A stronger than expected U.S. PMI
Report, helped boost U.S. Stock Indices this morning.The report indicated the U.S. economy
was expanding and helped relieve some of the bearish pressure that had been
building on the markets.Todayâ€™s action
is most likely short-covering as no major tops were threatened as the markets
rallied.The charts indicate that the
December E-mini S&P 500 is likely to retrace to 1064.00 to 1072.00 before
attracting new selling pressure.The
December E-mini Dow held a major .618 retracement level at 9630 and is now
poised to retrace back to 9850 to 9901.The December E-mini NASDAQ traded lower into a .618 price level at
1655.50.This low also held a main
bottom at 1652.75.The subsequent rally
is carrying enough upside momentum to retrace to perhaps 1717.25 to 1732.00.
December Treasury Bonds and Treasury Notes
fell following the release of the friendly PMI Report as yields rose
slightly.Trading is expected to be
subdued this week as large investors stand aside before the Fedâ€™s FOMC meeting
on November 4th.
The U.S. Dollar opened the overnight trade
better but turned lower following a strong PMI number out of China.The New
York opening was weak but the Dollar accelerated to
the downside after the release of a better than expected U.S. PMI Report. This
report showed that the U.S.
economy was expanding.
Although the Dollar weakened on the news,
the selling action was not enough to change the trend to down, but merely
indicates a technical retracement of last weekâ€™s sharp rally.
While the Dollar is retracing its rally,
the currencies are posting gains with the exception of the Japanese Yen and
British Pound.Higher yielding assets
are posting gains today.This is most
likely short-covering and position evening rather than fresh buying.
December Gold surged this morning as the
Dollar weakened.Gold is also being
supported by investment inflows and traders looking for inflation to begin
showing.At this time itâ€™s not all about
the Dollar.Although a stronger Dollar
may delay or limit gains in Gold, it looks like buyers are willing to come in
on the dips.In addition, the gold
market may start to get some of the money that leaves the equity markets.
The stronger than expected PMI number
helped to trigger a rally in December Crude Oil this morning.Any report which shows expansion in the
economy seems to be read as bullish by oil traders since this market is being
run by speculators.Short-term, the
supply and demand situation is still showing a glut of oil, but traders have
chosen to focus on the long-term and a potential recovery in the economy.Higher demand for equities and a weaker
Dollar are also being supportive.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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