Daily Review for July 27, 2022
Wall Street closed negative yesterday following a wake-up call on Walmart’s financial results. The company is one of the strongest indicators of demand performance in the US.
The market is discounting the 75-basis point interest rate hike by the Fed. As a result, the equity market has mostly corrected.
The price of natural gas continues to rise. This time it is up 2.54% and is trading at USD$8.77 per BTU.
Investors have started to take positions in metals, in order to mitigate the risks in portfolios derived from the volatility generated by the FED rate hike.
| NASDAQ 100 -1.69% |
| Wall Street closed negative yesterday following the wake-up call on Walmart’s financial results. The company is one of the strongest indicators of demand behavior in the US, and domestic demand, being the main component of GDP, can help predict a possible economic slowdown or recession. The Nasdaq 100 is currently down 1.69% and is trading at 12,151 points. Walmart shares fell 7.7%. While Amazon shares fell 4% and being the most important component of the index, it dragged down the Nasdaq 100. |
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| Support 1: 12089.8 Support 2: 12064.5 Support 3: 12046.3 Resistance 1: 12133.3 Resistance 2: 12151.5 Resistance 3: 12176.8 Pivot Point: 12108.0 |
| Price is below the 200-day moving average, between support 2 and resistance 2. Expected trading range between 12,046 and 12,176. Pivot point for trend change at 12,108. RSI in oversold zone, so bears could take profits or expose open positions to the Fed rate hike. |
| BITCOIN -3.86% |
| The market is discounting the 75-basis point interest rate hike by the FED. As a result, the equity market has mostly corrected. Bitcoin is currently down 3.86% and is trading at USD$20,976. However, the fall two weeks ago to the level of USD$17,000, marked an important floor which generated buying volumes, which boosted the price by 25%. Therefore, analysts believe that Bitcoin could generate an interesting rebound from the current point. |
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| Support 1: 20803.4 Support 2: 20668.2 Support 3: 20598.4 Resistance 1: 21008.4 Resistance 2: 21078.2 Resistance 3: 21213.4 Pivot Point: 20873.2 |
| The price is below the 200-day moving average, between support 2 and resistance 1. Expected trading range between USD$20,598 and USD$21,213. Pivot point for trend change at USD$20,873. RSI neutral, so the price could correct to the level of support 2, to gain buying volume. |
| NATURAL GAS +2.54% |
| The price of natural gas continues to rise. This time it is up 2.54% and is trading at USD$8.77 per BTU. The Russian government announced higher volume cuts to the German company Uniper which is generating more pressure and higher gas prices in Europe and globally. Meanwhile, Russia continues to close natural gas investment agreements with Iran. Analysts expect the commodity to continue to rise due to the supply shock. |
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| Support 1: 8,752 Support 2: 8.615 Support 3: 8.530 Resistance 1: 8,974 Resistance 2: 9.059 Resistance 3: 9.196 Pivot Point: 8.837 |
| The price is above the 200-day moving average, between resistance 1 and resistance 3. Expected trading range between USD$8.53 and USD$9.19. Pivot point for trend change at USD$8.83. RSI neutral, so the price could continue to rise. Bulls are looking for the line above USD$10 per BTU. |
| SILVER +1.19% |
| Investors have started to take positions in metals, in order to mitigate the risks in portfolios derived from the volatility generated by the Fed’s rate hike. Markets have already started to discount the fundamental factor. Therefore, analysts expect a possible rebound in the equity market. Silver is currently up 1.19% and is trading at USD$18.51 per Troy ounce. |
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| Support 1: 18,519 Support 2: 18.494 Support 3: 18.480 Resistance 1: 18.558 Resistance 2: 18.572 Resistance 3: 18.597 Pivot Point: 18.533 |
| The price is below the 200-day moving average, between support 1 and resistance 1. Expected trading range between USD$18.48 and USD$18.59. Pivot point for trend change at USD$18.53. RSI neutral, so it is expected continuity in the price rise. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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