Market Wrap: Stocks, Bonds, Commodities
The S&P 500 ended slightly higher on Tuesday as investors kept their focus on the growth trajectory of the US economy, and the tech-heavy Nasdaq closed higher while the Dow slipped.
The Dow Jones Industrial Average fell 129.44 points to 30,967.82, the S&P 500 gain 6.06 points to 3,831.39 and the Nasdaq Composite add 194.39 points to 11,322.24.
MSCI’s index of Asia-Pacific stocks outside Japan is drop 1.01% to 643.11 levels. Australian index higher 0.52% to 6,594.50. Japanese Nikkei Index drop 1.15% to 26,119.33.
European stocks were positive on Wednesday, with the Stoxx Europe 50 Index rose 1.30% to 3,403.65, Germany’s DAX advance 1.29% to 12,560.27, and France’s CAC gain 1.22% to 5,865.55, and U.K.’s FTSE 100 surge 1.42% to 7,125.90.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a negative 0.26% to 2.8040.
Oil rebounded above $100 a barrel after plunging more than 8 percent to the lowest close since late April on concern a recession will hurt demand.
Spot Brent crude oil add 2.25% to $105.18 per barrel. US West Texas Intermediate crude is up 1.68% to $101.19 a barrel.
The yellow metal gold is advance 0.06% to 1,764.80 dollars per ounce.
Market Wrap: Forex
The U.S. dollar edged lower in early European trade Wednesday, but remained near a 20-year high as traders sought out this safe haven in the face of renewed recession fears, soaring gas prices, and political uncertainty in the U.K.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is a rose 0.03% to 106.340.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.19% today. This left the pair trading around $1.02450.
The Japanese yen was positive against the U.S. dollar on Wednesday as the stock up. Today USD/JPY is drop 0.47% to 135.240 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD lose 0.04% to 0.67990, and NZD/USD up 0.13 to 0.61760 level.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.03060
Preferable Price Action: Take sell positions below pivot level with targets at 1.01840 & 1.00810 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.04080 & 1.04990.
Comment: RSI below 50 levels and Pair 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 1.19570
Preferable Price Action: Buy positions above pivot with targets at 1.20550 & 1.21270 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.18540 & 1.17830.
Comment: RSI above 50 levels pair 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: Resistance level at 135.570
Our pivot point is at 135.570
Preferable Price Action: Sell position below pivot with the target at 134.440 and 133.550 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 136.720 and 137.520.
Comment: MACD is negative territory and Pair below its 20MA & 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: Support level at 0.67910
Our pivot point is at 0.67910
Preferable Price Action: Buy Positions above pivot with targets at 0.68720 & 0.69440 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.67150 & 0.66500 as targets.
Comment: RSI above 50 levels and Pair above its 20MA & 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
CRUDEOIL Intraday: Resistance level at 100.40
Our pivot point is at 100.40
Preferable Price Action: Below pivots sell oil with 95.52 & 91.44 as targets.
Alternative Price Action: Buy crude above pivot with targets at 105.27 and 109.39 in extension.
Comment: MACD is in the negative territory and Pair 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 1779.40
Preferable Price Action: Further downside to 1749.50 and 1725.10
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1806.50 and 1829.50.
Comment: MACD is negative territory and Pair 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: In a consolidation zone
Our pivot point is 31,048.00
Preferable Price Action: Take sell positions below pivot with targets at 30,634.00 & 30,326.00.
Alternative Price Action: Above 31,048.00 looks for further upside to 31,435.00 & 31,752.00.
Comment: RSI at 50 levels and Pair below 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