Daily Review for May 19, 2022
Panic returns to the markets. The biggest impact is on Wall Street, mainly on the Nasdaq 100, which closed yesterday with a 5.87% drop.
Traders are watching the minutes of the European Central Bank meeting, where the main topic is the monetary policy strategy in Europe.
Cryptos are correcting after investors’ panic generated by the stagflation scenario. However, traders are keeping an eye on Ethereum’s 2.0 update.
Liquefied Natural Gas (LNG) demand continues to rise, driven by Europe’s need to replace Russian gas.
| NASDAQ 100 -0.36% |
| Panic returns to the markets. The biggest impact is on Wall Street, mainly on the Nasdaq 100, which closed yesterday with a 5.87% drop. The main fear of the market is stanflation, which means high inflation and economic decline. The investment bank Morgan Stanley raised the probability of recession from 5% to 27%. Traders are watching today’s trend; possible rebound or continuation of the market decline. During the Asian session, the market continued to decline. |
 |
| Support 1: 11,878.3 Support 2: 11,861.4 Support 3: 11,843.3 Resistance 1: 11,913.3 Resistance 2: 11,931.4 Resistance 3: 11,948.3 Pivot Point: 11,896.4 |
| Price is below the 200-day moving average, right at support 1. Expected trading range between 11,843 and 11,948. Pivot point at 11,896. For the Bulls, the index is at a discount, as it traded at an all-time high of 16,000 points. RSI is in the oversold zone, which could lead to buying volume. |
| EUROSTOXX 50 -1.64% |
| Traders are watching the minutes of the European Central Bank meeting, where the main topic is the monetary policy strategy in Europe. ECB Vice President Luis de Guindos will present the results of the meeting. The main topic is the rate hike for the July 2022 meeting. At the moment the Eurostoxx 50 is correcting 1.64% and is trading at 3,603 points. Traders assess the impact of a rate hike on European stock markets. |
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| Support 1: 3,622 Support 2: 3,617 Support 3: 3,606 Resistance 1: 3,638 Resistance 2: 3,649 Resistance 3: 3,654 Pivot Point: 3,633 |
| The price is below the 200-day moving average, between resistance 1 and support 1. Expected trading range between 3,606 and 3,654. Pivot point for trend change at 3,633. RSI in the oversold zone, so it could increase the level of purchases at the current level. |
| ETHEREUM -4.63% |
| Cryptos are correcting after investor panic generated by the stagflation scenario. However, traders are looking forward to Ethereum’s 2.0 upgrade which will take place in June 2022. If the upgrade is a success, the crypto price could stage a major rebound. On the other hand, traders and industry enthusiasts are looking forward to ETHBarcelona, the first conference focused on Ethereum. |
 |
| Support 1: 1,952.56 Support 2: 1,939.04 Support 3: 1,930.99 Resistance 1: 1,974.13 Resistance 2: 1,982.18 Resistance 3: 1,995.70 Pivot Point: 1,960.61 |
| The price is below the 200-day moving average, between support 1 and resistance 1. Expected trading range between USD$1,930 and USD$1,995. Pivot point at USD$1,960. RSI neutral, so the correction could continue towards the support line. The bears are looking for support at USD$1,694. |
| NATURAL GAS -2.83% |
| Demand for Liquefied Natural Gas (LNG) continues to increase, driven by Europe’s need to replace Russian gas. Similarly, local demand in the U.S. and Europe for gasoline, refined and natural gas continues to increase. Gasoline prices have reached USD$6 in California and USD$9 in Europe. Traders are watching the US natural gas reserves report, which is expected to be 87 billion BTU. |
 |
| Support 1: 8.171 Support 2: 8.145 Support 3: 8.121 Resistance 1: 8.221 Resistance 2: 8.245 Resistance 3: 8.271 Pivot Point: 8.195 |
| The price is above the 200-day moving average, between support 1 and resistance 2. Expected trading range between USD$8.12 and USD$8.27. Pivot point for trend change at USD$8.19. RSI neutral, so the price could correct towards the support level. Bulls are looking for USD$9.04 per BTU. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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