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Daily Analysis: NASDAQ Hits All-Time High as iPhone X Arrives

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Daily Analysis: NASDAQ Hits All-Time High as iPhone X Arrives

Introduction

This article was posted on Tuesday, 19:05, UTC.

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2492 0.27%
DAX 12524 0.45%
WTI Crude Oil 48.26 0.42%
GOLD 1332.00 -0.26%
Bitcoin 4222 0.39%
EUR/USD 1.1950 -0.05%

As the recent volatile period in stocks seems to have ended with the easing of the North Korean situation, and the major US indices approach their record highs again, traders and investors are focusing on Apple today. One of the most iconic products of this century turns officially 10 today, with the unveiling of the supposedly revolutionary iPhone X (or Edition) which should bring the most popular smartphone model to par with the best android phones technically. With Apple still being the most valuable public company, and the dominant player in the segment regarding profits, investors pay a close attention to the event as it could drive a large percentage of Wall Street earnings.

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AAPL, Daily Chart Analysis

The Dollar’s bounce is the other important trend today, and that helped another day of lofty gains in Asia and Europe alike. The Nikkei and the DAX both surged higher, while the Yen and the Euro retreated, and that propelled the global indices to new all-time highs as well. The Great British Pound had a volatile session, as the British inflation numbers came in higher than analysts expected, pushing the currency higher in early trading, while the delay of the next round of the Brexit talks caused a brief dip in the Pound.

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As for the Dollar, the less than expected damage caused by Irma, and the positive surprise in the JOLTS Job Openings release both helped the Greenback today, while safe haven assets experienced another beating, as global sentiment improved. That said, the uptrend in gold remains intact, and as the stock markets long-term prospects are less than stellar, and the US economic growth is unlikely to support the Fed’s tightening plans, the current trends might change very soon.

Gold, 4-Hour Chart Analysis

Cryptocurrencies

The major coins started out the day in an encouraging fashion, but the early rally lacked the conviction of the previous month, and most of the currencies turned lower. While the key support levels are still holding up despite last week’s volatility, the long-term picture still suggests a more pronounced correction in the segment. Bitcoin has been strong during the recent move lower, but Ethereum has been dragging the market lower, and the weakness in the second largest coin seems to be persistent. While not all coins are overbought, with the likes of Ripple, NEO, IOTA, and ETC being neutral or oversold. We expect correlations to remain elevated, as the broad correction unfolds in the sector after the huge rally.

BTC/USD, 4-Hour Chart Analysis

Technical Picture

The German DAX surged past our target for the current move higher at 12,500 as the dip in the Euro helped European equities on the broadly bullish day. The short-term picture is now slightly overbought, and we advise traders to reduce their long positions after the strong rally, although more upside is still possible in the coming days.

DAX, 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
3:30 AUSTRALIA NAB Business Confidence 5 12
10:30 UK CPI 2.9% 2.8% 2.6%
10:30 UK PPI 1.6% 1.2% 0.0%
16:00 US JOLTS Job Openings 6.17 mill 5.96 mill 6.16 mil

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
9:15 SWITZERLAND PPI Index 0.2% 0.0%
10:30 UK Average Earnings 2.3% 2.1%
10:30 UK Unemployment Rate 4.4% 4.4%
14:30 US PPI Index 0.3% -0.1%
16:30 US Crude Oil Inventories 4.1 mill 4.6 mill

Featured image from Shutterstock

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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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