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Daily Analysis: Ethereum Surges as Stocks Retreat Before UK Elections

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Daily Analysis: Ethereum Surges as Stocks Retreat Before UK Elections

Introduction

This article was posted on Tuesday, 15:54, UTC.

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2409 -0.15%
DAX 12585 -0.32%
WTI Crude Oil 49.35 -0.82%
GOLD 1267.00 -0.08%
Bitcoin 2256 2.93%
EUR/USD 1.1184 0.19%

Stock markets are slightly lower today following the long weekend in the US and the UK, as investors prepare for the British elections in slow, summer-like trading. The decline in oil and the US Dollar is the most prominent move so far, and those affect currency markets and global equities as well. European stocks are a tad lower, continuing their sluggish period, just as the Japanese market that also failed to recover from the one-day scare two weeks ago. The main US benchmarks are mixed, with the NASDAQ retaining its leadership, trading at a new all-time high once again.

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Crude oil got stuck below the $50 level, continuing the post-OPEC decline, while industrial commodities got under pressure again, even as the Chinese market is still closed. Gold is slightly lower today, as it continues to trade between the key levels at $1260 and $1275. The Dollar is losing ground against most of its peers, with only the Canadian Dollar feeling the pain of the commodity-slump, as the US economic numbers are still mixed at best. European currencies rebounded, as the UK election polls still favor Theresa May just two days before the referendum, despite the recent tightening of the race.

Cryptocurrencies

Cryptocurrencies have been strong but mixed before today’s crucial US session, with Ethereum rising as a market leader after the steep correction in the, confirming yesterday’s relative strength. ETH hit a new high against Bitcoin, while rising back above $200, with Monero and ETC also continuing higher, hitting $45 and $18 this morning. XRP is still glued to the 0.22 level, while Dash, Litecoin, and NEM are virtually unchanged as well. Bitcoin is holding up above $2200, while the other majors are mostly drifting higher,

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Ethereum/Bitcoin, 4-Hour Chart Analysis

Technical Picture

The S&P 500 is just below its fresh all-time today in early trading, although the weakness in the energy sector and the mixed US economic releases weigh on the index. The upside momentum of the recent break-out is still suspiciously weak, but the benchmark is holding up above the crucial 2400 level for now. The MACD indicator turned bearish and that suggests another failed break-out attempt, and a decline below primary support int eh coming days.

S&P 500 Futures, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
03:30 AUSTRALIA Building Approvals 4.40% 3.20% -13.40%
09:00 GERMANY Prelim CPI Index -0.10% -0.10% 0.00%
14:30 CANADA Current Account -14.1 bill -11.4 bill -10.7 bill
14:30 US Personal Spending 0.40% 0.40% 0.00%
16:00 US CB Consumer Confidence 117.9 120.1 120.3

 

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
03:00 CHINA Manufacturing PMI 51 51.2
03:00 CHINA Services PMI 54
08:00 GERMANY Retail Sales 0.40% 0.10%
11:00 EUROZONE Flash CPI 1.50% 1.90%
14:30 CANADA GDP 0.30% 0.00%
15:45 UK Chicago PMI 57 58.3
16:00 US Pending Home Sales 0.70% -0.80%
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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR awgregory

    Posted on 10:10 pm May 31, 2017.

    Hi, How do you track Total Trading volumes as referenced from Quoted tweet in this article?

  • View Comments (1) ...
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