📈 Stock futures moved higher earlier this morning after another down day for stocks. The S&P 500 futures inched up by 0.38%, while the Nasdaq 100 futures also upped by 0.50% and the Dow Jones futures gained 0.32%. The moves in futures followed the second day in a row decline for the major averages. The Dow dropped 0.57% while the S&P 500 fell 0.67% and the Nasdaq Composite slid 1.02%.

🌍 The European stock markets are also expected to open slightly higher today, rebounding after the negative start to the week. The DAX futures contract in Germany inched 0.1% higher, the French CAC 40 futures climbed 0.2%, as well as the UK’s FTSE 100 futures rising 0.2%, returning after their Bank Holiday weekend.

🏛️ The market has retraced some of its recent gains after the recent comments and sentiment by Federal Reserve officials who made clear that the central bank is going to continue its rate hikes, even if it causes economic pain. It seems like traders and investors are trying to come to terms with the idea that the Fed is serious about its fight against inflation, even as some recent data suggests that inflation is starting to decline.

📋 Yesterday, there wasn’t a whole lot going on in terms of economic data releases other than the FOMC member Lael Brainard urging banks to invest in upgrading payment systems. However today, there are a few releases investors and traders will be keeping an eye on. Such as the German prelim CPI data, Eurozone Consumer Confidence data and the US JOLTS job openings report. We will also hear from the Federal Reserve Bank of New York President John Williams speaking on an online webinar which will be hosted by the Wall Street Journal. There will be audience questions expected, so it will be interesting what we will see come from this talk.

💲 The US Dollar Index (DXY) turned volatile yesterday especially as the dismal forecast for the US Nonfarm Payrolls (NFP) is impacting the dollar. According to the preliminary estimates, the US NFP released this coming Friday, is expected to decline to 285,000, against the previous release of 528k. Also, the Unemployment Rate is expected to remain at 3.5% mark.

🛢️ Oil prices inched lower today, handing back some of the previous session’s gains, as attention turns to the upcoming OPEC+ meeting and potential supply cuts. The Organisation of the Petroleum Exporting Countries, Russia, and allies, are going to meet on the 5th of September. Earlier today, U.S. crude futures dipped lower to $97.00 a barrel, while the Brent contract fell 0.2% to $102.69. Both had posted gains of over 4% on Monday which was the biggest increase in more than a month.

⛏️ Additionally, gold futures fell 0.2% to $1,746.20/oz, while EUR/USD traded 0.1% higher at 1.0001.

📊 Looking at stocks and shares, Bed Bath & Beyond (BBBY) moved higher in after-hours trading, after surging nearly 25% on Monday. The Wall Street Journal reported last week that Bed Bath & Beyond is close to finalising a loan of nearly $400 million as it seeks to boost liquidity. Also, EV giant Tesla (TSLA) slipped 1.1% Monday, while Apple (AAPL) and Microsoft (MSFT) traded down 1.4% and 1.1%, respectively.

🌐 As for crypto, yesterday we saw the Bitcoin price recover from the $19,500 zone and is now fluctuating just under the $20,500 level. It is currently facing resistance near the $20,550 level. BTC is up over 2.8% in a day and down almost 4% in a week. As for Ethereum and most of the majority of the altcoins, they are also attempting a recovery wave. ETH is currently valued at just under $1,600, only just breaking through its resistance level of about $1,570 and is up almost 10% in the last 24 hours.

Head over to NAGA to invest, trade and socialise and explore some more!

Summary:

• Stock market futures are up after a 2nd day decline of the three major averages.
• Investors seem to be coming to terms with the Fed’s seriousness on the fight against inflation.
• Today, eyes will be on the JOLTS job openings and consumer confidence reports.
• The DXY started to retrace lower, alleviating the pressure off of the rest of the market.
• Bitcoin and most altcoins are starting to make a recovery.

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary.

Risk Warning: “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.

📈 The stock market futures all dropped early this morning with the Dow Jones futures fell by 0.7%, S&P 500 futures by 0.8% and Nasdaq 100 futures dropped 1.15%! As for the 3 major indices and their previous rally, they fell significantly last week after Friday’s sharp sell-off on Powell’s speech. All three major averages ended last week with over 4% losses.

🌍 The European markets were also lower this morning, following overnight losses in Asia hours as the general market took in the comments from the Fed’s Chair Jerome Powell. Germany’s DAX fell by over 1.1%, France’s CAC 40 dipped around 1.1%, while Italy’s FTSE MIB fell by 1%. Please note the U.K. markets are closed on Monday for a bank holiday.

🏛️ The market’s negative reaction following the Fed’s chair Powell’s long-awaited speech shows that higher rates haven’t been reflected in equity prices. On last Friday’s speech, Powell reiterated that the central bank will continue to raise rates to keep inflationary pressures in check, warning that there may be “some pain” ahead. To read more about Powell’s speech, click here to read initial reactions to the market and the context to the speech itself.

📋 Of course, the biggest talk of the day last Friday was Powell’s short but sharp speech at the Jackson Hole Economic Symposium. However, we also saw the results of the Personal Consumption Expenditure (PCE) which is one of the Federal Reserve’s preferred measures of inflation. The PCE index came in with a year-on-year rise of 6.3% in July, which is down from 6.8% in June. The index actually fell 0.1% month over month. Powell referred to this by saying “while the lower inflation readings for July are welcome, a single month’s improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down”.

💲 The US Dollar Index (DXY) rose to fresh highs today since September 2002, up 0.50% currently at 109.35 as the US Treasury yields rally from the post-Powell speech. This has made EUR/USD take lows of around 0.9914 during early hours of this morning in Europe. We also saw the US 10-year Treasury yields rise nine basis points (bps) to 3.123%. Looking forward, EUR/USD traders will be keeping a sharp eye on the US Treasury yields and the DXY for fresh movements, even though the economic calendar is fairly light today and the UK has a national holiday. However, FOMC Member Brainard is speaking today about the surrounding recession, as well as the global energy crisis could keep the EUR/USD bears more hopeful before Friday’s US jobs report for August.

🛢️ Oil prices rose 1% today, as expectations that OPEC would cut output if needed to support prices, coupled with the conflict in Libya and rising demand around soaring natural gas prices in Europe, helped offset a dire outlook for U.S. growth. Brent crude futures rose by 0.16% to $101.15 a barrel, extending last week’s gain of 4.4%.

⛏️ Gold sank to its lowest levels in a month today, tracking a sharp spike in the US dollar and of course, the hawkish Fed speech! The precious metal weakened past the $1734 mark and is currently valued at $1722.

📊 Looking at stocks and shares, Electronic Arts shares climbed up 5% after a news report that Amazon will announce an offer to buy the company. Apple stock fell 4.6% last week to 163.62. Friday’s 3.8% loss pushed the iPhone giant below its 21-day moving average. Tesla stock also fell 2.9% last week to 288.09, closing slightly below its 21-day line after trying to get and stay above its 200-day line multiple times. The next few months will certainly be interesting for Tesla. Its production capacity has increased significantly for its no-longer-fresh lineup

🌐 Looking at cryptocurrencies, Bitcoin fell below the key $20,000 level earlier today, knocking on further tumbles in crypto prices after Powell hit home a hawkish tone for the U.S. monetary policy. The current price of Bitcoin fell over 0.9% over the past 24 hours, getting to just over $19,600 and has slumped over 6% in the past week. Ethereum, the world’s second-largest crypto, fell almost 3% in the past 24 hours to $1,448, and almost 7% in a week. With big data and meetings this week in the economic calendar, it will certainly be interesting to see how the crypto and global markets react!

Head over to NAGA to invest, trade and socialise and explore some more!

Summary:

• Glomarket dropped across the board close of Friday, post-Powell speech.
• Fed chairman Jerome Powell reiterated how important it is for the fight against inflation.
• On Friday, the latest PCE data came in with a year-on-year rise of 6.3% in July.
• The DXY hit fresh new highs today of 109.5 and Treasury Yield hit 3.123%.
• Bitcoin hit under $20K post-Powell speech, threatening its lowest monthly close in 2 years.

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary.

Risk Warning: “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.

📈 Starting with the three major indices, the S&P 500 surged up 1.4% closing its strongest day in over two weeks. Much of the movement came later in the day as traders made moves ahead of the Fed’s Chair Jerome Powell’s speech later on today. The Dow also moved up 1% while the Nasdaq increased by 1.7%. All three indices retraced their weekly losses, which were initiated by Monday’s drop, which was the worst for equities in months. Stock futures were little changed this morning. The Dow Jones futures fell 0.08%, the S&P 500 futures lost 0.1% and Nasdaq 100 futures slipped by 0.07%. We also saw treasuries slip, taking the US 10-year yield down to 3.07%.

🌍 European stock markets are expected to open marginally lower today, ahead of Powell’s widely-anticipated speech which could offer clues on the U.S. central bank’s monetary tightening plans. The DAX futures contract in Germany traded 0.1% lower, French CAC 40 futures dropped 0.2%, and the FTSE 100 futures contract in the U.K. fell 0.1%.

🏛️ Investors are getting mixed responses from market analysts over the expected commentary from Powell later today at the Jackson Hole Economic Symposium. It is clear that the inflation data indicates that price pressures are about to peak, and contraction is pressing the Fed to slow down its pace of interest rate hikes. But the inflation rate is still above 8% and in order to battle inflation, the Fed’s job of hiking rates is likely far from over.

📋 Yesterday’s main economic release was the US GDP for Q2. This is an important data release for traders and investors, as the figure not only affects the demand for US assets but also determines the country’s economic outlook. The US GDP has been confirmed at -0.6%, which is slightly better than the forecasted -0.7%. This indicates that the US economy has contracted for a third consecutive quarter. Apart from the widely-awaited speech by Powell today, investors will also be focusing on the US Core Personal Consumption Expenditure (PCE) data.

💲 The US dollar index (DXY) has broken out from its consolidation which was a narrow range of 108.47–108.58. The DXY is expected to show a bullish move as it breaks. On a broader macro note, the asset is showing sideways action in a bit of a wider range between 108.00–109.27 for the entire week.

🛢️ Oil prices rose today maintaining their course to end the week with strong movements at the prospect of a further tightening of worldwide supply. U.S. crude futures traded 1% higher at $93.6 a barrel, while the Brent contract rose 0.9% to $100.26. Additionally, we saw gold futures drop by 0.1% to $1,769.85/oz, while the EUR/USD traded 0.1% lower at 0.9965.

📊 Looking at stocks and shares, Tesla Inc’s shares closed 2% lower yesterday as the three-for-one stock split announced by the world’s most valuable automaker to tempt retail investors was initiated. We also saw Gap rally up 10% in late trading hours yesterday after posting quarterly earnings.

🌐 Looking at cryptocurrencies, the upward momentum we were seeing yesterday with Bitcoin has consolidated slightly, bringing BTC’s value to $21,440 as of writing, down 1.35% in the last 24 hours. Price is starting to fall slightly under the 100-day moving average, and is close to the support of $21,395. However, price action today will likely be volatile due to the global macroeconomic conditions and releases due later. At the moment, Bitcoin is sitting in a bearish flag, but all this could change incredibly quickly, so be sure to keep your eyes open. As for Ethereum, it is currently valued at $1656.73, 2.85% down in the last 24 hours.

Head over to NAGA to invest, trade and socialise and explore some more!

Summary:

• The stock market closed up in the green yesterday, however, futures are slightly flat today.
• Investors are getting mixed response and sentiment ahead of Powell’s speech later.
• US GDP yesterday was slightly better than expected, coming in at -0.6%.
• The DXY has started to show more bullishness back up.
• Cryptocurrencies are consolidating at the moment; as they are generally the last to move based on news, it will be interesting to see how price moves later today!

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary.

Risk Warning: “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.”

NGC = $0.1223

🔴 -1.77% (24hrs)

Last Updated: Aug 25, 2022 at 15:15 GMT+3

As of writing, NGC is ranked #3360 on CoinMarketCap with a price of $0.1523.

🔴 At the moment, NGC has dropped by almost 2% in the last 24 hours and its latest 24h hour volume is $234,999. The price of NGC has decreased by just over 25% during the last 7 days.

Just two days ago, we saw NGC create a big candle in the red on the hourly chart, dipping around 20% to where we are sitting now with sideways price action.

As we can see from the chart above, the price is very close to the immediate support of $0.1204. To see the bullish action come back into play, we need to see price action break above the 50-day moving average, and of course the bearish trendline and immediate resistance of $0.1268. The next point to break higher will be the $0.1357 resistance zone.

At the moment, Bitcoin is trying to break recent psychological highs and resistance zones. If BTC can continue its climb up, that will certainly play a part in the movement for NGC!

Where do you see the crypto market going? 👇 Let us know in the comments below!

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.

Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.

📈 U.S. stock futures were flat late last night after all three major averages closed the day higher during yesterday’s session. The Dow Jones futures dipped by 0.02% but the S&P 500 and Nasdaq 100 futures climbed up 0.11% and 0.09%, respectively. As for the major indices, The Dow Jones managed to close up by 0.18% higher and the S&P 500 rose 0.29%. For both averages, the gains have now broken their three-day-long losing streaks. The tech-heavy Nasdaq Composite also was able to climb up by 0.41%.

🌍 The European stock markets are also expected to edge higher today, ahead of the start of the widely-awaited Jackson Hole symposium, as well as the release of the minutes from the last ECB meeting and key German business sentiment data. Earlier this morning, the DAX futures traded 0.4% higher, the French CAC 40 futures climbed 0.5%, and the FTSE 100 futures in the U.K. rose 0.3%.

🏛️ The recent market action that we have seen is happening while investors await the start of the Jackson Hole economic symposium, which begins later today; with the long-awaited Fed Chair Jerome Powell scheduled to speak tomorrow morning. Traders will be actively listening for more information about how the central bank will fight inflation. The minutes from the European Central Bank’s last policy meeting are also out later today. This was the meeting that saw the ECB hike interest rates by a bigger than expected 50 basis points last month.

📋 Investors and traders are also awaiting more key economic data scheduled to come out over the next two days, including jobless claims later today and the personal consumption expenditures tomorrow. The PCE report is one of the Fed’s favourite inflation indicators, and it holds more bearing to swerve its sentiment going forward.

💲 The US Dollar Index (DXY) has slipped to near 108.07 and is expected to display more weakness ahead. The DXY turned after a downside move in the Asian session. Investors are dumping the DXY after the many poor performances by the US on its economic data front. Such as, poor US PMI data indicating contraction to vulnerable US Durable Goods Orders, showing a slowdown in overall demand.

🛢️ Meanwhile, oil prices are driving up higher after the announcement from OPEC. Also, investors have ignored the downbeat global PMI numbers, which accelerates demand worries ahead.

🏷️ U.S. crude futures traded 0.5% higher while the Brent contract rose 0.7%. Gold futures also rose 0.5% and the EUR/USD traded up 0.3% higher. Treasuries also held up as the two-year yield remained around 3.40%.

📊 Looking at stocks and shares, Nvidia Inc. slid more than 2% on the back of a quarterly report that missed expectations. Salesforce Inc. dropped more than 4% and Snowflake was able to jump up 16%. Before closing bell today, Peloton Interactive Inc. will report quarterly earnings along with Gap Inc, Dollar Tree Inc. and Dollar General Co. Ulta Beauty Inc. Workday Inc. and Affirm Holdings will release their own results after markets close later today.

🌐 As for cryptocurrencies, the movement has finally started to ensue following days of sideways price action. Bitcoin has started a recovery wave and has climbed above the $21,700 zone. It is currently showing a few positive signs and is looking to rise towards the $22,000 level while maintaining above the 100-day moving average on the hourly chart. As for most major altcoins, they are also slowly moving higher. ETH has only just been able to clear the $1700 resistance zone.

Summary:

• The stock market was generally in the green after yesterday’s close.
• The Jackson Hole Economic Symposium begins today, preparing for Powell’s speech tomorrow!
• We also have key German business sentiment data announced today, as well as US jobless claims to keep an eye on.
• The DXY has started to drop after Asian markets made a move to the downside!
• Oil prices and Gold futures are climbing.
• And so are cryptocurrencies! BTC is now above the $21,700 level while ETH has just broken $1700.

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary.

Risk Warning: “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.”

📈 The Dow Jones futures dropped slightly early this morning by 0.1%, along with the S&P 500 & Nasdaq futures slipping 0.1% & 0.15% respectively. As for the major indices, the stock market rally edged lower on Tuesday continuing from the bigger drops in the prior two days which were all near their 21-day moving averages. The Dow fell 0.5% in yesterday’s stock market trading, while the S&P 500 lost 0.2% and the Nasdaq, although up for most of yesterday’s session, closed ever so slightly in the red albeit neutral position.

🌍 Looking at the European stock markets, the Euro Stoxx 50 futures fell by 0.2% while the DAX futures in Germany inched 0.1% higher, the French CAC 40 futures dropped 0.1%, and the FTSE 100 futures contract in the U.K. slipped 0.1%. Overall, indicating that the European stock markets are expected to open mixed today.

📋 Yesterday was an eventful day in terms of economic data releases, as the Manufacturing and Services PMI survey results for the USA, the UK, Germany, and France were released. Results were fairly mixed but swerved towards not meeting expectations, suggesting that consumer demand is dropping. Today, we have durable goods orders m/m and the pending home sales m/m data to look out for; but tomorrow we will see major events with the release of the US Preliminary GDP data and the first day of the Jackson Hole Symposium of central bankers.

🏛️ The Federal Reserve Bank of Minneapolis President Neel Kashkari suggested yesterday that the central bank’s aggressive monetary tightening was set to continue in September. “It’s very clear” the Fed has to tighten monetary policy. Comments such as these are the latest of a series of hawkish Fed speeches which have resulted in investors being more concerned, leading up to the central bank gathering at Jackson Hole. They are also expecting Fed chair Jerome Powell to deliver a more aggressive tightening message and lessen hopes for a rate cut next year.

💲 Yesterday we saw another strong move up by the US Dollar Index (DXY) to fresh 20-year highs, although pulling back down later in the day. These bigger pushes up were notable in the EUR/USD and GBP/USD currency pairs, which both reached new lows. 💶 The Euro fell 0.38 per cent to $0.99 to hit a fresh 20-year low, dropping below parity once again with the US dollar. The Euro and the British Pound are the weakest of major currencies while the US Dollar dominates.

🛢️ Oil prices dropped slightly today, retracing back some of yesterday’s strong gains, as traders reassessed the chances of a production output cut by OPEC+. US crude oil prices rose and closed yesterday by 3.4% to $93.74 a barrel bouncing off Monday’s lows. We also saw natural gas futures reach new record 14-year highs yesterday but had a sharp sell-off of about 5% before the closing bell.

🗽 The 10-year Treasury yield rose 2 basis points to 3.05%. The 10-year yield hit 3.08% intraday, then briefly undercut 3% following several weak economic reports. Powell’s policy speech on Friday will most likely swing Treasury yields and rate hike odds! Although the markets have fully priced in at least 50 basis points for Sept. 21st, they are split on whether policymakers will opt for a third straight Fed rate hike of 75 basis points, or possibly higher!

📊 Apple stock dipped 0.2% to 167.23, trading just above its 21-day moving average. Tesla stock rose 2.3% to 889.36, bouncing from the 21-day moving average, slightly below the 200-day line. TSLA stock could have an aggressive entry if it clears short-term highs. Also important to know that Tesla stock will split 3-for-1 after today’s trading.

🌐 Lastly, looking at cryptocurrencies, Bitcoin’s price has remained in its range above the $21,000 support level and struggling to clear the $21,650 resistance level after a few attempts. BTC is currently valued at $21,305, up 0.41% in the last 24 hours. Ethereum is also facing a similar scenario, struggling to start its recovery wave facing resistance at around the $1,655 level. ETH is currently trading at $1,628 with a 2.35% gain in the last 24 hours.

Summary:

• Stocks and US index futures retreated as investors digested more hawkish sentiment from the Fed.
• Yesterday, we saw some mixed PMI data but primarily not very positive moving forward.
• Investors and traders are all awaiting Powell’s speech this Friday, expecting more hawkishness to come.
• Oil prices dropped & natural gas futures hit 14-year highs before a sharp sell-off.
• The DXY reached fresh new highs also before a pull-back
• Cryptocurrencies continue to sit in a sideways range, awaiting more clarity from global macroeconomic factors.

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary.

Risk Warning: “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.”

NGC = $0.1523

🔴 -8.03% (24hrs)

Last Updated: Aug 23, 2022 at 12:17 GMT+3

As of writing, NGC is ranked #3289 on CoinMarketCap with a price of $0.1523.

🔴 At the moment, NGC has dropped by just over 8% in the last 24 hours and its latest 24h hour volume is $296,143. The price of NGC has decreased by just over 8% during the last 7 days, but over the last month, it has decreased by about 15%, a slight improvement as of the last few days!

Of course, the drop in prices across the whole of the crypto market has been evident across the board but today we are seeing some slight relief and retraces upwards.

In the earlier hours of the morning, NGC price dipped 🔻 to $0.145 where it found support, and is now close to its immediate resistance level of around $0.1540. We have drawn out a bearish trendline on the chart below where you can see it was tested exactly just an hour ago. If NGC can break above this trend line and work its way to the next resistance zone of around $0.1625, then we could see the bulls out in arms once again.

From a macro viewpoint, we are also in a descending triangle where we would be awaiting a breakout of which we are capitulating closer to its conclusion. Where do you see NGC going from here?

Of course, for now, we await to see how Bitcoin will react to its latest movements as well as the whole global macroeconomic space!

Where do you see the crypto market going? 👇 Let us know in the comments below!

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.

Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.

📈 Stock futures climbed ever so slightly higher early this morning after stocks closed their worst day since June while this summer’s rally started to fade in the midst of growing interest rate hike concerns. Futures tied to the Dow climbed or 0.08%, while the S&P 500 and Nasdaq futures rose 0.05% and 0.12%, respectively. During yesterday’s trading session, the Dow closed in the negative by 1.91%, while the S&P dropped by 2.14% which was the worst day for both since June 16th. The Nasdaq also dropped by 2.55% to finish its worst day since June 28th.

🌍 As for the European stock markets, the Euro Stoxx 600 Index dipped by 0.3%.

📋 The German Buba monthly report was out yesterday with Germany’s central bank Deutsche Bundesbank stating that a German recession is now much more likely and that this autumn, the rate of inflation in Germany could reach a magnitude of 10%.

🏛️ The Fed’s brake on the US economy to make sure that high inflation keeps simmering down is still the key driver in global markets. Traders and investors are awaiting a hawkish sentiment at the Jackson Hole symposium later this week where all eyes will be on Powell’s speech.

💰 Earnings season continues today where we will see results from Dick’s Sporting Goods, Macy’s and Nordstrom. We will also see July’s new home sales for the US and the EU’s consumer confidence report as well as the manufacturing Purchasing Managers’ Index (PMI) and the August Richmond Fed survey! An action-packed day.

💲 The US Dollar Index (DXY) has gained more from last week’s upwards momentum and managed to climb above 109.20 yesterday, the previous recent highs! The combination of a hawkish Fed and continuing worries about global growth will most likely make the USD strengthen slightly in the coming weeks.

💶 The Euro fell 0.38 per cent to $0.99 to hit a fresh 20-year low, dropping below parity once again with the US dollar.

🏅 Gold prices have inched higher so far today in the international markets, after getting near to a one-month low on yesterday’s trading session, which was helped by a slight pullback in the dollar. Spot gold was up by 0.2% at $1739.16 per ounce as of writing.

🛢️ Oil has also climbed higher so far today as renewed worries and concerns after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline!

📊 As for stocks, Zoom dropped in extended trading after lowering its full-year forecast while Palo Alto Networks climbed higher after posting strong quarterly results.

🌐 Finally, looking at cryptocurrencies, Bitcoin has gained 1.64% in the last 24 hours trying to reverse its losses it had made yesterday and is currently trading at $21,406. For the moment, it is sitting in a sideways channel forming a symmetrical triangle and capitulating. As the DXY is showing weakness currently, this could be BTC’s chance to break out higher. Ethereum is following the same narrative but has gained over 4% in the last 24 hours, currently trading at $1610.60.

Summary:

• Stocks closed their worst day yesterday since June while stock futures inch up higher this morning.
• Germany’s central bank has said that a recession is much more likely while inflation could reach 10%.
• The Euro fell below parity and sentiment says further downside to come.
• Eyes are on the data released today such as the PMI and new home sales.
• The DXY topped out today at its previous highs and now slightly retracing.
• Cryptocurrencies are trying to claw their way back up.

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary.

Risk Warning: “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.”

📈 The Dow Jones futures fell early by 0.4% this morning, along with the S&P 500 by 0.5% and Nasdaq futures by 0.55%. As for the stock market, the rally pulled back last week from key resistances while Treasury yields moved back toward 3%. The Dow dipped 0.2% in last week’s stock market trading while the S&P 500 fell 1.2% and the Nasdaq composite slumped 2.6%.

🌍 As for the European stock markets, they are expected to open lower today, starting the new week on a negative note as investor’s concerns grow about a potential global recession and tightening monetary policies. As of earlier this morning, the DAX futures contract in Germany traded 0.5% lower, the CAC 40 futures in France dipped 0.4%, and the FTSE 100 futures contract in the U.K. fell 0.4%.

📋 The Eurozone flash PMIs as well as the US, will be watched very closely this week for further recession risks. The August numbers that are due out tomorrow, are likely to show another month of contraction in business activity after the final composite PMI index dropped to an almost 2-year low in July.

🏛️ This Friday, the Fed chief Jerome Powell will give a policy speech at the annual Jackson Hole meeting, for which he has used this speech in the past to mark notable policy changes. It’s not clear as yet what might be said that would surprise the markets. At the moment, the Federal Reserve is in the middle of a rate hike cycle to combat high inflation, and soon the policymakers may try to dip to smaller rate hikes, but Powell may not be ready to lead this as yet. For now, the markets are divided over whether the Fed will hike the interest rates by 0.75% for the third time in a row at the September meeting, or decide on a 0.5% move.

💲 The US dollar index continues to perform very well, almost reaching its highs of last month and this trend looks like it will continue over the next few days, building up to Powell’s speech on Friday regarding the economic outlook.

🛢️ U.S. crude oil futures fell 1.4% to $90.77 a barrel last week but have rebounded well off of the weekly lows. Natural gas futures traded around 14-year highs.

📊 As for stocks, Warren Buffett’s Berkshire Hathaway disclosed that the Federal Energy Regulatory Commission approved its request to buy up to 50% of Occidental Petroleum (OXY), triggering a breakout to 71.29 by 9.9%. Apple (APPL) stocks are trading right around a trendline entry as it fell by 1.7% to 171.55 last Friday. Lastly, Tesla (TSLA) stock fell 1.1% but holding up relatively well in comparison to other EV companies.

🌐 As for cryptocurrencies, Bitcoin tumbled down on Friday to around $21,000 after already retreating a fair amount earlier in the week. The ‘King of Crypto’ stabilised over the weekend, trading above $21,000 earlier this morning. As for Ethereum, the same movement has occurred; currently valued at $1,542, close to its recent bottom of $1,525. Much like speculative growth stocks, Bitcoin and the other cryptocurrencies struggle with the rising Treasury yields — the higher yields also reinforce the dollar!

Summary:

• Stock futures down as Treasury Yield moves up today.
• The US stock market also pulled back from last week’s rally.
• US and European PMI’s under open eyes tomorrow.
• The DXY continues to climb near July’s highs!
• Cryptocurrencies are continuing to drop even further as they struggle with the rising Treasury yields.

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

📊 The Dow Jones, S&P 500 and Nasdaq futures all fell lower overnight, while we also saw the Bed Bath & Beyond Inc. (“BBBY”) stock cratering overnight in a ‘pump and dump’ fashion. Currently, the stock market rally is in a pullback near key resistance levels, but really isn’t pulling back on a macro perspective as the major indexes have climbed higher. That’s a sign of strength, but a good little retest of support would be constructive.

📈 The stock market rally traded in a narrow range for most of yesterday’s session. The Dow Jones rose less than 0.1% in Thursday’s stock market trading while the S&P 500 and Nasdaq climbed 0.2%.

🌍 As for the European stock markets, they are expected to open quite lower today as investors are concerned about the soaring energy prices, tightening monetary policy, and the slowing growth. Just a few hours ago, the DAX futures contract in Germany traded 0.4% lower, CAC 40 futures in France dropped 0.2%, and the FTSE 100 futures in the U.K. rose 0.1%.

Elsewhere, we saw U.S. crude oil prices rise 2.7%, gasoline futures climbed 3.1% and natural gas futures edged down 0.6%. The 10-year Treasury yield also fell to 2.88%.

📋 Yesterday we saw the Philly Fed Manufacturing Index showing that for August, it rose to a reading of 6.2, showing the percentage difference between companies expecting expansion vs. contraction. That was an improvement over July’s minus-12.3. We also saw the release of the initial filings for unemployment benefits decline slightly last week, though they matched with a move higher in layoffs since spring. Jobless claims totalled 250,000 for the week, down 2,000 from the previous and below the 265,000 forecasted.

🏛️ The Fed’s policymakers are eyeing the jobs market closely right now where inflation is running near its 40-year highs. At their July meeting, Fed officials noted that there are “tentative signs of a softening outlook for the labour market” that included a rise in weekly claims, according to Wednesday’s Federal Open Market Committee Minutes. They seem to be determined to raise interest rates until inflation is under control, even if it means a slowdown in hiring.

💲 The US Dollar Index (DXY) has inched higher and reaches multi-week tops at around the 107.70 level. The index has risen and is in the green for its third consecutive session, amidst the renewed buying interest in the dollar. Further upticks in the DXY have come in unity with the continued uptrend in US yields.

🌐 As for cryptocurrencies, Bitcoin is continuing to decline even further from yesterday, currently valued at $21,768, continuing its decline for almost a week now and is about 7% down over the last 24 hours. Ethereum is also following suit, valued as of writing at $1732 with around a 6% downturn in the last 24 hours. This primarily led to investors and traders seeking more safe-haven from the results and sentiment of this past week’s data.

Summary:

• Stock futures went down this morning, while indices closed yesterday in narrow ranges.
• European markets open lower today.
• Key employment data was released yesterday, indicating a weak outlook but plans for hiring and capital investment strengthened.
• The DXY continues to climb for the 3rd session in a row.
• Cryptocurrencies are continuing to drop as of writing.

Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.