Trader Noble Market Commentary 21/07/2021
On 21/07/2021 TraderTalent.com is bringing you Bryan Noble. U.S. Equity Markets rebounded from Monday’s sell-off, finishing the day higher, led by the Dow which ended yesterday’s session with a gain of 1.62%, as yet again the McClellan Oscillator proved what a valuable technical signal it is. Markets bounced back strongly, as investors “bought the dip” after the S&P tested its 50 -Day Moving Average. There was not any standout catalyst, with much of the rally attributed to oversold conditions from the steep sell-off. In terms of economic data, Housing Starts accelerated and Building Permits slowed down to a several-month low. However, building permits remained near record highs. This data shows that the housing market continues to chug along at a solid pace. Meanwhile, the infrastructure deal between Democrats and Republicans remains rocky, as both parties continue to disagree over the allocation of funds. Senate Republicans said they are unwilling to throw support behind the bipartisan infrastructure bill if it is brought to the floor for a vote before it’s been drafted. European Markets closed mixed. The European Central Bank’s lending survey for June showed institutions borrowed more in the second quarter to invest back into their businesses. The Bank of England’s Monetary Policy Committee member Catherine Mann noted the country’s economic rebound is still fragile, adding that it is too soon to end support for the economy. Meanwhile, the German producer price index’s (“PPI”) June data was better than anticipated, but declined compared to May as a result of a slowdown in the rate gain in basic foods. In Asia, The People’s Bank of China maintained its one- and five-year Loan Prime Rates, signalling the central bank is confident in the level of liquidity in the financial system. China’s government also rejected U.S. and EU claims that state-sponsored hackers were behind the large attack on Microsoft’s (MSFT) e-mail server earlier this year. Meanwhile, Japan’…
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