|Day's range||1,275.20 - 1,280.40|
The S&P 500 did very little during the trading session on Wednesday, as we hover just below the all-time high, so therefore it’s not a huge surprise that we took a break as we had the impulsive session on Tuesday.
The Silver markets rallied a bit during the trading session on Wednesday, as we have reached a significant support line. However, there are a multitude of questions currently when it comes to both the currency and precious metals markets, so we are still in a “no go” zone.
Crude oil markets had a very poor EIA numbers come out during the trading session on Wednesday, and of course this did put a little bit of a drag on crude oil, but at the end of the day the market is bullish and of course has recently broke major resistance.
Based on the early price action and the current price at 2937.00, the direction of the June E-mini S&P 500 Index the rest of the trading session is likely to be determined by trader reaction to the steep uptrending Gann angle at 2937.50.
Based on the early price action and the current price at $65.85, the direction of the June WTI crude oil futures contract the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at $65.65.
The loonie pair recorded new monthly levels. The Crude Oil WTI Futures showed a moderate performance. The pair traded well above the 200-days significant SMA triggering a bull call. The US-Sino trade reported positive updates giving support to the growing loonie.
If anyone is questioning the Fed’s dovish pivot, take one look at the S&P 500 which suggests the Fed pause is delivering in spades.
The main takeaway from the report is that quarterly inflation fell to an annual rate of just 1.42%. This put it well below the bottom of the RBA’s 2-3% medium-term target. With underlying inflation decelerating away from the RBA’s mandated level, the odds of a central bank rate cut over the near-term are accelerating.
Based on the early price action, the direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 111.858.
Investing.com - Gold prices slipped on Wednesday in Asia, pressured by strong earning reports stateside and strong U.S. housing data released overnight.
Natural gas markets bounced a bit after initially trying to dipped lower during the day on Tuesday, as we have reached extremes to the downside. That being said, this is a market that looks very dangerous.
Gold markets broke down a bit during the trading session on Tuesday, slicing through sideways support that I had pointed out previously. Beyond that, we also stay below there although there was a bit of a bounce later in the day. At this point though, we have seen where gold is going.
The British pound went back and forth during the trading session on Tuesday as traders came back to work from the Easter holiday. We sliced through the 1.2950 level, which is an area of major support and it now looks as if we are ready to drift lower.
The British pound initially tried to rally during the trading session on Tuesday but has seen enough selling pressure to turn things back around and start reaching towards the ¥145 level. Just below though, there is a lot in the way of support.
Thin trading conditions could also be helping to exaggerate the sell-off. The Australian and New Zealand markets were closed on Friday and Monday. And they close again on Wednesday. If the major banks and institutions are still on the sidelines, volatility could be heightened and small orders could drive the markets violently in either direction.
With bitcoin’s move to five-month highs Tuesday, a notable bull cross of key moving averages has formed for the first time in nearly four years.
After the prolonged Easter Recess, the MPs have resumed office today. And during this holiday time, the pair remained subdued near 1.1300 levels amid lack of events and Brexit updates. While, on the technical side, things remain uncertain. Hence, pair’s upcoming movements will weigh more on the fundamental side of the pound.
President Trump has said in the past that he doesn’t want high oil prices and has called upon the Saudi’s to increase production. The last time he asked, they rebuked him. This time, Trump may be more insistent because high oil prices could slow down U.S. economic growth.
Let’s cut to the chase as the energy complex has been the markets singular focus overnight and given oil prices far-reaching influence across global markets, so we might best be served to start with the meat and potatoes this morning.