Technical Analysis Report

18 Jul

Technical Analysis Report – 18 July 2022

/ CSFX Analytics

U.S. FUTURES WERE MOSTLY HIGHER DURING SUNDAY OVERNIGHT DEALS

Asia-Pacific stocks were mostly up on Monday morning. The Shanghai Composite is up 1.32% at 3,271.03. Overall, the Singapore MSCI is up 1.26% at 285.00. Over in Hong Kong, the Hang Seng Index is up 2.58% at 20,812. In Japan, the Nikkei 225 is up 0.86% at 26,990.00, while the Topix index is up 0.79% at 1905.00. South Korea’s Kospi is up 1.90% at 2,375.25. Australia S&P/ASX 200 up 1.23% at 6687.10.

Top News of the Day:

U.S. stock futures were mostly higher during Sunday’s overnight deals, with major benchmark averages coming off a losing week despite a strong relief rally on Friday as investors look ahead to a busy week of corporate earnings results.

By 06:50 PM ET (2250 GMT) Dow Jones Futures remained unchanged, while S&P 500 Futures and Nasdaq 100 Futures were up 0.1% and 0.3%, respectively.

Market Summary as per 15/07/2022:

European equities Friday closing. The DAX futures contract in Germany traded up 2.76% at 12,864.72, CAC 40 futures up 2.04% at 6036.01 and the UK 100 futures contract in the U.K. up 1.69% at 7,159.02.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 2.15% at 31288.26. The S&P 500 up 1.92% at 3863.17 and the Nasdaq 100 up 1.83% at 11983.62, NYSE closes up 1.96% at 14449.67.

Top Market News Today:

In the Forex market, GBPUSD up 0.31% at 1.1904. The USDJPY down 0.19% at 138.209. The USDCHF up 0.05% at 0.9762. EURUSD up 0.24% at 1.0111, EUR/GBP down 0.01% at 0.8492. The USD/CNY down 0.12% at 6.7483 at the time of writing.

In the Commodity market U.S. Gold futures up 0.47% at $1,714.54. Elsewhere, Silver futures up 0.80% at $18.849 per ounce, Platinum up 1.00% at $859.00 per ounce, and Palladium up 2.65% at $1880.50.

Crude Oil up on Monday; Brent Crude Oil up 2.65% at $103.47 per barrel while U.S. West Texas Intermediate (CLc1) up 2.46% at $96.53.

In the Cryptocurrency Markets, Bitcoin at 22260.00 up 5.05%, Ethereum up 8.59% at 1453.62, Litecoin at 58.53 up 5.23%, at the time of writing.

Top Market Segment to Watch Out Today:

GOLD: Gold was up on Monday morning in Asia over a pullback in the U.S. dollar as investors’ bets of a 100-basis-point interest rate hike from the U.S. Federal Reserve this month receded.

Gold futures were up 0.52% to $1,671.75 by 09:35 PM ET (0135 GMT). The dollar, which normally moves inversely to gold, edged down on Monday morning as the Fed signalled that they would stick to a 75-bp rate increase during their meeting on July 26-27 to bring down inflation.

Economic News:

US: U.S. households are in a more comfortable financial position than before the pandemic but surging inflation has started to erode those gains, stirring a sense of insecurity and anger about price increases.

Households and non-profit organisations owned liquid assets worth $18.5 trillion at the end of March 2022 up from $14.3 trillion at the end of March 2019, after adjusting for inflation, data from the Federal Reserve showed.

Liquid assets include currency as well as balances in checking accounts, time deposit accounts and money market funds, all of which are readily available to spend (“Flow of funds accounts of the United States”, June 9).

Liquid assets accumulated at a record rate in 2020 and 2021 because of pandemic-enforced restrictions on travel and social spending as well as the stimulus payments made by the federal government.

During the most intense periods of lockdown in the second quarter of 2020 and the first quarter of 2021, households were saving at annualised rates of $4-$5 trillion.

Eurozone: Asking prices for British homes advertised for sale this month were 9.3% higher than a year earlier, down from a 9.7% rise in June as mortgage costs rise sharply for first-time buyers, property website Rightmove (OTC:RTMVY) said on Monday.

Britain’s housing market has been showing some signs of cooling after a more than 20% surge in prices since the start of the pandemic, as the cost-of-living surges and the Bank of England steadily raises interest rates.

The average monthly mortgage payment for first-time buyers had risen by 20% since the start of the year, reflecting both higher interest rates and the increased price of the property – which hit a record 369,968 pounds ($437,561) this month, Rightmove said.

Nonetheless, a shortage of property being put up for sale meant asking prices were unlikely to fall faster than normal for the time of year in the second half of 2022, said Rightmove.

Top Economic Releases Today:

U.S. TIC Net Long-Term Transactions (May) today at 16:00 previously which was 87.7B.
CANADA Housing Starts (Jun) today at 8:15 this time estimated 266.6K, previously which was 287.3K.
AUSTRALIA HIA New Home Sales (MoM) previously which was -1.2%.
SINGAPORE Trade Balance today at 21:30 previously which was 3.243B.
GERMANY Buba Balz Speaks today at 12:30.