The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 26 pts to 6616
  • SP500 down 18.50 pts to 2976.61
  • NASDAQ down 60.75 pts to 8146.49
  • Dow Jones down 68.77 pts to 27,154.20
  • FTSE100 up 15.61 pts to 7508.70
  • DAX30 up 32.22 pts to 12,260.07
  • GOLD futures US Session (August) down $1.40 to $1426.70 an ounce
  • COPPER futures US Session (Comex Sept) up $0.0320 to $2.7420 a pound
  • OIL futures US Session (Nymex Aug) up $0.33 to $55.63 a barrel
  • CRB Index up 1.14 pts to 178.59
  • AUDUSD trading at 0.7042
  • EURUSD trading at 1.1221
  • GBPUSD trading at 1.2502
  • USDJPY trading at 107.7100
  • USD Index (ICE Sept) at 96.817 up 0.368

US Indexes started the session in the green Friday only to be sold lower through the session into the close to end the week on a sour note. Buyers were initially buoyed by expectations for a half points cut by the fed although expectations were later dialed back as 39% of traders now see potential for a 50 basis point cut according to data polled. The DOW closed down 0.25% while the broader SP500 was down 0.62% and the Nasdaq ended down 0.74%. In Europe, major Indexes got off to a good start but earlier gains were lost as political turmoil in Italy weighed on buyers.

Tensions with Iran and Britain kicked off over the weekend as Britain says Iran seized two oil tankers in the Gulf. News since from Iranian sources has stated that one tanker had not been seized and had been released after being given a warning over safety and environmental issues. Britain warned of consequences if Iran did not return control of the ships and also suggests that Iran is trying to take control of the straight and that freedom of navigation is vital for global trade.

The USD Index managed to bounce back from the previous sessions selloff as traders tempered views for a 50 basis point rate cut. The Euro saw sellers push price straight back down to the 1.1210 support zone on the USD strength as buyers from the previous session bailed. Price may continue to hold between 1.1205/10 and 1.1283 in the short term until the ECBs monetary policy decision Thursday. The GBP also gave up previous gains on dollar strength and remains choppy with the UK leadership in focus and what that will mean for a hard Brexit. The AUD found weakness through the Asian session Friday which continued into the European and US sessions. The pair will be focused on trade talks between the US and China for support although Huawei remains a sticking point. The USDJPY also retraced the previous days movement as traders change view from a potential 50 basis point cut to 25 for US rates.

Gold gave up a lot of the previous sessions gains after spiking through 1440. Buyers may find support if Iran tensions increase but they will be watching the USD for further signs of a continued rally. Oil pushed up off lows around 55.00 through the US session and could find further buying pressure if Iran and UK tensions flare further. Price opened stronger today so the bulls will be watching closely for price to build a higher low and put the squeeze on the sellers. Copper also reversed the move up from the previous session as the USD continues to be the main driver for market movement.

Cryptocurrencies held up over the weekend as Bitcoin trades around $10736.8 down 2.60% over the previous 24 hours. Ethereum is also lower currently trading at $225.43 down 3.07% and Ripple is at $0.32909 down 2.89%.

The ASX200 opened up strong of Friday and never looked back as buyers held onto the gains into the close. The index ended up 51.2 points to 6700.3 as price creeps up to the all time highs. Sectors were green across the board with the Gold sector easily leading the way after a big session on gold the previous night. Rising stocks outnumbered declining ones by 760 to 409 and 382 ended unchanged.

The ASX200 is expected to open down 20/25 points as the SPI200 backed away from the days highs through the US session.


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