Friday Market Recap
|Asset||Current Value||Daily Change|
|WTI Crude Oil||61.47||0.34%|
As we have warned traders pre-market, it has been a very challenging day for stocks as negative sentiment and the quite horrible news flow was balanced by a short-term oversold market, and the looming weekend break. These factors led to a sizeable gap lower on the open, selling pressure in early trading, and a rather predictable short squeeze with the occasional more than 100 point intraday drops in the Dow.
DOW Futures, 5-Min Chart Analysis
After the hectic but bullish day, the major indices still finished the week in the red, with even the relatively strong Nasdaq finishing with losses. As Europe continued to lead the way lower, with the bounce in the Euro adding to the pain of the Old Continent, it was only after the European session, that US equities found some footage, even following Trump’s more than controversial words regarding trade wars.
Russell 2000 (Small Cap Index), 4-Hour Chart Analysis
The revised UOM consumer sentiment index came in a tad higher than expected, but that arguably wasn’t the reason for the rally, which was a technical move, boosted by the relative strength of small caps.
For the bounce to be more than just a one-session affair, bulls would require this positive divergence to persist, while a strong bounce in Europe would also be helpful.
For now, we remain short-term bearish on equities, but as the DAX already got down to the correction lows, it might be time for the laggards to show some early signs of accumulation.
Dollar Retreats against Yen, Euro, Pound
EUR/USD, 4-Hour Chart Analysis
The Greenback remained under pressure at least as far as its major peers are concerned, with especially the Yen gaining significant ground on the currency before the late-day risk-rally. The Euro recaptured the 1.23 level as trade war fears weighed heavily on the USD, and even the GBP/USD managed to close with a slight gain, despite the Pound weakness across the board.
On a negative note, our favorite leading indicators of the last couple of weeks, commodity-currencies, remained very weak, even as both the Aussie and the Loonie edged higher before the bell, as crude oil joined the short squeeze.
BTC/USD, 4-Hour Chart Analysis
The segment had a very choppy and mixed day, with a bullish finish, as the largest coins diverged substantially yet again. Bitcoin is among the top performers again, as the most valuable coin contuse to pull its weight keeping the total value of the market near the $450 billion mark, despite the weakness in some of the largest altcoins, especially Ripple.
XMR/USDT, 4-Hour Chart Analysis
While investors are still waiting for a clear break-out in the market of BTC (and ETH), with the $11,300 and $11,750 levels ahead as short-term resistance, together with the declining trendline, Monero fulfilled our expectation and moved above $335, hitting a new six-week high and a new swing high in the ongoing uptrend.
Featured image from Shutterstock
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