USD/CHF: With the pair continuing to hold on to its downside pressure despite its consolidation threats, more decline is envisaged. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9650 level where a break will clear the way for more strength to occur towards the 0.9700 level. Further out, resistance comes in at the 0.9750 level. All in all, USD/CHF faces further downside pressure short term...
Well, my hope that prices would swan-dive away from the broken trendline is denied – or at least delayed – as equity prices clamor back toward the underbelly of the broken trendline. We see that here with the S&P 500 e-mini futures… …as well as the Nasdaq… There’s no particular news driving this (and, to be clear, the gains are modest – about a quarter of a percent overnight) but maybe the Jackson Hole event is lulling people into banging the Buy button again. All I know is that if selling does resume, it tends to escalate extremely fast, so I’d rather be in position beforehand....
A sense of calm remains across global markets (exception being the cryptocurrency that goes by the name of ‘Ripple’), as today marks the start of the Jackson Hole Economic Symposium. Tomorrow is when matters really get interesting, as we’re going to hear from both Fed Chair Janet Yellen and ECB President Mario Draghi. While the theme of the event is ‘Fostering a Dynamic Global Economy’, the bigger question will revolve around the prospect of quantitative tightening. As the Fed has now pushed three rate hikes through in the past nine months, they’re now looking to begin reducing the balance sheet that had ballooned to over $4.5 Tr...
The GBP/USD broke below 1.2020, the weekly L3 level, thus turning the support into a resistance. The pair started to retrace towards the POC zone 1.2830-50 (Order block, ATR high, trend line, D H5, EMA89). The price could reject there towards the 1.2880 and 1.2770. Only a break below 1.2768 could spur additional weakness in the pair towards 1.2740 zone. The market is calm at this point but the increased volatility is expected during the 2017 Economic Symposium, “Fostering a Dynamic Global Economy”, which will take place Aug. 24-26, 2017 at Jackson Hole, WY. Renewed bulls strength in the pair should manifest on a 4h candle close ab...
JPMorgan analyst Ken Goldman downgraded J.M. Smucker to Neutral from Overweight after the company’s Q1 earnings report and guidance cut, stating that it is becoming “increasingly clear” that the company’s position within the categories of coffee and pet food is “highly challenged.” While the company lowered guidance, he does not think it cut its forecast enough, Goldman tells investors. He lowered his FY18 and FY19 estimates for J.M. Smucker and dropped his price target on the stock to $116 from $135. J.M. Smucker shares are down 6.6% to $111 in pre-market trading. ...
Here is the opening statement from the Department of Labor: In the week ending August 19, the advance figure for seasonally adjusted initial claims was 234,000, an increase of 2,000 from the previous week’s unrevised level of 232,000. The 4-week moving average was 237,750, a decrease of 2,750 from the previous week’s unrevised average of 240,500. [See full report] Today’s seasonally adjusted 234K new claims, up 2K from last week’s number, was better than the Investing.com forecast of 238K. Here is a close look at the data over the past few years (with a callout for the past year), which gives a clearer sense of the o...
One week after Goldman raised its odds for a government shutdown from 33% to 50%, days after Treasury Secretary Steven Mnuchin issued the loudest warning yet that the debt ceiling situation has to be resolved over the next month, and one day after Compass Point said that after Trump’s Phoenix rally shutdown threat, the “odds of a government shutdown are now dramatically higher”, this morning the market-implied odds of a government shutdown have spiked to the highest yet, with the Oct. 12 – Sept. 28 T-Bill spread spiking by another 4bps to 20bps… … the highest since the Bill “kink” firs...
The J. M. Smucker Company (SJM – Free Report) engages in the manufacture and marketing of branded food products worldwide. The company’s primary products include coffee, peanut butter, fruit spreads, shortening and oils, baking mixes and ready-to-spread frostings and canned milk. Strong organic sales growth, product innovation and constant efforts to expand through acquisitions have remained the company’s strong points over the past several quarters. However, sales have been declining Sales have been declining due to currency headwinds, lower coffee volumes due to higher coffee costs, lower pricing and sluggish pet food sales. Ea...
One of our stocks in focus is JNJ US (Johnson & Johnson). Share price is testing important short-term support trend line. Breaking below $132.50 will be an important bearish signal. Price has entered the Ichimoku cloud and is in a neutral trend. Breaking below the trend line will increase the chances of breaking below the Kumo (cloud) and providing a bearish signal according to Ichimoku terms. According to my Elliott wave view, there are high chances 5 waves from $109 area are complete. So a pull back towards $128-122 is justified. Zooming out we get an even worrisome picture as a bigger 5 wave pattern could already be complete as well…...
Video length: 00:08:18 The US Dollar has done very little this week, with the DXY Index down barely -0.1% thus far on the week. FX markets continue to wait for perhaps the most important event over the past few months: the Federal Reserve’s Jackson Hole Economic Policy Symposium from Thursday to Saturday. Indeed, while this is a Federal Reserve event, ECB President Mario Draghi will be sharing the spotlight with Fed Chair Janet Yellen, if not garning more attention than his Fed counterpart. Draghi has not appeared at Jackson Hole in several years, so his presence at the conference obviously raises the bar in terms of expectations for th...