Market Wrap: Stocks, Bonds, Commodities
Support in defensive stock and Boeing helped the Dow Jones and the S&P 500 index help to recover some lost ground on Wednesday after concerns over inflation and rising Treasury yields reason for Wall Street’s worst selloffs this year.
The Dow Jones Industrial Average was gained 102.30 points (0.30%) at 34,402.29, the S&P 500 was rose 6.90 points (0.16%) at 4,359.53, and the Nasdaq Composite was slipped 37.51 points (0.26%) at 14,509.17.
MSCI’s index of Asia-Pacific stocks outside Japan fell 0.05% to 800.12 levels. Australian index jumped 1.88% to 7,332.250. Japanese Nikkei Index lost 0.23% to 29,477.50.
European stocks were higher on Thursday, with the Stoxx Europe 50 Index rose 0.39% to 4,096.65, Germany’s DAX gained 0.07% to 15,382.50, and France’s CAC up 0.47% to 6,591.62, and U.K.’s FTSE 100 advance 0.33% to 7,132.33.
Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields lost 0.66% to 1.529.
Oil prices slipped on Thursday, continues losses after official figures showed an unexpected gain in inventories in the United States although prices seem to have stabilized following a recent run of gains.
Spot Brent crude oil gained 0.05% to $78.09 per barrel. US West Texas Intermediate crude advance 0.15% to $74.94 a barrel.
The yellow metal traded higher 0.40% to 1729.85 dollars per ounce.
Market Wrap: Forex
The dollar index jumped to a one-year high against major currencies, supported by a reduction in the U.S. Federal Reserve’s asset purchases starting in November and an interest rate hike, possibly in late 2022.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which lost 0.05% to 94.343.
The Euro US Dollar (EUR/USD) is a widely traded pair that is gained 0.05% today. This left the pairing trading around $1.16000.
The Japanese yen rose against the U.S. dollar on Thursday as the stock pushes higher. Today US/JPY is down 0.06% to 111.920 level.
Another commodity-related currency higher against the U.S dollar, AUD/USD rose 0.41% to 0.72040, and NZD/USD gained 0.10% to 0.68750 level.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.16240
Preferable Price Action: Take short positions below pivot level with targets at 1.15700 & 1.15420 in extension.
Alternative Price Action: above pivot looks for a further upside to 1.16840 & 1.17150.
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: Strong Trend on the downside
Our pivot point is at 1.35060
Preferable Price Action: Sell positions below pivot with targets at 1.34030 & 1.33530 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.36150 & 1.36680.
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
USD/JPY Intraday: Break resistance level
Our pivot point is at 111.640
Preferable Price Action: Buy position above pivot with the target at 112.230 and 112.580 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 111.020 and 110.700.
Comment: Price above its 55MA & 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: Resistance at 0.72280
Our pivot point is at 0.72280
Preferable Price Action: Sell Positions below pivot with targets at 0.71790 & 0.71550 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.72760 & 0.72980 as targets.
Comment: Pair below its 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 a consolidation zone
Our pivot point is at 74.05
Preferable Price Action: Above pivots buy Oil with 75.74 & 76.62 as targets.
Alternative Price Action: Sell crude below pivot with targets at 72.49 and 71.64 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: Resiatnce at 1735.20
Our pivot point is 1735.20
Preferable Price Action: Further downside to 1720.50 and 1712.80
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1749.60 and 1757.50.
Comment: MACD in negative territory and price below 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: Break resistance level
Our pivot point is 34,507.00
Preferable Price Action: Take long positions above pivot with targets at 34,824.00 & 34,982.00.
Alternative Price Action: Below 34,507.00 looks for further downside to 34,217.00 & 34,063.00.
Comment: Price above it 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