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Daily Analysis: Stocks Take a Breather before Busy Thursday

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Daily Analysis: Stocks Take a Breather before Busy Thursday

Introduction

This article was posted on Wednesday, 16:40, UTC.

Wednesday Market Recap

 

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Asset Current Value Daily Change
S&P 500 2430 -0.09%
DAX 12660 0.12%
WTI Crude Oil 46.12 -4.27%
GOLD 1296.00 0.05%
Bitcoin 2810 -1.20%
EUR/USD 1.1252 -0.23%

Stock markets are slightly higher today in calm trading as investors took a step back before the European Central Bank’s interest rate decision that is scheduled for tomorrow, together with the British snap election. European markets are marginally higher after yesterday’s negative performance, with the US and Asian indices being virtually unchanged. The Qatar situation is still making waves, and causing volatility in the price of oil. Low volatility is expected to remain dominant later on today, while things could get bumpy tomorrow, especially in late-trading.

Safe-haven assets are mixed after yesterday’s rally, with Gold consolidating just below the $1300 level while the Yen still trending lower against the Euro and the Dollar. The Euro dipped suddenly during the morning session, on reports that the ECB will cut its inflation forecast tomorrow, which could mean even easier monetary conditions. The Great British Pound is up by a healthy margin as the polls show the stabilization of the gap between the Conservative Party and the Labour Party one day before the referendum.

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WTI Crude Oil 4-Hour Chart Analysis

Oil’s decline is accelerating in US trading, as the already shaky OPEC production cut deal might get under pressure, while US inventories showed a surprising rise after a series of bullish releases. Industrial commodities are also down today despite the relatively good performance of Chinese stocks, as the strong downtrend in oil weighs on the segment.

Technical Picture

The DAX’s long-term uptrend seems to be in trouble lately as the MACD is showing a pretty significant negative divergence, and the latest upswing quickly reversed, with the price of the German Index falling back in the previous trading range. The short-term resistance level near 12,800 is the key for the current setup, and long-term traders are advised to get some chips off the table, as a deeper correction could be coming in the next few weeks. That said, a move above 12,800 could set up another leg up and a test of the 13,000 level, although a decline to 12,500 seems more likely.

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DAX, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
6:30 AUSTRALIA GDP Growth 0.30% 0.30% 1.10%
6:30 UK Halifax HPI 0.40% -0.20% -0.10%
16:00 CANADA Building Permits -0.20% 2.40% -5.80%
14:30 US Crude Oil Inventories 3.3 mill -3.1 mill -6.4 mill

 

Key Economic Releases on Thursday

Time, CET Country Release Expected Previous
1:50 JAPAN Final GDP Growth 0.60% 0.50%
3:30 AUSTRALIA Trade Balance 1.99 bill 3.11 bill
4:00 CHINA Trade Balance 336 bill 262 bill
14:30 EUROZONE ECB Interest Rate Decision 0 0
14:30 EUROZONE ECB Monetary Statement
14:30 CANADA NHPI Index 0.30% 0.20%
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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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