US Open. Market Overview for 30.08.2016

The S&P 500 is trading slightly weaker at -0.05%. The DAX has risen 1% in unison with the positive developments of other European markets. German consumer prices for July came in lower than expected. An annual rise go 0.5% was expected, July´s number of 0.4% lay behind expectations. In total, these 0.4% are way below the ECB´s target of 2%. Pre market, Apple is trading down -2%. Apple needs to pay 13 Billion USD tax back in Ireland. This decision was made by the European-Commission, saying that Apple had unjustly taken 13 Billion in tax concessions. 2003 the corporations had effectively paid 1% in tax. By 2014, this rate had gone down to 0.005%. The Irish government has rejected the Commissions decision. The USD is trading generally higher.We expect a weaker start to Wall Street.

 

The S&P500 is in an upwards trend. Short term we are in a sideways move. Resistance is at 2197 and support is to be found at 2150.

 

 

The Nasdaq 100 is in an upward trend. Short term we see a sideways move. Resistance is at 4837 and support is to be found at 4767.