Market Wrap: Stocks, Bonds, Commodities
The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.
The Dow Jones Industrial Average rose 131.02 points (0.38%) to 34,633.53, the S&P 500 gained 22.44 points (0.52%) to 4,319.94 and the Nasdaq Composite added 18.42 points (0.13%) to 14,522.38.
Asia Pacific stocks were mixed Friday morning, finding their feet on the first trading day of July. Investors await U.S. employment data even as they continue digesting economic data from the U.S. and China.
MSCI’s index of Asia-Pacific stocks outside Japan fell 1.24% to 874.44 levels. Australian index rose 0.59% to 7,308.60. Japanese Nikkei traded higher 0.27% to 28,783.30.
European stocks were higher on Friday, with the Stoxx Europe 50 Index gained 0.50% to 4,099.80, Germany’s DAX rose 0.57% to 15,694.30, and France’s CAC up 0.43% to 6,581.61, and U.K.’s FTSE 100 advance 0.44% to 7,157.25.
Benchmark 10-year U.S. Treasury rose as demand for safe risk grows again, today 10-year bond yields slipped 1.51% to 1.475.
Oil prices rose roughly 2% on Thursday on indications that OPEC+ producers could increase output more slowly than expected in the coming months while rising global fuel demand causes supply to tighten.
Spot Brent crude oil lost 0.30% to $75.62 per barrel. US West Texas Intermediate crude fell 0.15% to $75.12 a barrel.
The yellow metal flat to 1776.30 dollars per ounce.
Market Wrap: Forex
The U.S. dollar was perched at a 15-month high on the yen and at multi-month peaks against other majors on Friday, as traders wagered strong U.S. labor data could lift it even further.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, advanced 0.10% to 92.677.
The Euro US Dollar (EUR/USD) is a widely traded pair that slipped 0.20% today. This left the pairing trading around $1.18240.
The Japanese yen fell against the U.S. dollar on Friday as the stock pushes higher. Today US/JPY lost 0.10% to 111.590 level.
Another commodity-related currency lower against the U.S dollar, AUD/USD fell 0.17% to 0.74560, and NZD/USD slipped 0.27% to 0.69560.
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 1.18180 & 1.17960 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.18990 & 1.19210.
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
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.37870
Preferable Price Action: Sell positions below pivot with targets at 1.37370 & 1.37140 in extension.
Alternative Price Action: The price Above pivot would call for further upside to 1.38360 & 1.38610.
Comment: Price below its 55MA & 20MA and RSI at oversold 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 110.460
Preferable Price Action: Buy position above pivot with the target at 111.9000 and 112.180 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 111.000 and 110.710.
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: Resistance at 0.74810
Our pivot point is at 0.74810
Preferable Price Action: Sell Positions below pivot with targets at 0.74450 & 0.74230 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.74450 & 0.74230 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: Trend on the upside
Our pivot point is at 74.08
Preferable Price Action: Above pivots buy Oil with 75.70 & 76.52 as targets.
Alternative Price Action: Sell crude below pivot with targets at 72.47 and 71.62 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: Support at 1771.90
Our pivot point is 1771.90
Preferable Price Action: Further upside to 1784.50 & 1791.50.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1757.00 and 1750.40.
Comment: MACD in positive territory and price below 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: Strong 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