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Europe Rebounds, Oil Lower Again as Cryptocurrencies are Under Pressure Again

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Europe Rebounds, Oil Lower Again as Cryptocurrencies are Under Pressure Again

Introduction

This article was posted on Monday, 16:05, UTC.

Monday Market Recap

Asset Current Value Daily Change
S&P 500 2433 0.17%
DAX 12834 Closed
WTI Crude Oil 47.17 -2.42%
GOLD 1284.00 0.45%
Bitcoin 2779 -4.23%
EUR/USD 1.1202 0.07%

The US Dollar and European stocks markets are in the center of attention in today’s quiet session in financial markets. The Greenback is once again trying to rally against its major peers, but it’s struggling to gain momentum, only managing to stop de long-term decline. The DAX and the Euro Stoxx 50 got a boost from the slight weakness in the Euro nonetheless, as the central bank’s future policies still drive the major moves in all of the major asset classes. US stock markets are showing relative weakness in early trading, as the NASDAQ short-term downtrend continues to weigh on equities.

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Oil has been the most volatile global asset so far, as it dipped below $44 per barrel once again following up on Friday’s steep decline. Gold remains close to the $1200 level, as precious metals are still wounded since last week’s silver flash-crash, and the recent surge in yields across the globe. Copper is still heading south, since our short recommendation, as industrial metals are once again showing weakness, with the disappointing Chinese CPI release putting downside pressure on the segment today.

Copper 4-Hour Chart Analysis

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Cryptocurrencies

Selling pressure returned today in earnest in the crypto segment, as once again, small cap coins and Ethereum are leading the decline, while BTC is still holding above primary support, with Litecoin and Dash also showing strength amid the broad headwind. Double-digit losses are the norm in the volatile small cap coins, as the long-term correction is still intact following the huge late-spring rally in the segment. The majors might test their correction lows in the coming days, but the long-term overbought readings are cleared and a successful test could signal the end of the correction.

Bitcoin, Daily Chart Analysis

Technical Picture

The NASDAQ is still in a precarious technical situation near its flash-crash lows and the rising long-term trendline. The next few sessions will be critical, as if the tech index can recover above the short-term trendline, an advance to new highs could begin while the anew swing low would mean a deeper correction. The latter scenario is more likely given the internal weakness in the market and the negative trends in global stocks as well.

NASDAQ 100, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
3:30 CHINA CPI Index 1.5% 1.6% 1.5%
3:30 CHINA PPI Index 5.5% 5.5% 5.5%

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
3:30 AUSTRALIA NAB Business Confidence 7
14:15 CANADA Housing Starts 200,000 195,000

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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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