Daily Note

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Food for Thought: How would you fund a large purchase?

Source: BofAML, @tracyalloway


China: Growth in outward tourism has been a drag on China’s current account.

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Via The Daily Shot Editor


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The United States: The August SMI (Sales Manager Index) report from World Economics also shows strong business activity in August. Business confidence keeps improving, and hiring has accelerated. More firms are boosting sales prices.

Source: World Economics

Via The Daily Shot Editor

 


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In European Equity Markets the pan-European Stoxx 600 was closed up 0.64 percent, with the majority of sectors ending in positive territory.

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On the bourses front, the U.K.’s FTSE 100 rose 0.57 percent, while France’s CAC 40 gained 0.71 percent and Germany’s DAX jumped 1.05 percent.

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“SPX daily chart shows no changes after the upside exhaustion exhibited on Friday.” 

SPX bullish sentiment is at 70% Pasted Graphic.tiff

—> “ S&P 500 Index has an upside red Sequential Countdown on day 13 in play. This is what we have been expecting and a reversal down should start within the next 10 days. Also,note the Downside Trend Factor Price targets 2700 and 2553” – HFT 

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“NASDAQ 100 Index has seen both red sequential and pink Combo 13 exhaustion signals last seen in January. And now a secondary Countdown from January as well.” – HFT 
“NDX Index has now bounced off the 50 day twice. I have focused on the first upside exhaustion signals in July which worked well for a pullback to the 50 day, yet there is a secondary upside red countdown; that is on day 11 of 13. If the green Setup on the downside completes 9 consecutive closes lower than 4 previous closes then the pending upside red Countdown will be canceled.” -HFT  

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NASDAQ bullish sentiment is at 67% 

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“ US dollar Index had a recent upside exhaustion signals with a bit of throw over. Sentiment hit 96% at the recent peak. There has been a daily upside wave 5 with a price objective of 98.40. Not sure it will get there with sentiment so elevated.” – HFT

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In Currency Markets, the euro fell on Monday as the dollar gained before trade talks between the United States and China, due this week, which investors hope will ease tensions between the world’s two biggest economies.

The euro fell as much as 0.4 percent to $1.1394, below the $1.14 level which ruffled markets last week, but was still above 13-month lows of $1.3010, also hit last week.

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The Turkish lira snapped a three-day rebound on Friday, sliding more than 5 percent against the dollar on fears the United States would impose further economic sanctions.

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US dollar bullish sentiment is at 81% down from recent extreme high of 96%.

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