US indices snap winning streak
US equity markets were closed yesterday, but index futures retreated following the release of China’s Q4 GDP data. PM May’s Plan B appears to focus on delaying Brexit to get better concessions from the EU.
US30USD Daily Chart
The US30 index declined for the first time in five days yesterday as markets digested the slower China growth and less-positive headlines on trade negotiations
The index is facing a lot of convergent resistance points: 24,932 is the 61.8% Fibonacci retracement of the October-December drop; 24,961 is the 55-week moving average while 24,975 is the 200-day moving average
Wall Street reopens after yesterday’s bank holiday, with December existing home sales on the data slate. They are expected to fall 1.2% m/m, according to the latest survey of economists.
DE30EUR Daily Chart
The Germany30 index snapped a four-day winning streak yesterday amid continued uncertainty surrounding the way forward on Brexit
The 55-day moving average at 11,078 could lend some technical support after it was breached on Friday
German ZEW economic sentiment is expected to show further deterioration in January, sliding to -18.4 from -17.5.
West Texas Intermediate edged higher in thin trading yesterday, touching the highest level in almost seven weeks as investors focused on future supply cuts
Prices are approaching the 38.2% Fibonacci retracement of the October to December drop at $55.539
The API weekly crude oil stocks data as at January 18 are due tomorrow. Lat week saw a drawdown of 560,000 barrels, the third consecutive weekly reduction.
