US100 Index +20% year to date and they’re talking about a financial “crisis”
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Inflation remains a concern but labor market remains robust; the “people” keep on spending regardless of the banking “crisis”
U.S. Industry Sector top 5 and bottom 5 year to date performance :
| Sector Indices | Year to Date % Move |
|---|---|
| U.S. Automobiles Index | 44.70% |
| U.S. Automobiles & Parts Index | 39.46% |
| U.S. Semiconductors Index | 34.35% |
| U.S. Semiconductors Total Stock Market Index | 33.97% |
| U.S. Travel & Tourism Index | 28.70% |
| U.S. Aluminum Index | -8.14% |
| U.S. Life Insurance Index | -13.45% |
| U.S. Banks Index | -13.45% |
| U.S. Banks Total Stock Market Index | -14.31% |
| U.S. Full Line Insurance Index | -15.82% |
We live in strange times
The automotive and travel industries record major gains while a banking “crisis” plays in the background
Data as of April-04-2023 7:00 am UTC
Today’s Economic Events
Reserve Bank of Australian (RBA) made no change in its interest rate policy; the rate held at 3.6%
- AUD/USD falls after RBA gave no clue about forward guidance
US Job Openings and Labor Turnover Survey (JOLTs) expected to show a slight drop
- High price action across USD assets expected upon today’s JOLTS report release
- The JOLTs report looks at the demand for labor via job advertisement data to indicate if companies have jobs to fill, trends in the job openings across the US
| Time: UTC | Country/Region | Economic Indicator | Previous | Forecast | Actual | Units |
|---|---|---|---|---|---|---|
| 4:30:00 AM | Australia | Interest Rate | 3.6 | 3.6 | 3.6 | % |
| 9:00:00 AM | Euro area | PPI m/m | -2.8 | -0.4 | - | % |
| 9:00:00 AM | Euro area | PPI y/y | 15 | 13.2 | - | % |
| 2:00:00 PM | United States | Factory New Orders | -1.6 | -0.5 | - | % |
| 2:00:00 PM | United States | Factory Orders ex-transport | 1 | - | - | % |
| 2:00:00 PM | United States | JOLTS job openings level | 10,824 | 10,500 | - | k |
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Tactical Trading Ideas & Commentary
EU Stocks 50 Index approaching 2021 highs
Current price is in a multi-month uptrend, this can be technically supported from higher tops and higher bottoms on price (daily chart), moving average analysis is bullish since current price is above its 200, 50 and 20 day moving averages. Momentum analysis is bullish since MACD and RSI remain above their respective signal lines. Upside prospects for an extension towards 4,460 can not be ruled out provided price can remain within the longer term upward price channel (see chart 2) in the short term (14-25 days).
GBP / USD bullish conditions remain above key resistance
Current price facing key resistance at 1.2450 (see chart 3). Upon a potential break above 1.2450 eyes on the 1.2620 area as next upside resistance level; downside support below the very short term support at 1.2230 could trigger a fast move towards 1.2045 as a potential downside corrective move objective before the prospects of a resumption of the prevailing multi-month uptrend.
Not investment advice. Past performance does not guarantee or predict future performance.
