Market Wrap: Stocks, Bonds, Commodities
US stocks fell on Friday and registered losses for the week as Amazon.com shares dropped after the company forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains.
The Dow Jones Industrial Average fell 149.06 points (0.42%) to 34,935.47, the S&P 500 lost 23.89 points (0.54%) to 4,395.26 and the Nasdaq Composite dropped 105.59 points (0.71%) to 14,672.68.
Asian shares face another tough week as Beijing’s regulatory crackdown fans fears about China’s economy, though upbeat economic data in the United States and Europe and solid corporate earnings put a floor under their markets.
MSCI’s index of Asia-Pacific stocks outside Japan advance 0.92% to 828.13 levels. Australian index rose 1.34% to 7,491.40. Japanese Nikkei gained 1.82% to 27,781.10.
European stocks were higher on Monday, with the Stoxx Europe 50 Index gained 0.44% to 4,107.14, Germany’s DAX rose 0.71% to 15,543.90, and France’s CAC up 0.66% to 6,656.20, and U.K.’s FTSE 100 up 0.72% to 7,084.05.
Benchmark 10-year U.S. Treasury fell as demand for safe risk grows again, today 10-year bond yields fell 0.55% to 1.232.
Oil prices fell on Monday on worries over China’s economy after a survey showed factory activity growing at its slowest pace in 17 months in the world’s second-largest oil consumer, concern compounded by a rise in oil output from OPEC producers.
Spot Brent crude oil slipped 0.99% to $74.66 per barrel. US West Texas Intermediate crude lost 0.95% to $73.25 a barrel.
The yellow metal is lower 0.37% to 1810.55 dollars per ounce.
Market Wrap: Forex
The dollar held just above a one-month low on Monday as traders held tight positions heading into a busy week that includes monthly U.S. jobs data and a key Australian central bank decision.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, lower 0.10% to 92.112.
The Euro US Dollar (EUR/USD) is a widely traded pair that fell 0.05% today. This left the pairing trading around $1.18650.
The Japanese yen lost against the U.S. dollar on Friday as the stock pushes lower. Today US/JPY flat to 109.660 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD gained 0.05% to 0.73470, and NZD/USD fell 0.07% to 0.69670.
EUR/USD Intraday: Resistance at 1.18800
Our pivot point is at 1.18800
Preferable Price Action: Take short positions below pivot level with targets at 1.18450 & 1.18210 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.19160 & 1.19400.
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: Support zone near 1.38830
Our pivot point is at 1.38830
Preferable Price Action: Buy positions above pivot with targets at 1.39640 & 1.40130 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.38070 & 1.37550.
Comment: Price above its 20MA 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: In a consolidation zone
Our pivot point is at 109.830
Preferable Price Action: Sell position below pivot with the target at 109.410 and 109.160 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 110.290 and 110.530.
Comment: price below its 55MA and MACD in negative 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 on the downside
Our pivot point is at 0.73580
Preferable Price Action: Sell Positions below pivot with targets at 0.73260 & 0.73050 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.73900 & 0.74110 as targets.
Comment: Pair above its 20MA and RSI near 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: Resistance area at 73.34
Our pivot point is at 73.34
Preferable Price Action: Below pivots sell Oil with 72.19 & 71.50 as targets.
Alternative Price Action: Buy crude above pivot with targets at 74.52 and 75.15 in extension.
Comment: Crude is below its 55MA & 20MA and MACD in the negative 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: Trend on the downside
Our pivot point is 1814.30
Preferable Price Action: Further downside to 1802.10 & 1794.60.
Alternative Price Action: If the price gives a upside breakout of a pivot, then the price extends to 1825.90 and 1833.10.
Comment: MACD in positive territory and price below it’s 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: In a consolidation zone
Our pivot point is 35,048.00
Preferable Price Action: Take long positions above pivot with targets at 35,192.00 & 35,282.00.
Alternative Price Action: Below 35,048.00 looks for further downside to 34,914.00 & 34,822.00.
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