Market Analysis

U.S benchmarks are lower this morning with the S&P 500 and Nasdaq both down more than 0.5% on emerging market fears and the escalation of the conflict with Turkey. China is leading the way lower on a delayed reaction to Monday night’s trio of dismal reads; Industrial Production, Fixed Asset Investment and Retail Sales.
Pound bulls hoping to see a big beat on the July inflation numbers were left disappointed, as the data merely met expectations. Although off its lows, sterling remained under pressure after breaking the $1.27 handle overnight following yesterday’s news of weaker-than-expected growth in wages, and amid ongoing concerns over a no-deal Brexit outcome.
A bearish American Petroleum Institute (API) report, as well as the continuing drama surrounding Turkey is raising fears of a slowdown in oil demand based upon fears of raising contagion coming out of Turkey. The oil market that tried to mount a major comeback yesterday was thwarted by a risk aversion in the dollar that sunk oil, as well as industrial and precious metals.
Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis for Tuesday, Aug. 14, 2018.
Above, is silver priced in oil from 1983 to now. Price has moved in a large channel before it broke out at the end of 2014. This is really significant given the length of time involved. However, more importantly, there is a massive rounded bottom which is a good base for the coming higher prices. At the end of the bottoming pattern there appears to be a bullish wedge.
Above, is silver priced in oil from 1983 to now. Price has moved in a large channel before it broke out at the end of 2014. This is really significant given the length of time involved. However, more importantly, there is a massive rounded bottom which is a good base for the coming higher prices. At the end of the bottoming pattern there appears to be a bullish wedge.
Above, is silver priced in oil from 1983 to now. Price has moved in a large channel before it broke out at the end of 2014. This is really significant given the length of time involved. However, more importantly, there is a massive rounded bottom which is a good base for the coming higher prices. At the end of the bottoming pattern there appears to be a bullish wedge.
The Eurodollar, as I mentioned in my weekly ranges article, has already made 5 down waves in a zig-zag formation/configuration. It has already gone, “down-up-down-up-down” off the monthly chart and is hovering over the daily 1,000-moving average and weekly 200-moving average, in addition to Gann support levels.
December corn futures finished yesterday’s session 2-½ cents lower, trading in a range of 6-¼ cents. Funds were estimated sellers of 7,000 contracts on the day.
After a rough start to the week, Asian stocks seem to have found some support as the Turkish Lira steadied below 7 per dollar. Japan’s Nikkei 225 rose 1.8% with all sectors in green territory as the Yen gave up some of yesterday’s gains. Australia’s ASX 200 and the Korean KOSPI also edged higher but gains were limited.