Asian equity markets continued to cool down on Tuesday. The Nikkei finished 0.18% lower despite a slightly weaker yen. The Shanghai composite lost 1.28% with shrinking volume. Singapore’s Straits Times Index was down 0.4%, extending its 6th day of consolidation. Oil dropped for the fourth consecutive day, down 6.4% from the recent high. This may have been expected as rising crude inventories have given traders reason to engage in profit-taking after its 50% rally since mid-Feb.
- Strong resistance zone between $1240-1286, which are 50% and 61.8% Fibonacci levels
- Immediate support level: $1193-$1200
- 50 Day moving average sloping upward
US SPX 500 - Cash
- MACD dead crossed
- Immediate resistance level – 2082, 2132
- Immediate support level – 2000, 1946
- 50 day moving average is sloping upward
CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.