Thursday Market Recap
|Asset||Current Value||Daily Change|
|WTI Crude Oil||53.23||-0.34%|
Global stocks took a hit yesterday, as the geopolitical tensions remained in focus. China might be getting ready to send troops to the North Korean border, while the negotiation between Vladimir Putin and US secretary of State Tillerson didn’t help the mood between the two powers concerning Syria. Safe-haven assets remained strong throughout the day and today in early trading, with the Japanese Yen and gold still being favored by traders. Japanese equities are once again the weakest globally, but the European and US indices are also under pressure.
Donald Trump delivered a surprising blow for the US Dollar, as he voiced his concerns about the currency being “too strong” while reassuring Janet Yellen in her position as the chair of the Federal Reserve. Gold got close to the $1300 level after following Trump’s words, and even the Euro jumped higher despite the persistent pressure on the common currency. Oil drifted lower yesterday as well, and now WTI Crude stabilized near the $53 per barrel level. The Australian Dollar is among the winners today after the bullish employment report, while the Dollar also recovered as the unemployment claims number and the consumer sentiment index were both favorable.
Gold, 4-Hour Chart Analysis
Ethereum and Dash moved higher by double digits so far today, as Dash rebounded off the strong 6o support once again while Ethereum is edging closer to its highs above the $50 level. Bitcoin turned lower off the resistance zone near $1215 that we have been monitoring in recent days, and it might be in for a consolidation period after the recent rally. The other major cryptocurrencies are still trading sideways, with Ripple, Monero, and Litecoin still awaiting the next significant move.
S&P 500, 4-Hour Chart Analysis
The S&P 500 is still in a holding pattern near the 2350 level despite touching the 2332 support yesterday. The MACD is still well in neutral territory, while the dominant megaphone pattern is also intact. It will be interesting to see how stock markets will behave as the Easter-weekend is drawing closer, and liquidity is expected to dry up tomorrow. Short-term traders should expect choppy conditions and a hard to trade environment until Tuesday.
Key Economic Releases on Thursday
|3:30||CHINA||Trade Balance||164 billion||76 billion||-60 billion|
|14:30||US||Initial Jobless Claims (weekly)||234,000||242,000||234,000|
|15:00||US||UOM Consumer Sentiment||98.0||97.1||96.9|
Key Economic Releases on Friday
|2:30||US||Core Retail Sales||0.20%||0.20%|