Trading Market Commentary June 26, 2017

Commentary

The ECB (European Central Bank) Forum is going to take place in Portugal this week. And this may perhaps end up being a game-changer, as the Fed (Federal Reserve) is at an alternative stage of the monetary pattern compared to its colleagues while having hiked the interest rate already twofold this current year.

The ECB, as well as the BOJ (Bank of the Japan), continues to be in the center of the “extremely comfortable” area, and as a result of latest difficulties around the global economic front-line. A dovish change by the Federal Reserve rhetoric may perhaps be more probable when compared to a move from some leading banks. 

US Stock market was vastly higher yesterday, in spite of the significantly worse than estimated Durable Goods Orders which sent the US Dollar lower once again. However, the marketplace continuously shows inadequate direction as traders/investors appeared to be unclear about the near-term perspectives for the market segments following the S&P500, as well as DowJones, attaining record highs levels passed week.

The DowJones edged up 14.79 points (0.1%) to 21,409.55, the S&P500 inched up 0.77 points or less .1% to 2,493.07, and the NASDAQ fell 18.10 points (0.3%) to 6,247.15.

The S&P500 rallied during the early trading session yesterday and dropped back to the last week Friday's close. The market(s) continue to be in a lower volatility cycle, as well as small volume limbo. The Spoo (S&P500) didn't develop momentum right after its beak-out last week. The significant support level lies in the vicinity of 2417 and could be a target this week, while the earlier high at 2450 functions as the primary resistance level for now. 

S&P 500-move over? Time Inc. reported yesterday it's going to license its "Fortune" brand name for stock indexes based on the Fortune 500 in the alliance together with Barclays PLC that will broaden Time's sales revenue into the expanding index-investing sector.

Around the US economic arena, new manufactured Durable Goods Orders dropped by much more than estimated for the month of May, following a data report revealed by the US Commerce Department. The document said durable goods orders declined by 1.1% in May following slouching by just 0.9 % in April. Economic experts had anticipated Durable Goods Orders to decrease by 0.6%.

In Asia-Pacific trading, markets across the region generally migrated higher throughout yesterday trading. The HK's Hang Seng Index climbed by 0.8%, and Nikkei225 Index inched up by 0.1%.

The leading Euro markets likewise went the upside. The FTSE100 Index and the DAX30 Index both rose by 0.3%, and the CAC40 advanced by 0.6%.

Another questionable flash crash took place in the yellow metal market, much like the one happened prior to the Federal Reserve meeting a couple of weeks ago. The gold has returned to previous week’s levels, and it'll be interesting to see whether it can return earlier 1250 level tomorrow.

Crude oil rebounded somewhat yesterday while there is virtually no new development in the Qatar turmoil. However, it stays at lowered levels, and also the trend continues to be naturally lower. Aside from the US Dollar lack of strength currency trading market were quiet again, encompassing low volatility globally. 

The crypto coin market continues to be a significant correction, with BTC trading 20 percent lower, nearby the 2500 level, and the Ethereum is likewise lower by way of greater than 30 percent of its high peak.


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