Weekly Market Commentary | 15.04 – 21.04

Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know!

Monday:

• Today’s shaping up to be busier than your typical Monday! Keep an eye out for:
  • Retail Sales figures from the US. Will consumers be splurging or saving?
  • The Empire State Manufacturing Index is also on the agenda, with expectations set at -5.2. Let’s see how the manufacturing sector is faring.

Tuesday:

• Get ready for a global economic tour:
  • China kicks off with Industrial Production, aiming for a 6% mark.
  • The UK steps in with Claimant Count Change, projected at 17,200.
  • Meanwhile, Canada’s inflation figures are expected to rise by 0.7% monthly.
• Plus, catch speeches from banking bigwigs like Bank of England’s Bailey, Bank of Canada’s Macklem, and Fed Chair Powell.

Wednesday:

• It’s Inflation Day!
  • New Zealand and the UK both take the stage, hoping for 0.6% and 3.1%, respectively.

Thursday:

• Down Under delivers job data from Australia, while the US reveals its Unemployment Claims. Stay tuned!

Friday:

• Wrapping up the week:
  • The UK presents its Retail Sales numbers, aiming for a 0.3% boost. Let’s see how the week wraps up!

Setups for This Week:

S&P 500:

• Primary View: The price has departed from the channel up formation, now navigating within a smaller flag or channel down formation. Sentiment remains negative while bounded by the black lines.
  • This consolidation suggests a potential continuation of the downward trend.
  • Watch for a breach below the lower black line for further confirmation of bearish sentiment.
• Alternative View: A breakout above the upper black line could signal a reversal, turning sentiment bullish.

DAX:

• Primary View: The price has breached a long-term uptrend line, marked in black, signaling a negative trend. Remaining within the boundaries of the blue lines reinforces the sell signal.
  • Continued movement within this range suggests further downside potential.
  • Monitor for sustained movement below the black line for confirmation of bearish sentiment.
• Alternative View: A return above the black trendline could indicate a shift in sentiment, prompting a buy signal.

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Silver:

• Primary View: Friday’s session closed with a bearish shooting star candlestick pattern, signaling a potential bearish correction. The yellow horizontal support becomes the target for this correction.
  • This pattern suggests downward pressure and a possible retest of support levels.
  • Monitor price movement for confirmation of continued bearish sentiment.
• Alternative View: A move above Friday’s highs could signify a significant long-term buying opportunity, reversing the bearish outlook.

Source: https://www.axiory.com/analytics/weekly-market-commentary/weekly-market-commentary-15-04-21-04