Daily Updates

International Markets Braced for Brexit Chaos and Italian Showdown

SPX

Fairness Evaluation and Information

FTSE 100 | Brexit Uncertainty to Persist, Key Help Examined

S&P 500 | 2700 Curbs Additional Losses, Threat Barometer Factors to Indecision

FTSE MIB | Italian Funds Showdown Continues

For extra data, take a look at Justin’s weekly webinar the place he mentioned the impression of Brexit and Italy.

Worth

200DMA

RSI

IG Sentiment

Europe

FTSE 100

7013

7404

59

Blended

DAX

11341

12333

57

Blended

CAC 40

5025

5336

57

Blended

FTSE MIB

18878

21716

55

US

S&P 500

2724

2761

59

Bearish

DJIA

25283

25080

58

Bearish

Nasdaq 100

6822

7136

41

Asia

Nikkei 225

21654

22485

42

Shanghai Composite

2679

2966

70

ASX 200

5730

6051

50

As of 1720GMT Nov 16th

FTSE 100 | Brexit Uncertainty to Persist, Key Help Examined

The political backdrop seems to be bleak for the UK as PM Might struggles to carry her celebration collectively to assist her Brexit plans. In contrast to the Pound, this has not led to a big diploma of sturdy promoting within the FTSE 100. Partly as a result of the sell-off within the Pound has eased the draw back for the extra internationally publicity FTSE 100. On the technical entrance, the 7000 stage continues to offer agency assist and curb the index of additional promoting. Nonetheless, given the uncertainty over Brexit and with a management problem probably on the horizon, dangers stay tilted to the draw back. A break and shut beneath 7000 can open a transfer in the direction of 6950 with a bigger transfer again in the direction of the YTD low of 6840.

FTSE 100 Worth Chart: Day by day Time Body (Nov 2017 – Nov 2018)

FTSE 100 CHART

Dovish Fed Dents Price Hike Expectations

A flurry of cautious statements from key Fed Official has caught many unexpectedly with each US yields and Greenback slipping. Fed’s Powell and Clarida had each highlighted that US might face headwinds subsequent yr with indicators of a slowdown in world progress, whereas fiscal stimulus results fade. Now, whereas it will unlikely impression the December fee hike. Additional fee will increase going ahead have come beneath query with cash markets pricing at fee hikes from the Fed.

S&P 500 | 2700 Curbs Additional Losses, Threat Barometer Factors to Indecision

Having talked about final week, the 61.eight% Fibonacci Retracement of the October drop had been rejected, thus prompting renewed promoting within the index. Nonetheless, assist at 2700 and 2690 (marks the 23.6% Fibonacci Retracement) is holding. Alongside this, the chance on/danger off barometer is notably off the lows albeit missing agency course, implies a interval of consolidation within the close to time period.

Global Markets Braced for Brexit Chaos and Italian Showdown

Supply: Refinitiv: Unfold between SPDR Industrial Sector Choose Fund and SPDR Client Staples Sector Choose Fund

Commerce the S&P 500

S&P 500 Worth Chart: Day by day Time Body (Nov 2017 – Nov 2018)

S&P 500 DAILY CHART

FTSE MIB | Italian Funds Showdown Continues

Final week noticed Italy but once more defy the European Fee and keep on with its huge spending price range plan, maintaining the deficit goal at 2.four%. Consequently, the EU will now resolve whether or not to start measures to self-discipline Italy via potential fines. As such, sentiment for Italian belongings stay detrimental with banks more likely to underperform amid additional uncertainty. Focus for bears is the 18400 stage, which has beforehand been defended.

FTSE MIB: Day by day Time Body (Nov 16 – Nov 18)

FTSE MIB DAILY CHART

— Written by Justin McQueen, Market Analyst

To contact Justin, e-mail him at Justin.mcqueen@ig.com

Comply with Justin on Twitter @JMcQueenFX

Different Weekly Elementary Forecast:

Oil Forecast – Crude Oil at Threat as OPEC Provide Minimize Bets Undermined by Russia, US

Australian Greenback Forecast – Australian Greenback Can Hold On Once more, However Downward Bias Stays

British Pound Forecast – Brexit Chaos Leaves Sterling Nonetheless Susceptible to Whiplash Strikes

US Greenback Forecast – US Greenback Goals Increased on European Turmoil, Fed Outlook Rethink

Gold Forecast – Gold Worth May Drive Increased After Dovish Remarks from Fed Officers

Chinese language Yuan Forecast – Yuan Might Retrace Amid Blended Fundamentals, Resumed US-China Talks

Euro Forecast – EUR/USD Price Rebound Susceptible to Dovish ECB Account


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