Market Wrap: Stocks, Bonds, Commodities
The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.
The Dow Jones Industrial Average rose 210.22 points (0.61%) to 34,502.51, the S&P 500 gained 5.7 points (0.13%) to 4,297.5 and the Nasdaq Composite dropped 24.38 points (0.17%) to 14,503.95.
Global shares retreated from recent highs on Wednesday, as Asian markets grew jittery about a resurgence of COVID-19 cases and Western markets awaited Friday’s U.S. jobs report and what it might mean for monetary policy.
MSCI’s index of Asia-Pacific stocks outside Japan fell 0.24% to 887.52 levels. Australian index down 0.65% to 7,265.60. Japanese Nikkei traded lower 0.29% to 28,707.10.
European stocks were higher on Tuesday, with the Stoxx Europe 50 Index gained 1.05% to 4,107.55, Germany’s DAX rose 1.05% to 15,694.30, and France’s CAC up 0.93% to 6,568.61, and U.K.’s FTSE 100 advance 1.21% to 7,122.85.
Benchmark 10-year U.S. Treasury rose as demand for safe risk grows again, today 10-year bond yields gained 2.13% to 1.475.
Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year.
Spot Brent crude oil rose 1.30% to $75.60 per barrel. US West Texas Intermediate crude advance 1.44% to $74.53 a barrel.
The yellow metal higher 0.20% to 1774.60 dollars per ounce.
Market Wrap: Forex
The dollar rose to a 2-1/2-month peak on Wednesday, posting its biggest monthly rise since November 2016, supported by a surprisingly hawkish shift in the U.S. Federal Reserve’s rate outlook and concern over the spread of the Delta coronavirus variant.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, advanced 0.11% to 92.513.
The Euro US Dollar (EUR/USD) is a widely traded pair that slipped 0.10% today. This left the pairing trading around $1.18410.
The Japanese yen gained against the U.S. dollar on Thursday as the stock pushes higher. Today US/JPY advanced 0.24% to 110.350 level.
Another commodity-related currency lower against the U.S dollar, AUD/USD fell 0.11% to 0.74890, and NZD/USD rose 0.05% to 0.69840.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.18760
Preferable Price Action: Take short positions below pivot level with targets at 1.18220 & 1.17970 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.19330 & 1.19600.
Comment: Pair below its 55MA 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 1.38140
Our pivot point is at 1.38140
Preferable Price Action: Buy positions above pivot with targets at 1.38680 & 1.39030 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.37580 & 1.37210.
Comment: Price 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
USD/JPY Intraday: Break resistance level
Our pivot point is at 110.150
Preferable Price Action: Buy position above pivot with the target at 111.460 and 111.610 in extension.
Alternative Price Action: The downside breakout of pivot would call for 110.830 and 110.660.
Comment: price above its 20MA 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 may reverse to upside
Our pivot point is at 0.74817
Preferable Price Action: Buy Positions above pivot with targets at 0.75300 & 0.75590 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.773700 & 0.74110 as targets.
Comment: Pair above its 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: In a consolidation zone
Our pivot point is at 73.05
Preferable Price Action: Above pivots buy Oil with 74.34 & 75.23 as targets.
Alternative Price Action: Sell crude below pivot with targets at 71.84 and 71.00 in extension.
Comment: Crude is above its 20MA & 55MA 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: Break Resistance level
Our pivot point is 1770.90
Preferable Price Action: Further upside to 1784.70 & 1791.50.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 1756.80 and 1750.20.
Comment: MACD in positive territory and price above its 20MA & 50MA.
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: Trend on the upside
Our pivot point is 34,521.00
Preferable Price Action: Take Buy positions below pivot with targets at 34,731.00 & 34,844.00.
Alternative Price Action: Below 34,521.00 looks for further downside to 34,308.00 & 34,198.00.
Comment: Price above its 20MA & 55MA 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