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The US stock markets paused a bit during the week, as we head towards the Memorial Day weekend, the unofficial start of summer in the United States. We are testing significant resistance barriers above, so it makes sense that we may see a bit of short-term softness.
The US markets went back and forth during the trading session on Friday, as we started to see profit taking ahead of the Memorial Day holiday on Monday. I believe that the market will continue to be very noisy, but it looks as if we are forming a shooting star for the week, which of course is a bit difficult.
Luxury retailer Tiffany & Co. (NYSE:TIF) beat the estimates of analysts in its first quarter results resulting in the full-year profit and sales forecast being raised. Shares of the luxury retailer rose by 20% following the release of the Q1 results. The results also marked the highest jump in same-store revenues in four years.
The Dow Jones 30 and NASDAQ 100 both fell during the trading session on Thursday as it was announced that the United States was stepping away from talks with the North Koreans. This has caused a bit of a knee-jerk reaction to the downside, but I think that eventually cooler heads will prevail, and we will focus on the economy.
Hewlett Packard Enterprise Co (NYSE:HPE) has announced the financial results for its second quarter revealing that it managed to outperform the performance figures projected by analysts. The tech company announced its Q2 earnings on Tuesday revealing that it secured a revenue of $7.5 billion during the quarter and its net earnings per share for the quarter was 34 cents. The company managed to surpass Wall Street’s revenue estimate of $7.38 billion and earnings per share estimate of 31 cents.
The US stock markets took a bit of a breather on Tuesday, as we continue to see a lot of back-and-forth action after initial bullish pressure for the week. I believe that the market will eventually find buyers, based upon the US and China stepping away from a trade war, but we are near some psychologically and structurally important barriers that should be taken into account.
Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the pivot at 6934.00.
Global stocks are mostly higher on Monday morning as investors respond to US Treasury Secretary Steve Mnuchin positive interview. US dollar continues to strengthen.
AstraZeneca plc (ADR) (NYSE: AZN) stock dived after it announced its financial results for the first quarter of 2018 which revealed that the company came short of analyst estimates.
Another busy week ahead, with a mass of economic data scheduled for release, FOMC member chatter and central bank policy meeting minutes there to consider, while Iran, Italy and Trade will also need to be factored in.
US stock markets pulled back a bit during the week, as we ran into a significant amount of resistance. However, there is major support below, so it will be interesting to see what happens over the next couple of weeks. We have a couple of clear areas to pay attention to.
The US stock markets were flat during trading on Friday, going sideways overall as the markets were looking for some type of direction. There are still concerns about potential trade tensions, and of course interest rates in America. However, when you look at the longer-term charts there is a little bit more clarity.
Based on the early price action, the direction of the June E-mini NASDAQ-100 Index today is likely to be determined by trader reaction to the steep uptrending Gann angle at 6890.00.
The first quarter earnings of Wal-Mart Stores Inc (NYSE:WMT) beat analyst estimates on the back of a rebound in the giant retailer’s e-commerce business. In the previous quarter Walmart had a disappointing performance with regards to online sales in the United States but this time round revenues from the e-commerce operations grew by 33%, an indication that the investments the big box retailer has made in its website design and online grocery is paying off. “Online grocery continued to accelerate and [we] had the new Walmart.com site redesign late in the quarter.
The Dow Jones 30 and NASDAQ 100 both rallied a bit during early trading on Thursday but remained somewhat subdued as we are approaching major resistance barriers. With the choppiness that we have seen, it’s likely that we are trying to build up enough momentum to make a significant move.
US stock markets were very noisy during the trading session on Wednesday but ended up finding buyers later in the day across-the-board. I think that given enough time, the buyers will continue to push rather hard to the upside, with resistance above.
Based on yesterday’s action and today’s early move, the direction of the index today is likely to be determined by trader reaction to the main Fibonacci level at 6867.75.
Geopolitical risks weigh on financial markets on Wednesday as talks between North and South Korea have been suspended. The US dollar continues its strength versus other currencies and commodities.
US stock markets struggle a bit during the trading session on Tuesday, as the US dollar strengthened during the trading session on Tuesday. I believe that the market will continue to react to the currency markets as per usual, but obviously there is significant support underneath.
Based on the early trade, the direction of the June E-mini NASDAQ-100 Index today is likely to be determined by trader reaction to the main Fibonacci level at 6867.75.