Technical Analysis


Major indices closing near midrange

The European equity markets are closed, and although the prices are lower on the day they are off session lows and near the midpoint’s of the days range. For the week, the indices are closing higher.

The provisional closes are showing:

  • German DAX, -0.7%. The low for the day reach -1.5%
  • France’s CAC, -1.4%. The low for the day reached -2.4%
  • UK’s FTSE 100, -1.5%. The low for the day reach -2.42%
  • Spain’s Ibex, -1.3%. The low for the day reach -2.57%
  • Italy’s FTSE MIB, -1.2%. The low for the day reach -2.15%

For the week, the major indices closed higher led by the Spain’s Ibex.

  • German DAX, +1.8%
  • France’s CAC, +1.5%
  • UK’s FTSE 100, +0.8%
  • Spain’s Ibex, +2.8%
  • Italy’s FTSE MIB, +2.5%

In other markets as London/European traders look to exit:

  • Spot gold is trading down $8.80 or -0.45% at $1945
  • Spot silver is down $0.79 or -2.88% at $26.71
  • WTI crude oil futures are trading down $-0.21 or -0.5% of $42.03 for the September contract. The October contract is trading down $0.20 or -0.46% at $42.34

In the US stock market, the major indices are mixed. The S&P index is trading near its highs. The NASDAQ index fell below the 11,000 level but has rebounded back above that level. 

  • S&P index is up 3.66 points or 0.10% at 3376.93
  • NASDAQ index is down -19.8 points or -0.18% at 11,022.58
  • Dow is up 26 points or 0.10% at 27924.40

In the US debt market, yields are lower with the 5 and 10 year leading the way to the downside:

  • 2 year 0.147%, -1.5 basis points
  • 5 year 0.296%, -2.5 basis points
  • 10 year 0.698%, -2.2 basis points
  • 30 year 1.426% -0.1 basis points

In the forex, the strongest and weakest have shifted in the North American session. The JPY took over as the strongest from the GBP, while the CAD is the weakest (was NZD at the start of the NA session). The USD as weakened marginally in the NY session. It is down against all the major currencies with the exception of the CAD.

The USDJPY moved below its 100 hour moving average at 106.56 and trades near session lows at 106.46 currently.  

The USDCAD found support at 1.32288 after Canada manufacturing sales came in better than expectations (while US retail sales were mixed). That move higher in the loonie was short-lived however and rotated back up to resistance against the swing levels between 1.3267 and 1.3271. The high price reached 1.32708 but has backed off vs. the greenback. It currently trades at 1.3256.

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