Market Wrap: Stocks, Bonds, Commodities
Wall Street’s main indexes posted slim gains on Wednesday ahead of key U.S. economic data due later in the week as investors weighed inflation concerns and a fresh surge in so-called “meme stocks.”
The Dow Jones Industrial Average rose 25.07 points (0.07%) to 34,600.38, the S&P 500 gained 6.08 points (0.14%) at 4,208.12 and the Nasdaq Composite added 19.85 points (0.14%) to 13,756.33.
Asian shares were a touch below a recent three-month top on Thursday with China a tad weaker as investors weighed inflation concerns ahead of key U.S. economic data while oil prices rose to near 1-1/2 year highs.
MSCI’s index of Asia-Pacific stocks outside Japan slipped 0.57% to 897.15 levels. Australian index advance 1.05% to 7,217.80. Japanese Nikkei traded 0.46% higher to 28,946.14.
European stocks were mixed on Wednesday, with the Stoxx Europe 50 Index fell 0.13% to 4,066.29, Germany’s DAX lost 0.05% to 15,559.60, and France’s CAC declined 0.10% 6,483.60, and U.K.’s FTSE 100 rose 0.36% to 7,106.15.
Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields fell 0.44% to 1.608.
Oil prices rose for a third day on Thursday on expectations for a surge in fuel demand, particularly in the United States and Europe, and China, later this year at the same time major producers are maintaining supply discipline.
Spot Brent crude oil gained 0.41% to $70.54 per barrel. US West Texas Intermediate crude rose 0.32% to $67.94 a barrel.
The yellow metal traded 0.14% lower to 1899.20 dollars per ounce.
Market Wrap: Forex
The U.S. dollar was wavering above major support levels on Thursday, as traders awaited a batch of U.S. economic data that could set the tone at central bank meetings later this month.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, higher 0.20% to 89.995.
The Euro US Dollar (EUR/USD) is a widely traded pair that flat today. This left the pairing trading around $1.22040
The Japanese yen fell against the U.S. dollar on Wednesday as the stock pushes higher. Today US/JPY up 0.26% to 109.730 level.
Another commodity-related currency lower against the U.S dollar, AUD/USD down 0.28% to 0.77320, and NZD/USD slipped 0.37% to 0.72270.
EUR/USD Intraday: Resistance at 1.22110
Our pivot point is at 1.22110
Preferable Price Action: Take short positions below pivot level with targets at 1.21850 & 1.21720 in extension.
Alternative Price Action: Above pivot looks for further upside to 1.22350 & 1.22470.
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
GBP/USD Intraday: Resistance at 1.41750
Our pivot point is at 1.41750
Preferable Price Action: Sell positions below pivot with targets at 1.41400 & 1.41200 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.42100 & 1.42300.
Comment: Price 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
USD/JPY Intraday: Trend on the upside
Our pivot point is at 109.650
Preferable Price Action: Buy position above with the target at 109.850 and 109.940 in extension.
Alternative Price Action: The downside breakout of pivot would call for 109.450 and 109.360.
Comment: price 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
AUD/USD Intraday: In a consolidation zone
Our pivot point is at 0.77500
Preferable Price Action: Sell Positions below pivot with targets at 0.77200 & 0.77050 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.77800 & 0.77950 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: Break resistance level
Our pivot point is at 68.70
Preferable Price Action: Above pivots buy Oil with 69.55 & 70.10 as targets.
Alternative Price Action: Sell crude below pivot with targets at 67.85 and 67.30 in extension.
Comment: Crude is above its 55MA & 20MA and MACD in the 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: In a consolidation zone
Our pivot point is 1904.90
Preferable Price Action: Further downside to 1894.80 & 1889.40.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1914.80 and 1920.10.
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: Support at 34,560.00
Our pivot point is 34,560.00
Preferable Price Action: Take buy positions above pivot with targets at 34,640.00 & 34,690.00.
Alternative Price Action: Below 34,560.00 looks for further downside to 34,480.00 & 34,430.00.
Comment: Price below its 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