In this week’s analysis, we are going to discuss the following markets

• Indices – S&P, Nasdaq, FTSE 100, DAX
• Cryptos – BTC, ETH, BNB
• Commodities – Gold, Silver
• Forex majors – EURUSD, GBPUSD, USDJPY

Indices Lead with Impressive 3.15% Growth for 17-21 July 2023

The main drivers of last week’s market indices were influenced by movements in constituent stocks. The Nasdaq declined by 0.61%, while the S&P 500 experienced a modest increase of 0.4%. Meanwhile, the FTSE 100 saw a significant rise of 3.15%, and the DAX also showed a slight increase of 0.7%.

USA Indices

Nasdaq Composite

Last week’s crude oil inventories showed a result of -0.708M barrels, which is higher than the forecast (-2.440M) but significantly lower than the previous figure (5.946M). This decrease in crude oil inventories had a mildly positive impact on the indices, particularly the NASDAQ Composite.

In the US, initial jobless claims were reported at 228K, lower than both the forecast (242K) and the previous figure (237K), which added slightly positive pressure on the Nasdaq Composite as it is generally considered good for stock markets.

Let’s take a look at some individual stock movements: Amazon (AMZN) decreased slightly from 134.56 to 134.07, Tesla fell from 286 to 279, and Google dropped from 126 to 122. While the overall economic fundamentals were not bearish, some top stocks in the Nasdaq experienced a slight decline, contributing to the index’s minor decrease of -0.61%.

The S&P 500 

Building permits for June were lower at 1.440 million, falling short of both the forecast (1.49 million) and the previous figure (1.496 million). This decline in building permits suggests potential weakness in the construction sector, and it had a slight negative impact on the S&P 500 index. The housing market also showed a bearish outlook, reporting 4.16 million, which was below both the previous number (4.30 million) and the forecast (4.20 million).

The actual results of economic indicators can directly influence the S&P 500, as it represents a broad cross-section of the US economy. Apple’s stock increased from its Monday opening price of 191 to Friday’s opening price of 195. Similarly, Microsoft (MSFT) rose from 145 to 153, Nvidia’s price slightly increased from 462 to 465, and Meta climbed from 307 to 313.

Overall, the fundamentals, as well as constituent stocks, showed a slightly bullish trend, justifying the S&P’s slight rise of 0.4%.

EU and UK indices

FTSE 100

The Consumer Price Index (CPI) for June came in at 7.9%, which was lower than both the previous figure (8.7%) and the forecast (8.2%). This decline in CPI had a slightly positive impact on the FTSE 100, suggesting lower inflationary pressures. Moreover, the stocks within the FTSE index performed well throughout the week. Centrica’s stock price increased from 123 to 126, Barclays rose from 164 to 166, Vodafone Group saw a slight increase from 72 to 73, and Rolls Royce Holdings experienced a significant surge from 145 to 154.

Overall, both the fundamentals and the stocks showed upward trends, leading to a remarkable jump of over 3% in the FTSE.

DAX 

The performance of the DAX is heavily influenced by economic data from Germany and the Eurozone. The Eurozone Consumer Price Index (CPI) matched the forecast at 5.2%, showing improvement from the previous figure of 6.1%. This slightly bullish CPI is positive for the DAX, as it indicates lower inflationary pressure and benefits the Eurozone economy.

During this period, there were notable stock movements within the DAX components. SAP’s stock decreased from 127 to 121, while Siemens remained relatively stable at 15 price levels. Airbus experienced an increase from 132 to 135, likely due to rising stock prices in the transportation sector, as more people are embarking on holidays. Additionally, Allianz SE saw significant growth, rising from 210 to 215, and Merck KGaA (MRK.DE) had a slight rise from 150 to 151.

Despite some stocks experiencing slight declines, including Siemens, the DAX managed to rise by 0.7% overall.

Indices technical weekly performance numbers (USD)

Crypto Markets Face Bearish Sentiment Amid Regulatory Crackdowns and CEO Arrests for 17-21 July 2023

Kuwait’s Capital Markets Authority (CMA) has imposed absolute prohibitions on using cryptocurrencies for payments, mining, and investments. As a result, Nasdaq suspended its plans for crypto custody services, and Binance reduced employees’ benefits due to reduced profits. Furthermore, Celsius CEO, Mashinsky, was arrested for fraud, facing potential life imprisonment.

In the crypto markets, the overall fundamentals and news events leaned towards bearish, especially as the buzz from the SEC versus Ripple case gradually faded. Despite this bearish tendency, Ripple (XRP) defied the trend and maintained a bullish momentum, rising by 7%. The market responded positively to the confirmation that XRP is not classified as a security, contrary to the SEC’s claims.

BTC

BTC hit the 30k mark momentarily, but it couldn’t sustain its bullish momentum and ended up trading below 30k on Friday. This was influenced by two main factors – the slight strengthening of the US dollar and investors taking profits from the crypto markets. Additionally, some bearish news about Nasdaq halting plans for crypto custody services also played a role.

ETH

ETH flirted with the 1900 levels but couldn’t maintain the breakout, resulting in a fall to the 1891 price point. Bearish sentiment was further fueled by the activation of an ETH wallet that received 61,000 ETH pre-ICO eight years ago, which was then transferred to the crypto exchange Kraken. The move of the crypto to the exchange suggests the address holder’s intention to either sell or exchange the ETH, making it a bearish move for ETH either way.

BNB

BNB experienced a minimal price change of 0.05%, indicating a sideways movement. The decision by the crypto giant to cut benefits for its employees, citing reduced profits as the main reason, was publicly acknowledged, which could have potentially led to a downfall in the company’s price. However, BNB didn’t experience a strong bearish sentiment, mainly because it is still highly demanded in the altcoins market, being used for all Binance chain transactions.

Crypto technicals weekly performance numbers (USD)

Gold and Silver Gain Slightly as Investors Seek Safe Haven Amid Economic Uncertainty for 17-21 July 2023

Continuing with the dominant commodities, Gold and Silver both saw slight increases this week, with Gold rising by 0.93% and Silver by just 0.12%. Let’s delve into the reasons behind these movements:

Gold

Gold’s price experienced a slight increase due to uncertainty surrounding the potential interest rate hike and the bullish sentiment among retail traders during the past week. As a safe-haven asset, Gold tends to perform well when the USD is weak. Although the USD showed some slight strength against other currencies, the overall outlook of the US economy remained slightly bearish, contributing to Gold’s mild rise.

Silver

Metals, including Silver, mostly traded flat this week. Silver’s performance is typically influenced by factors such as inflation, interest rates, geopolitical uncertainties, and overall market sentiment. In this particular week, uncertainties over the US interest rates resulted in Silver’s commodity trade with minimal gains at 0.12%. While this gain may not be substantial, it still allowed investors to avoid losses, which is considered a positive outcome.

Both Gold and Silver are considered precious metals, and investors often turn to them when the USD is weakening. As a result of the weakening USD, Gold rose by 0.93% and Silver by 0.12%.

Commodities technicals weekly performance numbers (USD)

Forex Pairs Experience Mixed Fortunes: USD Strengthens Against Major Currencies for 17-21 July 2023

Factors such as economic data, inflation rates, and investor sentiment have significantly influenced the trajectories of Forex pairs. Despite not being entirely bullish, the macroeconomic data favored the USD and US economies compared to Europe and Japan, leading to a slight appreciation of the USD against major pairs.

EUR/USD

The decline in initial jobless claims to 228K (lower than the forecast of 242K and the previous figure of 237K) indicated a healthier labor market with fewer people filing for unemployment benefits. This stronger job market instilled confidence in the US economy, supporting the USD against other currencies. Consequently, fewer dollars were needed to purchase one Euro, resulting in a 0.8% rise in the value of the USD.

GBP/USD

GBP struggled against the dollar due to persistently high inflation. The actual CPI (YoY) for the UK in June was 7.9% (lower than the forecast of 8.2% and the previous figure of 8.7%), which remained considerably higher than the US dollar’s 2.97%. Despite being lower than both forecast and previous numbers, the UK inflation was still more than double that of the US, leading to a 1.7% decline in GBPUSD. Investors perceived the reduction in jobless claims from the US economy as a bullish signal, making this decline natural for the pair.

USD/JPY

China’s GDP numbers were lower than forecast, at 6.4% instead of 7.3%. As Japan and China are close trading partners, China’s economic performance can impact the Japanese economy. In this case, the weaker-than-expected data from China had a slightly bearish outlook for JPY. Additionally, the USD’s bullish sentiment and the healthy labor market in the US led to a 1% rise in USDJPY, solidifying the USD against the Japanese Yen.

Forex technicals weekly performance numbers (USD)

Performance Comparison Chart of $1000 investment

How much money would you make or lose last week if you were to invest $1000 in each of the sectors discussed above? 

We will pick the winning asset from each sector and compare its performance with the two flagship automated trading systems from Elite CurrenSea. Elite CurrenSea offers a wide range of trading systems and portfolio management solutions, Portfolio Flagship is its current bestseller. This robot has been tested on real markets and has been showing consistent results. What’s more exciting is that both of these systems have been verified by real results on real accounts which we will discuss in more detail below. 

Portfolio Flagship Trading System Still Printing Money on Live Accounts for 17 – 21 July

Another trading system from Elite CurrenSea which is also a flagship with its superb performance is called Portfolio Flagship and is a solid performer with 1.15% gains in 5 days.

Let’s see the $1000 investment potential results for the past week.

As we can see, indices were the best performers with 3.15% with Portfolio Flagship being the second with 1.15%, Forex followed with 1%, commodities with 0.93%, and cryptos took the last position. The one tendency is how stable the Portfolio Flagship system is when it comes to performance. Portfolio Flagship is a winner system with steady profits over past months and this week was not an exception. Every single week, while other assets are showing mixed results, both automated systems show persistent gains. 

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Team of Elite CurrenSea

Flagship

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Yearly Target:

120%

Risk/Reward:

0.53

Platforms:

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Historical Drawdown:

30%

Min. Deposit:

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Asset Types:

Forex, Index, Commodities

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