Market Report 27.09: Important topics to Know for trade.
Good Morning Traders,
In the last week the investors had high hopes for action and big decisions from the Federal Reserve and the Bank of Japan, action that would get things moving on the big indexes. The Fed set the tone for the stock market last week with a forecast for just one rate hike this year, presumably in December. In consequence the stock indexes ended up by slightly over 1% last week. But yesterday we saw how the markers players took advantage to take profit of the highs prices, and the Dow Jones industrial average closed more than 150 points lower on Monday, weighed by concerns ahead of the evening debate and pressure on the financial sector from a plunge in shares of Deutsche Bank to record lows.
Yesterday was the first presidential debate and the winner was apparently Hillary Clinton. Based on analysts’ took on the market reaction appears that she edged out her Republican opponent Donald Trump in the. U.S. stock index futures erased losses to trade positive as the debate kicked off. Futures were near session highs as the debate ended, with Dow futures briefly adding more than 100 points. The next presidential debate is scheduled for October 9, with the third and final clash set for October 19.
We have another important topic still open for the market, is the meeting of OPEC member nations and other large non-OPEC producers at the large energy conference that already started in Algiers and is until Wednesday. The headlines have already placed the crude market on edge, crude soaring on Friday after Saudi Arabia announced that it had agreed to cut production were Iran to limit its own production, only then plummet after a report quoted a top Saudi official who cautioned not to expect a deal and who noted that the meeting was more advisory in nature rather than being aimed at a formal agreement.
Meanwhile, in the FX market the euro-dollar held steady near $1.125, with a very strong resistance on the level at 1.1260, and in the Economic Diary will be jam-packed with August’s durable goods orders on Wednesday, private income and spending on Friday and the Consumer Confidence Index readings on both Wednesday and Friday. Likewise, the second GDP growth reading for Q2 will be released on Thursday. So in conclusion we have a very hot week ahead.
As you can see on the chart the index already lost the bullish trend line from July. This month the price rebounded with the redirection of the RSI indicator marking even more resistance and puts technical pressure on the market. This index has a lot of energies companies, so the meeting of the producers is very important.
Graphics by: www.etoro.com
Google still adds services of its business model and is betting big on India as the tech behemoth unveiled five new products on Tuesday specifically tailored for users in the world’s second-largest Internet market. So that are very good news for the performance of the company and probably can make positive effects in the price of the stock. Technically Google is trading in a very up trend, and the point of support for today is in the level at 774 usd.
Graphics by: www.etoro.com
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