Market Wrap: Stocks, Bonds, Commodities
The Nasdaq slid and the S&P 500 closed little with change on September 11 as early gains in technology and growth names faded, with each of the three major Wall Street averages posting their second straight weekly decline.
The Dow Jones Industrial Average closed up 131.06 points (0.48%) to 27,665.64. The S&P 500 gained 1.78 points (0.05%) to 3,340.97 and the Nasdaq Composite dropped 66.05 points (0.60%) to 10,853.55.
Asian shares started higher on Monday as hopes of a coronavirus vaccine was rise after AstraZeneca resumed its phase-3 trial while sentiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States.
MSCI’s index of Asia-Pacific stocks outside Japan gained 0.86% to 721.30 levels. Australian index advances 0.68% to 5,899.50. Japanese Nikkei gained 0.65% to 23,559.30.
European stocks were mixed on Friday, with the Stoxx Europe 50 Index rose 0.10% to 3,315.81, Germany’s DAX lost 0.05% to 13,202.84 and France’s CAC gained 0.20% to 5,034.14 and U.K.’s FTSE 100 up 0.48% to 6,032.10.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield down 0.67% to 0.663.
Crude Oil prices were gained on Monday with US crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels.
Spot Brent crude Oil rose 0.10% to $39.86 per barrel. US West Texas Intermediate crude up 0.30% to $37.44 a barrel.
The yellow metal traded 0.30% higher to 1945.20 dollars per ounce.
Market Wrap: Forex
The dollar found support on Wednesday as a stock market slide spooked investors into selling riskier currencies, while worries about Brexit pushed the pound down to a new six-week low.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lower 0.16% to 93.200.
The Euro US Dollar (EUR/USD) widely traded pair flat today. This left the pairing trading around $1.18460.
The Japanese yen rose against the U.S. dollar on Friday as stock pushes lower. Today US/JPY down 0.10% to 106.050 level.
Other commodity-related currency mixed against U.S dollar, AUD/USD down 0.05% to 0.72800 and NZD/USD up 0.50% to 0.66970.
EUR/USD Intraday: Support at 1.18360
Our pivot point is at 1.18360
Preferable Price Action: Take Long positions above level with targets at 1.18730 & 118980 in extension.
Alternative Price Action: Below pivot looks for further downside at 1.17976 & 1.17710.
Comment: Pair above its 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
GBP/USD Intraday: Bias on the upside
Our pivot point is at 1.27960
Preferable Price Action: Long positions above pivot with targets at 1.28509 & 1.28786 in extension.
Alternative Price Action: Price below pivot would call for further downside to 1.27432 & 1.27175.
Comment: Price above 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
USD/JPY Intraday: In consolidation zone
Our pivot point is at 106.130
Preferable Price Action: Short position below pivot with the target at 105.903 and 105.768 in extension.
Alternative Price Action: The upside breakout of pivot would call for 106.363 and 106.492.
Comment: price below 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 produced
AUD/USD Intraday: Support at 0.72680
Our pivot point is at 0.72680
Preferable Price Action: Long positions above pivot with targets at 0.73070 & 0.73330 in extension.
Alternative Price Action: Below pivot looks for further downside with 0.72294 & .0.72034 as targets.
Comment: Pair above its 55MA & 20MA 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
CRUDEOIL Intraday: Support at 37.30
Our pivot point is at 37.30
Preferable Price Action: Buy crude above pivot with targets at 37.95 and 38.30 in extension.
Alternative Price Action: Below pivots sell Oil with 36.66 & 36.30 as targets..
Comment: Crude above Its 55MA 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
XAU/USD Intraday: Bias on the upside
Our pivot point is at 1942.00
Preferable Price Action: Further upside to 1950.76 & 1955.98 level.
Alternative Price Action: If price gives downside breakout of a pivot, then price extends to 1932.98 and 1927.31.
Comment: MACD in positive territory and price above its 20MA & 55MA.
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: Support at 27800.00
Our pivot point is at 27800.00
Preferable Price Action: Take buy positions above pivot with targets at 28130.00 & 28280.00 in extension.
Alternative Price Action: Below 27800.00 looks for further downside to 27470.00 & 27310.00.
Comment: Price above its 55MA & 20MA and RSI at 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