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Relief Rally In Global EquitiesGlobal Equities are experiencing a relief rally after a bizarre turn on events. For some reason, the brazen murder of British M.P Jo Cox turned the increasingly large "leave" vote around, and the "remain" vote regained the led heading into Thursday's Brexit vote. The Euro Stoxx 50 Index jumped off of technical support of 2,814 but still remains in a clear downtrend of 2015's bubble-high of 3,837. Since last year's top, the index has made several lower-lows, and the current trend from the bear market bottom has etched out two clear lower-highs. Given the state of the brief risk aversion seen last week as the "leave" vote took a pronounced lead, global were "due" for a rebound. As alerted earlier last week, the near-term momentum was set for a shift: twitter.com If you look across European equities, the prospects are not turning out like many thought. In regards to the Euro Stoxx 50, price action does not get interesting until a close above the near-term, broken uptrend AND prevailing downtrend is confirmed. The 200-day EMA will be a key pivot point. The index has not been able to trade above this dynamic resistance since last December. Wait for price to trade into resistance near 3,000/025. MacroView does not expect Britain to leave the European Union, but there are far too many risks to get excited about. Check out Bloomberg's Brexit tracker, currently showing a small Brexit lead. For more information on MacroView's products, or general questions and comments, feel free to message us. Also, readers are encouraged to post their thoughts and charts! Follow MacroView CoFounders on TWTR1.45% @Lemieux_26 and @EconomicHedge
FX:EUSTX50
by MacroView_Research
Banks woke up after FedFundamentals : According to minutes of the Fed's latest meeting, U.S. central bankers feel it would be time to raise rates at the next Fed meeting on June 14-15 if hiring and economic growth continue to strengthen and inflation keeps rising. Higher rates are good for Banks and bad for Utilities and REITs. Technicals : Banking sector was a laggard compare to broad market but recently has been holding near year's highs. With yeasterday's reaction to Fed's announcment, it triggered an initial Entry after break and close above trend line. I am curful here, as it is only 1 day action and could be erased. Trade Management : Break of bull flag triggered at $23.20 with respective stop at $23. If it builds udner the highs $23.77 new set up, I will add with Target at $24.70 (2015 highs)
AMEX:XLFLong
by andrew.berg
Oil Price stress on Banks with energy exposureOil price recovery has been mostly driven by USD related factors and so the fundamentals are still not where they need to be and the chronic oversupply continues. The banks with the largest energy debt exposure have felt the squeeze as a result and remain relatively risky. This chart shows the performance of the banks with the largest declared Energy debt exposure in the US vs the XLF ETF and wider S&P 500 Index, the backdrop is the Oil price.
NYMEX:CL1!Short
by MarcusWilliamson
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