Thursday Market Recap
|Asset||Current Value||Daily Change|
|WTI Crude Oil||45.84||1.62%|
Global markets are in risk-off mode so far today, with Europe and the US tech sector leading the way lower once again. The worse than expected US ADP Employment Report is weighing on equities and the Dollar before Friday’s much-awaited official release. The Euro has rebounded from the correction of the first few days of the week, and that pushed the DAX and the EuroStoxx 50 towards last week’s lows. The weakness in the NASDAQ is dragging the broad US market down, and the rise in Treasury yields continues following yesterday’s Fed Meeting Minutes.
TLT US Bond ETF, 4-Hour Chart Analysis
The returning strength of the European common currency dominates forex markets while the Pound and the Aussie is drifting lower compared to the Greenback amid the negative sentiment. The Yen is also among the stronger majors on safe haven buying that also lifted gold from its lows today in early trading. Oil is rallying hard after the relatively peaceful words from the Saudi-led alliance following the deadline of the Qatar ultimatum, which gave back hope about the OPEC production cut.
WTI Crude Oil $-Hour Chart Analysis
The major coins are still trading without clear direction after a week of low-volatility consolidation, with only Dash being very active following yesterday’s break-out. The coin reached the $216 target zone and now it’s trading just above the prior high at $200, while Litecoin is consolidating near the $50 level. Ethereum, Bitcoin, ETC, and NEM are little changed while Monero is showing relative strength, drifting slightly higher since yesterday. Most of the smaller coins are also trading without strong momentum, with Bitshares and Waves, falling back to their consolidation pattern, and the previously weaker Zcash and Stratis showing some strength.
Dash, 4-Hour Chart Analysis
The NASDAQ is right at last week’s lows after this morning’s dip, and it is at risk of forming a new lower low that would confirm the trend change after breaking the long-term trendline last week. The tech benchmark bounced off the flash-crash lows which turned into resistance this week, and that might mean that the index will soon test the key support zone near 5500.
NASDAQ 4-Hour Chart Analysis
Key Economic Releases on Thursday
|3:30||AUSTRALIA||Trade Balance||2.47 bill||1.11 bill||0.56 bill|
|13:30||EUROZONE||Monetary Meeting Accounts||–||–||–|
|14:15||US||ADP Employment Change||158,000||181,000||253,000|
|14:30||CANADA||Trade Balance||-1.1 bill||-0.5 bill||-0.4 bill|
|14:30||US||Initial Jobless Claims||248,000||245,000||244,000|
|16:00||US||ISM Non-Manufacturing PMI||57.4||56.6||56.9|
Key Economic Releases on Friday
|17:00||US||FED Monetary Policy Report||–||–|
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