Ethereum has reached and reacted from a key support area around $400. As can be seen from the chart, this price level was a significant resistance and then support in the past, and is where a long-term bullish trend line comes into play. If the sellers were to remain in full control, they would need to hold Ethereum below this level.
Crude oil is trying to hold ground after Friday’s fear-based market sell-off. Tariff fears and then talks of global growth fears after a sub-par jobs report, not to mention a rising rig count, sent oil lower. Yet, we also have current strong demand, falling OPEC productions and a possibility of a major reaction by the United States after Syria allegedly crossed the chemical weapons line in the sand.
Prior to the nonfarm payrolls release, the dollar looked strong and many wondered whether the beleaguered currency had finally bottomed out. All eyes were on the average hourly earnings part of the report and as it turned out, the 0.3% reading was indeed in line with the expectations, which lifted the year-on-year wage growth rate to a good 2.7%.
The S&P 500 traded to a high of 2672.25 yesterday, reaching such when extending gains late-morning. However, the Nasdaq posted a high upon the European open at 2:00 a.m. Central and traded to a series of lower peaks through the morning.
It’s not often that the see a miss of around 88,000 in the US job creation figures and markets shrug it off but that’s exactly what we’ve seen today. The U.S. jobs report was somewhat overshadowed this week by the ongoing back and forth between the world’s two largest economies, which has threatened to disrupt the period of strong growth the global economy is seeing.
U.S. crude oil production is at a record high but supplies of oil keep falling. Did you stop to wonder why? Well, there are many reasons, such as record demand, but a larger issue has to do with shale oil. Yesterday’s oil initially rallied on a report that Saudi Arabia was raising crude prices for customers showing that they are confident about demand and not worried about losing market share.
Bulls regained their strength on Wednesday, as stocks retraced Monday's sell-off following lower opening of the trading session. The S&P 500 index extends its short-term consolidation despite trade war, interest rate hikes fears. So, is medium-term bullish case valid again?