Stocks in Summer Limbo Amid Crypto-Recovery | Hacked: Hacking Finance
user

Analysis

Stocks in Summer Limbo Amid Crypto-Recovery

Posted on .

Stocks in Summer Limbo Amid Crypto-Recovery

Introduction

This article was posted on Monday, 16:37, UTC.

Monday Market Recap

Asset Current Value Daily Change
S&P 500 2458 0.11%
DAX 12592 -0.32
WTI Crude Oil 46.44 -0.19%
GOLD 1224.00 0.50%
Bitcoin 2075 3.15%
EUR/USD 1.1465 -0.03%

Global financial markets are very quiet this Monday, with no major catalyst from the economic and political fronts. Last week’s rally in US stocks remains intact, as the NASDAQ 100 is holding up above the crucial 5800 level, while the S&P 500 and the DOW are close to their all-time highs. European and Asian stocks are also little changed, although the Chinese market turned lower in late trading, hitting a one-month low in the process and exiting the rising wedge pattern that we have been following recently. Chinese Industrial Production number came in above expectations, while GDP growth also beat the consensus according to the official data, although the market is not convinced, it seems.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Shanghai Composite, 4-Hour Chart Analysis

Currency markets are also in summer-mode, with no major moves after last week’s Dollar sell-off and, as the Aussie, the Loonie and the New Zealand Dollar are holding on to their gains, while the Euro is hovering around its 12-month highs. The Great British Pound is the weakest major today, thanks to the renewed uncertainty regarding the beginning of the Brexit talks, while the Yen is also trading slightly lower once again. Commodities turned broadly higher today, with both industrial and precious metals rallying, despite the pull back in Chinese stock, while oil is unchanged after the rally of the second half of last week.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Cryptocurrencies

The major coins are rallying off their weekend lows, as Ethereum recovered all of its steep losses which were likely caused by series of margin call and forced selling, following the steep one-month long correction. Bitcoin is back above the key $2000 level, and the developing base pattern seems to be holding up the currency, in line with the “normal correction” theory. Should the majors break-out from their short-term declining trends in the coming period, long-term buy signals could be triggered across the board as the daily charts already show oversold readings.

Bitcoin, Daily Chart Analysis

Technical Picture

The DAX remains in a short-term downtrend after last week’s rally stalled out near a strong resistance level. The index is pushed lower by the strength of the Euro, as the common currency is still gaining ground on the Dollar, although the momentum of the rise is weak. As the NASDAQ outperformed the DAX the slight global correction might be over, but new long-positions should only be opened above last week’s highs, while shorts can jump in at the current levels with a stop above the recent high.

DAX, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
4:00 CHINA GDP 6.9% 6.8% 6.9%
4:00 CHINA Industrial Production 7.6% 6.5% 6.5%
4:00 CHINA Retail Sales 11.0% 10.6% 10.7%
14:30 US Empire Manufacturing Index 9.8 15.2 19.8

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
3:30 AUSTRALIA Monetary Meeting Minutes
10:30 UK CPI 2.9% 2.9%
10:30 UK PPI -0.8% -1.3%
11:00 GERMANY ZEW Economic Sentiment 17.6 18.6
14:30 US Import Prices -0.2% -0.3%

Featured image from Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

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.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
Mate Csar
Analyst
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 Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
July brings new opportunities to trade penny stocks, according to…