CPI Misses as Syrian Conflict Escalates, Markets in Turmoil

 

A huge day is brewing for stock investors, as futures markets have been very active throughout the overnight session, the much-awaited FOMC meeting minutes will come out in late trading, following the key CPI report that has already been released, and the technical setup points to a large momentum move in the near future too.

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DOW 30, 4-Hour Chart Analysis

The skirmish between the US and Russia regarding Syria is making headlines, as the US is preparing to launch an attack on government forces in the war-torn country, according to Donald Trump.

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As trade war fears eased somewhat, the main stock indices are still trading above their recent lows, but should trading heat up again, the distance from the lows could be erased in a couple of sessions, so bulls are not out of the woods yet, despite the still oversold conditions after the deep correction.

DAX 30, 4-Hour Chart Analysis

European stocks also turned lower after a few days of relative strength during the bounce, and the DAX the FTSE 100, and the EuroStoxx 50 are all in clear bearish trends, even as they are well off their lows from March. The chart of the German benchmark shows a possible swing high that could be a good entry point for shorts with a narrow stop loss opportunity.

Gold and Oil Rally as Dollar Edges Lower

USD/JPY, 4-Hour Chart Analysis

As US consumer prices declined unexpectedly on a month-to-month basis, Treasury yields retreated, while the Dollar remained under pressure against the Euro (although a break above 1.24 didn’t happen in the EUR/USD), while the safe-haven Yen regained some of its recent losses against the Greenback. Action is concentrated in the risk-off segment of the market while risk-on currencies are little changed today, maintaining their relative strength.

Gold, Daily Chart Analysis

Commodities are broadly higher today, with oil getting bid thanks to the rising Middle-East tensions yet again, while gold being pushed higher by that, the risk off shift, and the weakness in the Dollar. Both WTI crude and gold are below their recent highs, but the charts look bullish, with especially the long-term picture for the precious metal looking promising.

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