Technical Analysis Report - 05 August 2022

05 Aug

Technical Analysis Report – 05 August 2022

/ CSFX Analytics

Gains in high-growth stocks offset losses in energy shares ON WALLSTREET

Asia-Pacific shares gained on Friday. The Shanghai Composite is up 1.17% at 3,226.27. Overall, the Singapore MSCI is up 0.99% at 306.15. Over in Hong Kong, the Hang Seng Index is up 0.26% at 20,193.00. In Japan, the Nikkei 225 is up 0.79% at 28,170.00, while the Topix index is up 0.67% at 1947.00. South Korea’s Kospi is up 0.72% at 2,490.80. Australia S&P/ASX 200 up 0.58% at 7015.60.

Top News of the Day:

Wall Street’s main indexes ended mixed in a dull session on Thursday as gains in high-growth stocks offset losses in energy shares, with investors looking ahead to monthly jobs report for clues on the pace of interest rate hikes by the Federal Reserve.

The Dow Jones Industrial Average fell 85.68 points, or 0.26%, to 32,726.82, the S&P 500 lost 3.23 points, or 0.08%, to 4,151.94 and the Nasdaq Composite added 52.42 points, or 0.41%, to 12,720.58.

Market Summary as per 04/08/2022:

European equities Thursday closing. The DAX futures contract in Germany traded up 0.55% at 13,662.68, CAC 40 futures up 0.02% at 6514.75 and the UK 100 futures contract in the U.K. down 0.12% at 7,438.53.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.26% at 32726.83. The S&P 500 down 0.08% at 4151.93 and the Nasdaq 100 up 0.44% at 13311.04, NYSE closes down 0.28% at 15224.20

Top Market News Today:

In the Forex market, GBPUSD flat at 1.2157. The USDJPY up 0.25% at 133.184. The USDCHF up 0.25% at 0.9568. EURUSD down 0.09% at 1.0235, EUR/GBP down 0.05% at 0.8417. The USD/CNY down 0.05% at 6.7459 at the time of writing.

In the Commodity market U.S. Gold futures flat at $1,790.74. Elsewhere, Silver futures up 0.16% at $20.203 per ounce, Platinum up 1.30% at $937.50 per ounce, and Palladium up 2.08% at $2110.00.

Crude Oil up on Friday; Brent Crude Oil up 1.02% at $94.51 per barrel while U.S. West Texas Intermediate (CLc1) up 1.46% at $88.33.

In the Cryptocurrency Markets, Bitcoin at 23197.39 up 2.57%, Ethereum up 3.44% at 1662.10, Litecoin at 61.71 up 3.06%, at the time of writing.

Top Market Segment to Watch Out Today:

Lyft: Lyft (NASDAQ:LYFT) reported Thursday mixed second-quarter results as losses were wider than expected, but revenue topped expectations and the ride-hailing company touted optimism ahead as ride-sharing activity staged a full recovery from the pandemic lull.

Economic News:

US: U.S. job growth likely slowed in July, but the pace was probably strong enough to keep the unemployment rate at 3.6% for a fifth straight month, offering the strongest evidence yet that the economy was not in recession.

The Labour Department’s closely watched employment report on Friday is expected to paint a picture of an economy muddling through despite back-to-back quarters of contraction in gross domestic product, the broadest measure of U.S. economic activity. Though demand for labour has eased in sectors like housing and retail that are sensitive to the higher interest rates being engineered by the Federal Reserve in its battle against inflation, industries like airlines and restaurants cannot find enough workers.

“The labour market is no longer tinder box hot,” said Sung Won Sohn, professor of finance and economics at Loyola Marymount University in Los Angeles. “But it remains pretty healthy and does not meet the National Bureau of Economic Research’s broad definition of a contraction in the economy.”

Eurozone: House prices in Britain fell the first time in more than a year in July in monthly terms and the market is likely to weaken further as interest rates go up and the cost-of-living squeeze tightens, mortgage lender Halifax said on Friday.

Prices, which recently hit record highs, edged down by 0.1% from June when they had risen by 1.4%, Halifax said.

In annual terms, prices rose by 11.8%, slower than a 12.5% increase in June.

The weakening of the house market comes after a boom triggered by the COVID-19 pandemic and the switch to working from home which pumped up demand for bigger homes, and by rock-bottom borrowing costs which are now rising again.

“House prices are likely to come under more pressure as those market tailwinds fade further and the headwinds of rising interest rates and increased living costs take a firmer hold,” Russell Galley, Halifax managing director, said.

Top Economic Releases Today:

U.S. Unemployment Rate (Jul) today at 8:30 this time estimated 3.6%, previously which was 3.6%.
CANADA Employment Change (Jul) today at 8:30 this time estimated 20.00K, previously which was -43.20K.
CANADA Ivey PMI (Jul) today at 10:00 this time estimated 60.30, previously which was 62.20.
U.S. Nonfarm Payrolls (Jul) today at 8:30 this time estimated 250K, previously which was 372K.
GERMANY Industrial Production (MoM) (Jun) today at 2:00 this time estimated -0.30%, previously which was -0.10%.