U.S. Indices Failed To Extend Friday’s Gains

MarketPulse | Dec 10, 2019 04:35AM ET

Wall Street loses momentum

US indices could not extend Friday’s gains yesterday despite news the US is unlikely to impose the next set of tariffs on December 15, according to the US Agriculture Secretary. UK polls continued to show the Conservative Party on track to win a majority in Thursday’s election.

US30USD Daily Chart

The US30 index retreated for the first time in four days as investors took a breather to re-evaluate the direction.
The index remains above the convergence area of the 55-day moving average at 27,270 and trendline support around the 27,205 level.
US third-quarter nonfarm productivity is expected to decline by 0.1%, a slower pace than the -0.3% recorded in Q2.
DE30EUR Daily Chart

The Germany30 index gave back all of Friday’s gains yesterday on a lack of fresh inputs and weakness on Wall Street.
The index is still above the 55-day moving average at 12,840, and has been since October 10.
ZEW surveys for December for both Germany and the Euro-zone are due today. German economic sentiment is seen rising to zero from -2.1 while the Euro-zone’s reading is expected to deteriorate to -17.0 from -1.0.
UK100GBP Daily Chart

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UK shares were steady on Monday after posting the biggest weekly loss in nine weeks last week. A firmer pound prevented more extreme gains as the latest poll showed the Conservatives increasing its lead over Labour by two percentage points.
The UK100 index has been below the 55-day moving average, which closed at 7,281 yesterday, for a week.
UK industrial production is seen rising 0.2% m/m in October, a swing from September’s 0.3% contraction. The goods trade deficit probably narrowed to £11.65 billion from £12.54 billion, the latest survey of economists suggests.
Original Post

Written By: MarketPulse

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