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20180308 -

Mar, 08th 08:01

DAILY REPORT ON March 8, 2018

The S&P 500 ended slightly lower after Wednesday’s volatile session as investors struggled to get a read on U.S. trade policy after President Donald Trump promised hefty import tariffs but then said Mexico and Canada could be exempt.

After falling as much as 0.97 percent, the S&P regained ground after the White House appeared to add exceptions to its stated plan to slap import tariffs of 25 percent on steel and 10 percent on aluminum.

The Dow Jones Industrial Average (DJI) fell 82.76 points, or 0.33 percent, to end at 24,801.36, the S&P 500 (SPX) lost 1.32 points, or 0.05 percent, to 2,726.8 and the Nasdaq Composite (IXIC) added 24.64 points, or 0.33 percent, to 7,396.65.

The Dow was dragged down partly by manufacturer stocks such as Caterpillar, which fell 1.5 percent, and Boeing, which ended 0.5 percent lower.

The S&P energy sector (SPNY) was one of the weakest of the S&P’s 11 sectors with a 0.8 percent drop as it was also weighed down by a 2 percent drop in oil prices (CLc1) from data showing a rise in U.S. inventories and output.

In the currency market, the U.S. dollar stabilized against other major currencies after its recent hit from fears about the tariff plan while the Mexican peso and Canadian dollar recovered from their steep losses.

Asian shares found relief on Thursday as fears about a global trade war amid U.S. President Donald Trump’s push to introduce protectionist tariffs were tempered by signs the move could include carve-outs for key partners.

Japan rose 0.9 percent. Hong Kong’s Hang Seng led the region with the rise of 1.2 percent. In Japan, the Nikkei gained 0.8 percent.

In commodities, oil prices steadied after falling the previous day on the back of record U.S. crude production and rising inventories.

U.S. West Texas Intermediate (WTI) crude futures were at $61.29 a barrel, up 0.2 percent after having fallen more than 2 percent the previous session.

Gold was 0.04 percent up at $1,328.60 an ounce. Silver earned 0.22% to $16.530 an ounce. Copper prices were 0.38% lower to $3.122 a pound. U.S. cotton is at $83.26, 0.28% higher.

Bitcoin fell as U.S. and Japanese regulators tried to tighten their grip on cryptocurrencies.

Bitcoin is currently trading at 9,782.3, 7.44% lower on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $745.16, 5.77% lower on the Bitfinex exchange on Thursday.  Ripple’s XRP token was 5.38% down on the Poloniex exchange, for the day. Litecoin was trading at $182.88, down by 6.89%.

Technicals:

EURUSD

Fig: EURUSD D1 Technical chart

EURUSD is trading sideways on the daily charts. The market is trading above all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 57.36. The MACD is ready to make a positive crossover above the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy digital Call options between 1.24033, and 1.24423, valid until 23:00 GMT March 8, 2018

USDJPY

Fig: USDJPY D1 Technical charts

USDJPY is trading sideways on the daily charts. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 39.72. The MACD is above the signal line. The negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 105.918, and 105.497, valid until 23:00 GMT March 8, 2018

GBPUSD

Fig: GBPUSD D1 Technical charts

GBPUSD is trading sideways on the daily chart. Currently, the price action is trading above all the moving averages (9 day, 20 day, the 50 day, 100 day, and 200 day). The RSI is at 40.07. The MACD is ready to make a positive crossover above the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 1.38820, and 1.38514, valid until 23:00 GMT March 8, 2018

LITECOIN

Fig: LITECOIN D1Technical chart

LTC/USD is trading in the negative zone and is testing the lower band of the Bollinger bands on the daily chart. The RSI is nicely placed at 44.63. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The MACD is below the signal line. The market is expected to trade in the negative territory.

Trade suggestion:

Buy digital Put options between 175.660, and 169.200, valid until 23:00 GMT March 8, 2018

COFFEE

Fig: COFFEE D1 Technical chart

Coffee is trading sideways on the daily charts. The market is trading below all the moving average (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 46.55. The MACD is above the signal line, but ready to make a negative crossover below the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 120.60, and 119.75, valid until 23:00 GMT March 8, 2018

NATURAL GAS

Fig: NATURAL GAS D1 Technical charts

Natural Gas is trading sideways on the daily charts. The market is trading above the 9 day, 20 day EMA but 50 day, 100 day and the 200 day moving averages. The RSI is at 55.98. The MACD is above the signal line. The market is expected to trade in the positive zone for the day.

Trade suggestion:

Buy digital Call options between 2.766, and 2.790, valid until 23:00 GMT March 8, 2018

CAC 40

Fig: CAC 40 Technical charts

CAC 40 is trading in the positive zone above the upper band of the Bollinger bands on the daily charts. Currently, the market is trading above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 82.97. The MACD is above the signal line. The market is expected to trade in the positive zone for the day.

Trade suggestion:

Buy digital Call options between 6452, and 6500, valid until 23:00 GMT March 8, 2018