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Daily Analysis: Markets Mixed as Brexit Looms

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Daily Analysis: Markets Mixed as Brexit Looms


This article was posted on Tuesday, 17:14, UTC.

Tuesday Market Recap

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Current Value Daily Change
S&P 500 2338 0.08%
DAX 12124 0.52%
WTI Crude Oil 48.21 1.07%
GOLD 1255.50 -0.01%
Bitcoin 1061.00 2.90%
EUR/USD 1.0868 0.04%

European stock markets are relatively strong once again today, with the DAX holding up above the crucial 12,000 level. US Indices are virtually unchanged after yesterday’s bounce. Sentiment got slightly more positive as media attention shifted away from the US political turmoil. The Brexit process is making headlines again, with the so called Article 50 of the Lisbon treaty being in focus this week, which regulates the exit of a country from the EU. The Pound and British stocks could turn volatile later on this week but, so far, related markets remain calm.

Oil is among the movers of the otherwise quiet day. The commodity rose in early trading as technical buying lifted the price ahead of the industry-reserve data. The US Dollar continued to be under pressure, following the slight rebound yesterday afternoon. Last week winners the Japanese Yen, gold, and the Swiss Franc are still close to their recent highs, while the Euro is stable against the USD, trading around the key 1.0850 level.

Bitcoin got close to the 1075 level today, rising for the second day in a row, and volumes remain elevated compared to recent months for the most popular cryptocurrency. Last week’s highs just above 1125 remain in focus, as bulls hope for a trend change after the one-month correction. Ethereum, Dash, Ripple and Monero are all drifting lower today on relatively light volume, although Litecoin is a hair higher. On an interesting note, Ethereum’s market cap reached one-fourth of Bitcoin’s capitalization in the recent run-up, as the currency received widespread publicity.

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Technical Picture

S&P 500 Index, Hourly Chart with DAX-comparison

The S&P 500 bounced off the lower boundary of the prevailing declining trend channel yesterday but it remains well below the highs from last week that correspond with a strong previous support zone. The comparison with the DAX index shows that March was a very strong month for German equities, as the 3% difference compared to US stocks is huge. The DAX is still close to it all-time highs while the S&P 500 is 3% off its maximum.

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
16:00 US CB Consumer Confidence 125.6 113.9 114.8


Consumer confidence surged to a new 16-year high this month, and it remains well above the levels seen in the past few years, giving the Fed a possible green light on further rate hikes. Some investors use the index as a contrarian indicator, as stock market tops are usually accompanied by tops in consumer confidence.

Key Economic Releases on Tuesday

Country Release Expected Previous
US Pending Home Sales (monthly) 2.30% -2.80%
US Crude Oil Inventories  – 5.0 million


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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.

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