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Technical Analysis – Citigroup extends recovery above 61.8% Fibo

Posted on July 10, 2024 at 2:48 pm GMT

Citigroup shares post 28-month high ahead of earnings Short-term oscillators are within overbought territories There is high risk of a correction in case financials dissapoint Citigroup’s stock has been staging a V-shaped recovery since its 2023 bottom in October, posting consecutive multi-month highs. After two months of rangebound trading, the stock posted a fresh 28-month peak of 66.70 on Wednesday, two days ahead of its Q2 earnings release. Should the rebound extend further, the February 2022 resistance of 69.00 could [..]

US Banks brace for a mixed bag of earnings – Stock Markets

Posted on July 10, 2024 at 11:35 am GMT

US banks kick off Q2 earnings on Friday before opening bell Results expected to vary based on each bank’s characteristics Multiples remain compressed despite stock outperformance Strong first half As always, the US earnings season begins with banks announcing their financial results, which are often seen as a proxy for the health of the broader economy. For the second quarter of 2024, the financial sector is projected to post a 6.7% profit growth compared to the same period last year, extending its [..]

Technical Analysis – US 100 index rally continues

Posted on July 9, 2024 at 9:43 am GMT

US 100 index climbs again, records new all-time high Markets welcome the weaker US data prints Momentum indicators bullish but could be toppy The US 100 cash index is in the green again today, recording a new all-time high and trading a tad below a possible key resistance level. Last week’s weak US labour market data has boosted expectations for a Fed rate cut ahead of the November elections, most likely in September, with the US stock indices now focusing on [..]

Lower FX volatility as equities appear agitated – Volatility Watch

Posted on July 9, 2024 at 6:51 am GMT

Euro/dollar volatility drops aggressively Volatility in commodities increases a tad, apart from oil S&P 500 and Nikkei 225 indices’ volatility jumps Euro/dollar volatility has eased further over the past week as the market is feeling more relaxed after Le Pen’s far-right party failed spectacularly to win the highest number of seats in the second round of the French parliamentary election. Similarly, volatility in yen crosses has dropped a bit as the weaker US data prints have provided some breathing space to the ailing [..]

Technical Analysis – Wells Fargo stock claims 50-SMA ahead of earnings

Posted on July 5, 2024 at 1:47 pm GMT

Wells Fargo shares climb above 50-day SMA Next week’s earnings announcement eyed Momentum indicators are tilted to the upside Wells Fargo’s stock had been rangebound during most of June, unable to adopt a clear directional impetus. However, the bulls managed to propel the price higher in the past few sessions, conquering the 50-day simple moving average (SMA). Should the recent uptick strengthen, the stock could challenge the April 2024 high of 61.65. A violation of that zone could set the [..]

Q2 Earnings season: A strong test for stretched valuations – Stock News

Posted on July 3, 2024 at 1:00 pm GMT

Earnings parade unofficially starts on July 12 with major US banks S&P 500 profit growth forecast at 10.6% y/y, all eyes on tech results Asymmetric risks due to rosy valuations and optimistic earnings projections Stellar first half Undoubtedly, the US stock markets had another astonishing quarter and a roaring first half of the year as the US economy seems to be headed for a soft landing. It has been more than 21 months now since the stock market experienced a sizable [..]

Could the post-UK elections market moves resemble 1997 and 2010? – Special Report

Posted on July 3, 2024 at 8:44 am GMT

Thursday’s UK elections expected to bring political change Similar developments in both 1997 and 2010 weighed on the pound History points to a significant easing in pound volatility across the board Recent FTSE 100 performance matches the 2015 pre-election moves General election in sight The UK general election will be held this Thursday, July 4, the day that the US will be celebrating its 248th anniversary from the adoption of the Declaration of Independence. The Labour party is expected to comfortably [..]

Technical Analysis – JP 225 advances to 3-month high

Posted on July 2, 2024 at 11:56 am GMT

JP 225 index has been steadily rising in the short term On Tuesday,the price jumped to its highest since April 4 Momentum indicators are heavily skewed to the upside The JP 225 index (cash) had been trading without a clear direction in May and early June, fluctuating around its 50-day simple moving average (SMA). More recently, the price broke above that crucial barrier and edged higher to a fresh three-month high this week. If the price extends its recent gains, the March resistance of 40,564 could curb initial [..]

Technical Analysis – UK 100 index experiences pre-election decline

Posted on July 2, 2024 at 9:55 am GMT

UK 100 index erases June’s recovery attempt as the UK election looms A break below 8,055 could worsen short-term outlook The UK 100 stock index (cash) continues to suffer for the sixth consecutive trading day, extending its downleg aggressively to the critical support zone of 8,110 on Tuesday ahead of the election day on July 4. The index could not mark a new higher high above the key resistance area of 8,300 and the important resistance line from February [..]

Yen volatility remains high as equities appear calmer – Volatility Watch

Posted on July 2, 2024 at 6:50 am GMT

Euro/dollar volatility jumps after French elections Volatility in commodities eases, apart from oil Stock indices’ volatility falls ahead of key data releases Euro/dollar volatility has eased over the past week as the market is breathing slightly easier following Sunday’s French elections result. On the flip side, volatility in yen crosses remains extremely high as market participants continue to provoke the BoJ by pushing dollar/yen above the level that led to the end-April intervention. In the meantime, volatility in both gold and silver has eased considerably despite the [..]

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