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Daily Analysis: S&P 500 Hits New Highs in Quiet Summer Trading as Dollar Remains Strong

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Daily Analysis: S&P 500 Hits New Highs in Quiet Summer Trading as Dollar Remains Strong


This article was posted on Monday, 18:30, UTC.

Monday Market Recap

Asset Current Value Daily Change
S&P 500 2449 0.75%
DAX 12888 1.07%
WTI Crude Oil 44.66 -0.67%
GOLD 1247.00 -0.45%
Bitcoin 2593 0.32%
EUR/USD 1.1152 -0.40%

Financial markets mostly continued their post-Fed trends today, with the US Dollar trading higher once again and stock markets remaining in a choppy uptrend despite the underperformance of the NASDAQ. The S&P 500 and the DOW both hit new highs thanks to the rally in financial stocks, while the main global indices followed the US benchmarks higher. Volatility remained muted, as summer conditions took over following last week’s central bank show.

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Dollar Index Still in a Long-Term Downtrend, 4-Hour Chart Analysis

Commodities are still trending lower, especially crude oil and gold, as the Dollar strength continues to weigh on the segment. The Japanese Yen and European currencies are all lower compared to the USD, although the moves are relatively small compared to last week’s changes. Traders should expect choppy price action this week, with no major economic releases coming out globally and with trading generally slower during these weeks. The Brexit talks that started today might have an adverse effect on risk assets, but we expect a slow process and quiet conditions.


Litecoin, Ethereum Classic, and Dash are the most active coins so far this week, as LTC is trading on new highs, while hitting $50 in the process. Ethereum Classic is also trading on marginal new highs, while Dash is right at the crucial $200 level. Bitcoin and Ethereum are having a very calm day, trading near $2600 and $370 respectively, while Ripple is trying to start a move higher, without much momentum so far. BTC still seems weaker than the rest of the majors, as the fears regarding the coin’s future continue to cast a shadow on the market.

Litecoin after the Break-Out, 4-Hour Chart Analysis

Technical Picture

The S&P 500 surged to new all-time high today, confirming a new upswing, despite the continued weakness in the NASDAQ and small cap stocks. The target for the move is around 2465 after the bounce off the crucial 2415 support. Both the short- and long-term uptrends are safe for now, with the most important trendline currently found near 2370.

S&P 500, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
Tent. JAPAN Trade Balance 0.13 trill 0.35 trill 0.1 trill
11:00 UK Rightmove HPI -0.4% 1.2%

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
3:30 AUSTRALIA Monetary Meeting Minutes
3:30 AUSTRALIA HPI 2.2% 4.1%
9:30 UK BOE Gov Carney Speaks
14:30 CANADA Wholesale Sales 0.5% 0.9%
14:30 US Current Account -124 bill -112 bill

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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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