- Australia’s ASX 200 futures are down 14 points (0.19%) with the cash market currently opening at 7,425.20
- Japan’s Nikkei 225 futures are up 100 points (0.33%) with the cash market currently rising to 30,547.37. opened
- Hong Kong’s Hang Seng futures are up 42 points (0.16%) with the cash market currently opening at 25,855.81
UK and Europe:
- The UK FTSE 100 index rose 39.23 points (0.56%) to close at 7,068.43
- Europe’s Euro STOXX 50 index rose by 19.18 points (0.46%) to close at 4,189.53
- The German DAX index rose by 91.61 points (0.59%) and closed at 15,701.42
- France’s CAC 40 index rose 13.16 points (0.2%) to close at 6,676.93
Monday USA closed:
- The Dow Jones Industrial lost -269.09 points (-0.0076%) and closed at 35,100.00
- The S&P 500 Index rose 10.15 points (0.23%) to close at 4,468.73
- The Nasdaq 100 index fell -6.245 points (-0.04%) to close at 15,434.50
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It was a mixed picture on Wall Street, with large-cap indices initially falling a fifth day before recovering to set candles of indecision (dojis) in the final hours of the session. the Nasdaq 100 was down slightly at -0.04%, while the S&P 500 increased by 0.23%. Sentiment is weighed down by expectations that the US corporate tax rate will rise from 21% to 26.5%, despite energy stocks leading the way up to support the broader market.
the ASX 200 has pulled back gently to a major resistance area around 7430-7440, where the 50-day eMA and swing lows are. Given the strong momentum that broke trend support last week, it remains possible that the latest corrective low from the August high has not yet closed, so we will wait to see if bearish momentum returns. The 4-hour chart shows that a bear flag is forming on the 4-hour chart, despite the fact that futures markets are suggesting the index will open 7425 higher. A break below 7389 implies a bearish resumption while a direct break above 7440 7476 and / or the broken trend line is in focus for bulls.
ASX 200 internal market:
ASX 200: 7425.2 (0.25%), September 13, 2021
- Materials (1%) was the strongest sector and real estate (-0.41%) was the weakest
- 7 out of 11 sectors closed higher
- 4 out of 11 sectors outperformed the index
- 96 (48.00%) stocks brought forward, 91 (45.50%) stocks declined
- 64.5% of the stocks closed above their 200-day average
- 79.5% of the stocks closed above their 50-day average
- 43% of the stocks closed above their 20-day average
- + 7.3% – Pilbara Minerals Ltd (PLS.AX)
- + 5.4% – Silver Lake Resources Ltd (SLR.AX)
- + 5.4% – Lynas Rare Earths Ltd (LYC.AX)
- -4.5% – Omni Bridgeway Ltd (OBL.AX)
- -3.1% – Unibail-Rodamco-Westfield SE (URW.AX)
- -2.7% – Redbubble Ltd (RBL.AX)
The US dollar index (DXY) failed to hold past gains, printing a bearish pinbar and a potential double top at 92.86. This coincided with EUR USD saw a false break below 1.1800 before closing a bullish pinbar just above the key level.
There is a lot of data this week ahead of next week’s FOMC meeting, so we expect the dollar to remain sensitive to incoming data as traders attempt to decipher whether they will start rolling back QE. The largest data point in today’s US session is the inflation data at 10:30 PM AEST.
The Australian business mood is scheduled for 11:30 am AEST today. Confidence has plummeted three months in a row after peaking in April and shrinking in July, and there’s a good chance it will do so today, given longer lockdowns and rising COVID-19 cases in the two largest states (New South Wales and Victoria) continues to decline. RBA Assistant Governor Ellis speaks at 10:00 AM AEST and then Governor Lowe speaks at 12:45 PM AEST.
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oil Prices broke to a 6-week high and WTI closed above $ 70 as Hurricane Ida continued to weigh on supply. While this is a step in the right direction for our bullish bias, the volume was below average and closed just above last week’s high. So the bulls need to gain control sooner rather than later to keep prices from falling back into the range.
silver fell to a 2 week low and found support at the 23.50 low before recovering earlier losses. A bullish pinbar on the daily chart warns of a slight rebound, although our bias remains bearish below 24.40 and our target is just above 23.0.
Next (times in AEST)
You can view all of the events planned for today in our economic calendar and keep up to date with the latest market news and analysis here.
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