S&P is doing something that almost all stocks follow

Daily Analysis - 13/06/2019

What happens when S&P 500 passes its 50-day moving average?


Following its weakest month since last year, the popular S&P 500 retraced back to start June by advancing more than 4%. That was its greatest week for 2019. More over the famous index went above its 50-day moving average. Up to Monday the Dow was up for almost 6 straight days while it settled in on an all-time high. On Tuesday we saw a suspension in profits for the Dow, and other main equity indices. The fall on Wednesday morning registered a possibility of a bullish pause, but a 10-year market history focused on the S&P 500 chart giving us clues that the stocks bullish momentum can continue. After the S&P passed above its 50-day moving average in 2009, that key technical level worked on 10 other occasions.

Yen is getting stronger

On Thursday the popular Japanese yen broadly increased while risk desire decreased in the wider markets. That boosted the safe-haven Japanese currency, as the greenback kept its profits versus other major currencies after retracing from its lows. The climate in the Asia stock markets was also restrained while Hong Kong shares fell for a second day after the extensive street protests. The yen rose 0.2% to 108.269 yen per dollar, drawing back from an 11-day low of 108.809 that was touched at the beginning of the week.


Oil is going up

On Thursday UAE port of Fujairah took a danger signal from an oil tanker in the Oman Gulf. The message was saying that the tanker is on fire. This continues to increase the number of events in the region with the United States already involving Iran for the attacks.

Oil prices are going up with WTI and Brent advancing more than 1.9% for the day. Oil now touched its session highs.


Tech shares under much pressure

On Wednesday U.S Stocks dropped for a second day, forced by drops in tech shares, interrupting the great bullish momentum of June.

Facebook shares fell more than 1.5% following a Wall Street article revealed that the company opened emails connecting CEO Mark Zuckerberg to the company’s privacy methods. The Nasdaq Composite fell about 0.4% to 7,792.71. The Dow Jones Industrial Average fell 43.65 points to 26,004.82 while the S&P 500 ended 0.2% lower at 2,879.83.



Upcoming Events

  • Time
  • Currency
  • Event
  • Forecast
  • Previous
  • 9:00 GMT
  • EUR
  • Industrial Production (MoM) (Apr)
  • -0.5%
  • -0.3%
  • 11:00 GMT
  • USD
  • OPEC Monthly Report
  • 12:30 GMT
  • USD
  • Export Price Index (MoM) (May)
  • -0.1%
  • 0.2%
  • 12:30 GMT
  • USD
  • Import Price Index (MoM) (May)
  • -0.3%
  • 0.2%
  • 12:30 GMT
  • USD
  • Initial Jobless Claims
  • 215K
  • 218K

This website uses cookies to ensure best possible user experience. Read more