TRADESETUP

January 11, 2019

The Morning Jumpstart

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OVERNIGHT MARKET SNAPSHOT  (8:10am AEDT)

  • SPI200 (Sep) overnight futures up 14 pts to 5749
  • SP500 up 11.23 pts to 2596.19
  • NASDAQ up 28.99 pts to 6989.07
  • Dow Jones up 122.80 pts to 24,001.92
  • FTSE100 up 36.24 pts to 6942.87
  • DAX30 up 28.27 pts to 10,921.59
  • GOLD futures US Session (Feb) down $4.85 to $1287.15 an ounce
  • COPPER futures US Session (Comex Mar) down $0.0210 to $2.6360 a pound
  • OIL futures US Session (Nymex Feb) up $0.17 to $52.53 a barrel
  • CRB Index down 0.44 pts at 178.60
  • AUDUSD trading at 0.7183
  • EURUSD trading at 1.1498
  • GBPUSD trading at 1.2746
  • USDJPY trading at 108.4700

The US continued the New Year rally as weekly jobless claims show the economy’s strength. Fed chair Powell also had positive remarks for stock market bulls as he said that the Central Bank ‘has the ability to be patient on monetary policy’. In Trade War news, Trump said that ‘we’re negotiating and having tremendous success with China’, which also supported buying. The DOW was up 0.51%, while the broader SP500 was up 0.45% and the Nasdaq also closed up 0.42%. In Europe Indexes were also higher for the session although trading was cautious.

Trump is still in a stale mate with congressional Democrats over his demand for $5.7 billion in partial funding to build a wall on the U.S.-Mexico border. Trump has said that he will not sign any bill to re-open the government that doesn’t include funding for what has been shown to be a ‘pointless’ wall and will even detract from its intended purpose.

The USD was stronger as Jerome Powell said the US central bank intends to further shrink the balance sheet suggesting that they are not doen with tightening policy just yet. The GBP and the EUR were weaker while the AUD was relatively flat. The USDJPY was higher pushing off recent lows.

Gold was lower as price struggled around the $1300 level but also holding above key support at $1280. Oil continued its New Year rally as buyers built another higher low for support at $51.50. Copper came under pressure to end the session lower as sellers look to tale control.

Cryptocurrencies had a rough night as sellers pushed prices south across the board. Bitcoin is currently trading at $3599.9 down 10.53% while Ethereum is at $126.67 down 17.19% and Ripple is at $0.32573 down 11.52%. Cryptos puked on a lack of news or catalysts but sellers may have been spooked by news that a critical vulnerability that leaked sensitive user data on the DX.Exchange powered by the Nasdaq.

The ASX200 closed up 17 points to 5795.3 with 15 of those points gained on the match off at 4:10pm. Some big buyers stepped in at the closing auction to lift the Index, as they see value at current levels, and lifted mainly the large cap stocks. Advancing stocks outnumbered falling ones by 574 to 485 and 355 ended unchanged.

The ASX200 is expected to open up 15/20 points as the SPI200 continued to grind higher overnight dragged up by a good night in the US.

 

ECONOMIC DATA OUT TODAY (AEDT)

JPY Current Account 10:50am

USD FOMC Member Clarida Speaks 11am

AUD Retail Sales 11:30am

GBP GDP, Manufacturing Production and Industrial Production 8:30pm

USD CPI Data 12:30am

USD Federal Budget Balance 6am

 

SPI200 INTRADAY LEVELS TO WATCH

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