The major European indices finish lower.
The German DAX is unable to maintain its break above the 100-day moving average.
With the UK still on vacation, the other major European indices are closing lower.
A look at the final levels reveals:
- The German DAX fell -25.10 points, or 0.17 percent, to 14460.08.
- The CAC in France fell -15.14 points, or 0.23 percent, to 6485.31.
- The Ibex index in Spain fell -19.3 points, or 0.22 percent, to 8724.81.
- Italy’s FTSE MIB is down -259.84 points, or 1.06 percent, to 24166.
Looking at the German DAX, the drop today came after an earlier session rise to 14589.91.
This briefly lifted the price above the Monday high of 14589.45, but momentum quickly faded and the price began to fall.
At 14473.18, the pair had fallen back below its falling 100 day moving average.
This week, the price moved above the 100-day moving average on Monday (it closed above that day), Tuesday (it closed below the moving average), and today (it failed at the close).
The moving average will continue to be a barometer for buyers and sellers in next week’s trading.
Following the OPEC+ decision, Iraq’s oil production will rise to 4.58 million barrels per day.
Iraq’s oil production will rise.
Following the OPEC+ decision, Iraq’s oil production will increase to 4.58 million barrels per day in July, according to the state n crude oil production crude oil production ews agency.
The current rate of oil production is 4.44 million barrels per day.
- WTI crude oil futures settle at $118.87 per barrel.
- An increase of $2, or 1.71 percent
- WTI crude oil futures are trading at $118.87 per barrel. This is an increase of $2, or 1.71 percent.
- Today’s high price was $119.42. The low price was raised to $115.23.
- The price was $115.07 one week ago today. This brings the week’s gain to $3.80, or 3.3 percent.
- On Monday, the high for the week was $119.98. The weekly low was extended to $111.20. That was yesterday, following the OPEC+ decision.
- The reopening of China, combined with continued low inventories, favoured the upside. This week’s weekly inventory data in the United States showed a larger-than-expected draw of -5.06 million barrels.
- Despite record high gas prices in the United States.
The major stock indices in the United States ended the day and the week lower.
The major US stock indices are ending the day lower, led by the NASDAQ index, which fell by 2.4 percent.
For the shortened trading week, the indices were down three of the four trading days.
The major indices all fell this week, snapping a 7-week decline in the S&P and NASDAQ indexes and ending an 8-week decline in the Dow industrial average.
- Dow industrial average fell -348.58 points, or 1.05 percent, to 32899.71;
- S&P index fell -68.26 points, or 1.63 percent, to 4108.55
- The NASDAQ fell -304.15 points, or 2.47 percent, to 12012.74.
- The Russell 2000 index fell -14.62 points, or 0.77 percent, to 1883.05.
Technically, the NASDAQ index closed above its 200 hour moving average (green line in the chart below) after trading below it earlier in the session (currently at 11971.16). Next week, traders will be watching the moving average level as a barometer for bullish and bearish sentiment.
The S&P 500 and Dow Industrial Average are both above their 200-hour moving averages:
- The S&P 500 index is currently at 4072.43.
- The 200 hour moving average for the Dow industrial average is currently 32581.47.
Moving averages will be used to define the short/intermediate-term bias starting next week. Keeping above is more bullish. A move lower is more bearish.
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