Daily Market Review – 08/06/2015
Friday saw the release of May’s Nonfarm Payroll data. The report showed job growth in non-agricultural sectors of the economy at 280K, well above the forecasted + 225K. The Euro/dollar fell 170 points to 1.1050, after a slight rollback on closing the week at 1.1113. With no major reports due today from either market, the lateral movement is likely to continue within the green channel on the chart.
Resistance: 1,1300; 1,1380; 1.1450–1,1470; 1,1500.
Support: 1,1050; 1,0915—1,0900; 1,0885; 1.0815–1.0800.
The Russian ruble appears ready to fall. The market opened with a gap down. The falling couple was stopped by numerous buyers at the 55.50 level while the dollar continues to grow against the ruble. The goal remains the same: 60.00. In the case of consolidation below the support level at 55.50 the May 19th correction movement appears likely to resume.
Resistance: 57,05; 57,40–57,50; 60,00; 63,00–64,00; 71,00.
Support: 55,50–55,40; 55,00; 54,50; 52,00; 50,00.
S&P500 (Futures SP500 E-mini)
Last week’s US stock market primary event was the publication of Nonfarm Payrolls. The growth of jobs by more than 190K should serve as an additional argument for the beginning of the cycle of rate hikes in September of this year. The Ministry of Labor report showed + 280K, after which the market fell substantially. With the passage of the support level at 2086.50 and the breakdown of the lower limit of the downward channel further declines appear likely, with the immediate goal of 2080.
Resistance: 2100; 2116; 2120–2122; 2133–2133,5.
Support: 2086,50; 2083; 2080; 2079; 2076.
After the publication of Friday’s employment data in the US gold prices fell 12 dollars to the 1163.00 area. But subsequent profit taking before the weekend regained some losses to the closing price of the week at a level of 1170.50. The future movement of the price on the precious metal will depend heavily on Greek arrangements with creditors. In case of a positive decision the resumption of the downward movement with the aim to 1131,50 is most likely.
Resistance: 1,7850–1,7870; 1186,00; 1187,00; 1193,39; 1196,00; 1200,00.
Support: 1163,00–1162,70; 1150,00; 1143,00; 1131,50.