U.S. markets are behind another downward day. Broad S & P 500 gave 0.4 percent when the DJIA lost 0.3 percent and the Nasdaq Composite 0.5 percent. From the perspective of the end of the session can be seen that in the first phase of the market focused on weaker results in this class of companies as Kraft, and Colgate. But the fact that the fuel Discount giant Exxon Mobil, which announced excellent quarterly report indicates the domination of the well-known from previous sessions mood correction. Another indication of the extension of signalman adjustment was poor market reaction to better-than-expected data about the number of new unemployed.
From the perspective of technical analysis of yesterday's session the most important fact is not a drop in the S & P500, but the fact that the end of the day at 1,102 points, which means defense assistance in the region of 1100 points. Maintains a local superiority of bulls, which came after overcoming the resistance in the region of 1100 points. In practice this means that during today's session in the bull camp will be played not only support in the region of 1100 points, but also the rising trend line, which dominates the market since the beginning of the month.
In yesterday's trading, you can also look through the lens of the expectations of the most important event macro ending just a week, which will be a preliminary estimate for U.S. GDP growth in the second quarter of 2010. The data will be read primarily in the context of the recent fighting between supporters of the second wave of recession and supporters barely slower exit of the recession. It is expected that today's reading shows GDP growth of 2.5 percent. In the previous quarter, GDP growth was 2.7 percent, so the data on the projected level of market expectations as to confirm that the dynamics of emerges from recession drops, but a second wave of recession can not speak.
On the threshold of the session in Warsaw, we can say that few reports will be able to match the estimate of GDP in the U.S., but Friday's calendar is full of macro publication. Even at night there are data in Japan, where in June, industrial production declined by 1.5 per cent - expected to increase by 0.2 percent - while unemployment has increased. In Germany, there are dynamics data on retail sales and euro-area unemployment inflow reading. The finale will be on the U.S. Chicago PMI index readings and Michigan Sentiment.
morning on the European markets are not going to be particularly exciting. Wall Street ended higher than it was a day when stock markets closed in Europe, so attention will focus more on what has happened in Asia. There, around 6:00 Tokyo's Nikkei lost 1.8 percent. In the red are also futures on the S & P500 and the euro weakens against the dollar. In this context, usually indexes in London, Paris and Frankfurt, starting the day with a repricing and WIG20 should not be an exception. Despite this, all indications are that the session will be within the consolidation zone plotted in resistances 2500 pts in the region and its outcome will decide only the data at 14:30.
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