Market Wrap: Stocks, Bonds, Commodities
The S&P 500 and Nasdaq rose on Wednesday, boosted by gains in technology shares, and the three major Wall Street indexes registered their fourth straight quarterly rise as investors positioned themselves for President Joe Biden’s massive infrastructure plan.
The Dow Jones Industrial Average fell 85.41 points (0.26%) to 32,981.55, the S&P 500 gained 14.34 points (0.36%) to 3,972.89 and the Nasdaq Composite added 201.48 points (1.54%) to 13,246.87.
Asian stocks were set to edge higher early on Thursday after big tech rallied on Wall Street and as President Joe Biden announced a multi-trillion-dollar infrastructure investment plan.
MSCI’s index of Asia-Pacific stocks outside Japan rose 1.48% to 876.42 levels. Australian index advances 0.56% to 6,828.70. Japanese Nikkei traded 0.72% higher to 29,388.87.
European stocks were advance on Thursday, with the Stoxx Europe 50 Index gained 0.50% to 3,938.05, Germany’s DAX rose 0.58% to 15,095.45 and France’s CAC higher 0.44% to 6,094.12 and U.K.’s FTSE 100 advance 0.70% to 6,760.50.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield decline 1.61% to 1.718.
Oil prices fell about 2% on Wednesday as fresh lockdowns in Europe stoked fuel consumption fears and a pessimistic demand outlook from OPEC and its allies ahead of their meeting to decide on production curbs.
Spot Brent crude Oil up 1.64% to $63.78 per barrel. US West Texas Intermediate crude advance 1.93% to $60.30 a barrel.
The yellow metal traded flat to 1714.50 dollars per ounce.
Market Wrap: Forex
The dollar held near a multi-month high against other major currencies on Thursday as investors bet fiscal stimulus and aggressive vaccinations will help the United States grow faster than other economies.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, flat to 93.222.
The Euro US Dollar (EUR/USD) widely traded pair gained 0.10% today. This left the pairing trading around $1.17390.
The Japanese yen fell against the U.S. dollar on Thursday as stock pushes higher. Today US/JPY rose 0.10% to 110.790 level.
Other commodity-related currency lower against the U.S dollar, AUD/USD lost 0.43% to 0.75630 and NZD/USD fell 0.21% to 0.69670.
EUR/USD Intraday: Support at 1.17150
Our pivot point is at 1.17150
Preferable Price Action: Take long positions above pivot level with targets at 1.17470 & 1.17670 in extension.
Alternative Price Action: Below pivot looks for further downside to 1.16830 & 1.16630.
Comment: Pair above its 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 produced
GBP/USD Intraday: Support at 1.37630
Our pivot point is at 1.37630
Preferable Price Action: Buy positions above pivot with targets at 1.38030 & 1.38230 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.37230 & 1.37030.
Comment: Price above at 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
USD/JPY Intraday: Strong trend upside
Our pivot point is at 110.540
Preferable Price Action: Buy position above with the target at 110.930 and 111.130 in extension.
Alternative Price Action: The downside breakout of pivot would call for 110.150 and 109.950.
Comment: price above 20MA & 50MA 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
AUD/USD Intraday: Trend on the downside
Our pivot point is at 0.75900
Preferable Price Action: Sell Positions below pivot with targets at 0.75450 & 0.75250 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.76370 & 0.76570 as targets.
Comment: Pair 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 produced
CRUDEOIL Intraday: In consolidation zone
Our pivot point is at 59.85
Preferable Price Action: Above pivots buy Oil with 60.90 & 61.50 as targets.
Alternative Price Action: Sell crude below pivot with targets at 58.80 and 58.20 in extension.
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: Trend on the upside
Our pivot point is at 1710.30
Preferable Price Action: Further upside to 1721.50 & 1727.90.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1699.50 and 1693.00.
Comment: MACD in positive territory and price above 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 32,970.00
Our pivot point is 32,970.00
Preferable Price Action: Take buy positions above pivot with targets at 33,150.00 & 33,250.00.
Alternative Price Action: Below 32,970.00 looks for further downside to 32,800.00 & 32,700.00.
Comment: Price above its 20MA and 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 produced7