 (1.52%)|
|BSE Sensex||27,918.87||-102.00 (-0.36%)|
- UK construction PMI better than expected
- Euro PPMI m/m did not come in line
- Iran Saudi Yemen War
- Greece referendum still active
- China equity market another red day despite stimulus
- Bonds heading lower across the EZ periphery
- Fear with BOE Deputy Governor saying Greek situation very dangerous
Outlook: The GAP remains unfilled and could remain since we have no deal in sight
Biased: Risk OFF due to Greece uncertainty – dollar coming to resistance which may help unwind Eur/Usd short. Take note also on a possible lack of liquidity as we approach a short week in the US.
- USD/JPY filling gap
- Dollar rally ahead of NFP with outlook of better number for 15 out of 16 months
- No deal in sight and uncertainty will play into safe haven currency as we unwind to the weekend
Outlook: Post NFP and with no deal, a stronger dollar is expected but watch as it come to resistance.
Biased: Biased for a stronger dollar going into the weekend.
- Price action has broken below and testing the 20 dma for support while a failure to close above will mean lower prices
- Potentially, this could be a reversal play or another Bear Flag
Outlook: We have hit the target set as per yesterday commentary and will not rule out a temporary bounce. Failure to do so then 150.40 and 149.90 is next.
Biased: Testing minor support here but a break below will open the case for 149.90
- Chinese stock market slides thus causing a selloff in commodities
- A rising dollar has kept commodities in check and copper is coming to resistance
- Post NFP could change the landscape here
- lack of market interest or demand after the stimulus from China is a real concern for commodities
Outlook: Copper has 2 scenarios – either a breakout higher or a failed breakout and takes out the lower end of the flag.
Biased: Stay on the side line until we have a clear picture post NFP.
Resistance up ahead and only a clean break and close will target 12050 where we expect resistance again. NFP day will set the next direction.
Line in the sand here for bund is 149.90 and a close below could instigate more sell off. No action here until we have a clear picture on Greferendum as there is too much at stake. Bund is coming to support with a bullish RSI divergence.
Ascending triangle pattern in the short term and there are 2 possible scenarios to play this out. Play the breakout which offer better RR or play within the triangle.
A retest on the lower end of the flag is possible while we have a higher high and expecting a higher low. However, a break below will invalidate this and a retest on the rising green line is the final straw.