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Time to Short Stock markets? Did the Bears wake up……??

Jul 26, 2019 (07:18)

by John Knobel

Eurostoxx 50 index sell signal; the index may have topped out at 3569; current price 3510; downside potential remains in the short term for a test of the 3467 support; profit taking and comments from the ECB about the worsening European conditions may add to short term selling pressure across European stocks;

Upcoming Events:

Today; US GDP forecast to be weakest in two years expected to fall from 3.1% to 1.8%; and
Today; earnings updates from Google; Twitter and McDonald’s;

Market Insights:

Amazon missed earnings; share price falls in after market trading;
European Central Bank (ECB) signals “Worse and Worse” EU economic outlook; especially for countries that depend on the manufacturing sector; ECB leaves interest rates unchanged; however the ECB see’s risk of a recession as pretty low;
EUR/USD trending lower;
Eurostoxx 50 index may have topped out at 3569;
Asian markets closed lower; Japan Nikkei 225 lost 98 points during the overnight session as Asian traders shift out of risk ahead of the weekend;
Crude Oil prices +1% last 5 days current price 56.34; downside potential remains on weaker demand concerns; current price down -2.7% for the past 30 days; support spotted at 51.70; resistance at 58.50;

Charts

EUR/USD price trending lower; price touched the 1.1102 key support and bounced higher; current price 1.1141 down -75 pips last 5 days; resistance at 1.1230; a re-test of the 1.1102 cannot be ruled out; a break below opens up 1.0990 further;

Source: FXGM / Bloomberg

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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