Market Wrap: Stocks, Bonds, Commodities
The S&P 500 ended higher on Thursday, snapping a five-session losing streak, as investors interpreted data showing a rise in weekly jobless claims as a sign the pace of interest rate hikes could soon slow.
The Dow Jones Industrial Average fell 305.02 points to 33,476.46, the S&P 500 lose 0.73% to 3,934.38 and the Nasdaq Composite subtract 77.39 points to 11,004.62.
MSCI’s index of Asia-Pacific stocks outside Japan is ascend 1.32% to 635.72 levels. The Australian index was lower by 0.45% to 7,180.80. Japanese Nikkei Index lose 0.21% today.
European stocks were mix on Monday, with the Stoxx Europe 50 Index fell 0.26% to 3,932.35, Germany’s DAX lose 0.12% to 14,354.05, and France’s CAC advance 0.02% to 6,677.88, and U.K.’s FTSE 100 subtract 0.08% to 7,470.40.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are negative 0.66% to 3.543.
Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation against a Western price cap on Russian oil exports.
Spot Brent crude oil fell 0.93% to $75.39 per barrel. US West Texas Intermediate crude is down 0.93% to $70.36 a barrel.
The yellow metal gold is decline 0.37% to 1,803.95 dollars per ounce.
Market Wrap: Forex
The dollar edged lower on Monday but losses were contained by data last week that showed U.S. wholesale inflation rose more than expected last month, reinforcing the view that the Federal Reserve may have to keep interest rates higher for longer.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.03% to 104.445.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.27% today. This left the pair trading around $1.o558.
The Japanese yen was positive against the U.S. dollar on Monday. Today USD/JPY is ascend 0.10% to the 136.70 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD fell 0.05% to 0.6791, and NZD/USD gain 0.17% to 0.6418 level.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.05290
Preferable Price Action: Take long positions below pivot level with targets at 1.04990 & 1.04790 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.05610 & 1.05810.
Comment: RSI below 50 levels and Pairs below 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Trend on the upside
Our pivot point is at 1.22310
Preferable Price Action: Buy positions above pivot with targets at 1.23720 & 1.24910 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.20890 & 1.19840.
Comment: RSI above 50 levels and Pairs above 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
USD/JPY Intraday: In a consolidation zone
Our pivot point is at 136.630
Preferable Price Action: Buy position above pivot with the target at 137.300 and 137.750 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 135.960 and 134.500.
Comment: MACD is flat territory and Pairs above 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
AUD/USD Intraday: Resistance level at 0.68020
Our pivot point is at 0.68020
Preferable Price Action: Sell Positions below pivot with targets at 0.67110 & 0.66360 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.68900 & 0.69560 as targets.
Comment: RSI at 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicate 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 72.11.
Preferable Price Action: Below pivots sell oil with 70.78 & 69.91 as targets.
Alternative Price Action: Buy crude above pivot with targets at 73.32 and 74.19 in extension.
Comment: MACD is at 50 and Pairs below 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Trend on the downside
Our pivot point is 1793.00
Preferable Price Action: Further downside to 1781.70 and 1773.10
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1803.80 and 1811.80.
Comment: MACD is negative territory and Pairs below 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: Trend on the downside
Our pivot point is 33,509.00
Preferable Price Action: Take sell positions below the pivot with targets at 33,251.00 & 33,043.00.
Alternative Price Action: Above 33,509.00 looks for further upside to 33,763.00 & 33,965.00.
Comment: RSI below 50 levels and Pairs below 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced