Weekly Market Commentary | 15.04 – 21.04
15 April 2024
Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know!
Monday:
- Today’s shaping up to be busier than your typical Monday! Keep an eye out for:
- Retail Sales figures from the US. Will consumers be splurging or saving?
- The Empire State Manufacturing Index is also on the agenda, with expectations set at -5.2. Let’s see how the manufacturing sector is faring.
Tuesday:
- Get ready for a global economic tour:
- China kicks off with Industrial Production, aiming for a 6% mark.
- The UK steps in with Claimant Count Change, projected at 17,200.
- Meanwhile, Canada's inflation figures are expected to rise by 0.7% monthly.
- Plus, catch speeches from banking bigwigs like Bank of England's Bailey, Bank of Canada's Macklem, and Fed Chair Powell.
Wednesday:
- It's Inflation Day!
- New Zealand and the UK both take the stage, hoping for 0.6% and 3.1%, respectively.
Thursday:
- Down Under delivers job data from Australia, while the US reveals its Unemployment Claims. Stay tuned!
Friday:
- Wrapping up the week:
- The UK presents its Retail Sales numbers, aiming for a 0.3% boost. Let's see how the week wraps up!
Setups for This Week:
S&P 500:
- Primary View: The price has departed from the channel up formation, now navigating within a smaller flag or channel down formation. Sentiment remains negative while bounded by the black lines.
- This consolidation suggests a potential continuation of the downward trend.
- Watch for a breach below the lower black line for further confirmation of bearish sentiment.
- Alternative View: A breakout above the upper black line could signal a reversal, turning sentiment bullish.
DAX:
- Primary View: The price has breached a long-term uptrend line, marked in black, signaling a negative trend. Remaining within the boundaries of the blue lines reinforces the sell signal.
- Continued movement within this range suggests further downside potential.
- Monitor for sustained movement below the black line for confirmation of bearish sentiment.
- Alternative View: A return above the black trendline could indicate a shift in sentiment, prompting a buy signal.
.
Silver:
- Primary View: Friday's session closed with a bearish shooting star candlestick pattern, signaling a potential bearish correction. The yellow horizontal support becomes the target for this correction.
- This pattern suggests downward pressure and a possible retest of support levels.
- Monitor price movement for confirmation of continued bearish sentiment.
- Alternative View: A move above Friday's highs could signify a significant long-term buying opportunity, reversing the bearish outlook.
