Daily analytical report (31/05/19)

  • Donald Trump strikes again. This time the victim is Mexico. That is not a new player in the trade wars, but timing is definitely surprising here as everybody thought that the deal with Mexico and Canada has already been closed. Apparently not, and new tariffs appear to be the new weapon against the influx of illegal immigrants. We will see how this works out.
  • Markets react with a typical risk aversion movement. Gold is going up and after the successful defense of the 38,2% Fibonacci, we are currently trying to break two dynamic resistances. They restrict the bearish correction from the top so the breakout will be a good buy signal.
  • Next one is Crude. A small bounce yesterday was not enough for the buy signal and in order to get one we need to see the breakout of the neckline. The breakout did not happen and instead of it the price fell sharply lower. 58 USD/bbl support is gone which changes the mid-term sentiment into a negative one.
  • Last instrument is SP500, which yesterday tested the horizontal resistance on 2800 points. We mentioned that it will be a good occasion to sell and this is precisely what has happened. The price bounced and went down establishing new mid-term lows. Taking all this into account, the price action favors the short side of the market.

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