Daily Analysis: US Stocks Hit New Highs in Quiet Trading

Thursday Market Recap

Asset Current Value Daily Change
S&P 500 2420 0.32%
DAX 12664 0.41%
WTI Crude Oil 49.10 1.17%
GOLD 1264.00 -0.68%
Bitcoin 2386 5.43%
EUR/USD 1.1212 -0.27%


Global stocks are having a relatively strong day so far, as the slight weakness in the NASDAQ is outweighed by the marginal new high in the S&P 500 and the Dow. That said, upside momentum is still missing from the “break-out” with the major indices still trading very close to their previous highs. European stocks are also a tad higher, while the Japanese market got a boost from the dip in the Yen

Chinese markets and the Chinese leadership are making headlines again, as the Chinese Yuan surged higher in the past few days, with the local central bank doing everything to curb “speculation” against the currency. In other words, the leadership knows that the Yuan is vulnerable and they want to stop capital outflows from the wounded financial system.

Shanghai Composite, 4-hour Chart Analysis

Currency markets are dominated by the slight rebound of the Dollar and the decline in the Australian Dollar.  The Yen and gold are under pressure today as risk-on sentiment is still prominent. European currencies are mostly lower, with the Pound holding up well against the Dollar. Crude oil continues to be weak, trading just above the $48 level, with only a slight rebound off yesterday’s lows thanks to the favorable US inventory data.


Cryptocurrencies have another bullish session, as Ripple, Bitcoin, and Litecoin are all significantly higher. XRP is flirting with the $0.30 level, while LTC is testing the $30 level. Bitcoin got lifted by the easing of the Chinese regulation of crypto-exchanges. Ethereum is drifting lower as we expected after running into resistance against Bitcoin, while Dash is also in a short-term correction as of now. Ethereum Classic is still trading in a narrow range, but it remains among the most bullish majors, while Monero is creeping towards its previous highs, currently trading at $45.

Litecoin, 4-Hour Chart Analysis

Key Economic Releases on Thursday

Time, CET Country Release Actual Expected Previous
3:30 AUSTRALIA Capital Expenditure 0.30% 0.60% -2.10%
3:30 AUSTRALIA Retail Sales 1.00% 0.30% -0.10%
10:30 UK Manufacturing PMI 56.7 56.5 57.5
14:15 US ADP Employment Growth 253,000 181,000 177,000
14:30 US Initial Jobless Claims 248,000 239,000 234,000
14:30 US ISM Manufacturing PMI 54.9 54.7 54.8
17:00 US Crude Oil Inventories -6.4 mill -2.7 mill -4.4 mill


Key Economic Releases on Friday

Time, CET Country Release Expected Previous
10:30 UK Construction PMI 52.7 53.1
14:30 CANADA Trade Balance 0.0 bill -0.1 bill
14:30 US Non-Farm Payrolls 186,000 211,000
14:30 US Hourly Earnings 0.2% 0.3%
14:30 US Unemployment Rate 4.4% 4.4%
14:30 US Trade Balance -45.5 bill -43.7 bill
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.