Market Wrap: Stocks, Bonds, Commodities
Wall Street’s main indexes fell on Thursday as technology-focused stocks lost strength, while elevated jobless claims and a slowdown in services sector fueled fears of a slow and prolonged economic recovery.
The Dow Jones Industrial Average was down 125.34 points (0.43%) at 28,975.16, the S&P 500 was down 39.17 points (1.09%) at 3,541.67. The Nasdaq Composite was down 276.01 points (2.29%) at 11,780.44.
Asia’s stock markets slipped on Friday, following the steepest Wall Street selloff since June, while safer bonds and the dollar found support as investors sought shelter.
MSCI’s index of Asia-Pacific stocks outside Japan lower 1.13% to 720.50 levels. Australian index advances 0.81% to 6,112.60. Japanese Nikkei rose 0.94% to 23,465.53.
European stocks were mixed on Friday, with the Stoxx Europe 50 Index higher 0.10% to 3,306.30, Germany’s DAX lower 0.10% to 13,042.75 and France’s CAC gain 0.05% to 5,012.35 and U.K.’s FTSE 100 flat to 5,849.50.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield rose 2.83% to 0.640.
Spot Brent crude oil fell 0.52% to $43.86 per barrel. US West Texas Intermediate crude lost 0.48% to $41.16 a barrel.
The yellow metal traded 0.25% higher to 1935.50 dollars per ounce.
Market Wrap: Forex
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, higher 0.05% to 92.782.
The Euro US Dollar (EUR/USD) widely traded pair down 0.32% today. This left the pairing trading around $1.18160.
The Japanese yen rose against the U.S. dollar on Friday as stock pushes lower. Today US/JPY down 0.05% to 106.130 level.
Other commodity related currency higher against U.S dollar, AUD/USD rose 0.10% to 0.727900 and NZD/USD flat to 0.67120.
EUR/USD Intraday: Support at 1.18270
Our pivot point is at 1.18270
Preferable Price Action: Take Long positions above level with targets at 1.18717 & 1.19008 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.17834 & 1.17552.
Comment: Pair above its 55MA and RSI near 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Break support area
Our pivot point is at 1.33080
Preferable Price Action: Short positions below pivot with targets at 1.32451 & 1.32154 in extension.
Alternative Price Action: Price above pivot would call for further upside to 1.33706 & 1.34003.
Comment: Price below 55MA & 20MA and MACD in negative territory.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
USD/JPY Intraday: support at 106.000
Our pivot point is at 106.000
Preferable Price Action: Long position above pivot with the target at 106.353 and 106.554 in extension.
Alternative Price Action: The downside breakout of pivot would call for 105.643 and 105.435.
Comment: price above 20MA & 55MA and RSI above 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
AUD/USD Intraday: Bias on the downside
Our pivot point is at 0.72910
Preferable Price Action: Short positions below pivot with targets at 0.72453 & 0.72203 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.73405 & 0.73645 as targets.
Comment: Pair below its 55MA & 20MA and RSI below 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
CRUDEOIL Intraday: Resistance at 41.55
Our pivot point is at 41.55
Preferable Price Action: Sell crude below pivot with targets at 40.80 and 40.42 in extension.
Alternative Price Action: Above pivots buy Oil with 42.30 & 42.71 as targets.
Comment: Crude above Its 20MA & 55MA and MACD in positive territory.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Minor trend downside
Our pivot point is at 1929.10
Preferable Price Action: Further upside to 1946.03 & 1955.09 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1913.19 and 1904.35.
Comment: MACD in negative territory and price below its 55MA & 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: Plunge nearly 3.00%
Our pivot point is at 28500.00
Preferable Price Action: Take sell positions below pivot with targets at 28120.00 & 27920.00 in extension.
Alternative Price Action: Above 28500.00 looks for further upside to 28885.60 & 29083.41.
Comment: Price below its 20MA & 55MA and RSI below 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced7