Market Wrap: Stocks, Bonds, Commodities
British grocery inflation has fallen below 10% for the first time since July 2022, industry data showed on Tuesday, providing some relief for consumers as they enter the key Christmas shopping period.
The Dow Jones Industrial Average rose 34.54 points to 34,095.86, the S&P 500 gain 0.18% to 4,365.98 and the Nasdaq Composite add 40.50 points to 13,518.78.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 1.09% to 607.96 levels. The Australian index was lower by 0.29% to 6,977.10. Japanese Nikkei Index drop 1.37% today.
European stocks were negative on Tuesday, with the Stoxx Europe 50 Index fell 0.34% to 4,144.55, Germany’s DAX drop 0.35% to 15,087.05, and France’s CAC decline 0.45% to 6,984.01 and U.K.’s FTSE 100 subtract 0.13% to 7,408.40.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields negative 1.22% to 4.6090.
Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil.
Spot Brent crude oil drop 1.97% to $83.48 per barrel. US West Texas Intermediate crude is down 2.02% to $79.19 a barrel.
The yellow metal gold is decline 0.67% to 1,975.40 dollars per ounce.
Market Wrap: Forex
The U.S. dollar edged higher against the euro on Monday, after earlier dipping to an almost 8-week low on growing expectations that the Federal Reserve is done hiking interest rates, with U.S. central bank officials in focus this week for further signals on rate policy.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.28% to 105.340.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.21% today. This left the pair trading around $1.06930.
The Japanese yen was negative against the U.S. dollar on Tuesday. Today USD/JPY is surged 0.16% to the 149.460 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD rose 0.05% to 0.65140, and NZD/USD slipped 0.05% to 0.59960 level.
EUR/USD Intraday: Major trend on the downside
Our pivot point is at 1.07160
Preferable Price Action: Take sell positions below pivot level with targets at 1.06620 & 1.06280 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.07650 & 1.07980.
Comment: RSI is below 50 levels and Pairs 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
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.23520
Preferable Price Action: Sell positions below pivot with targets at 1.22840 & 1.22440 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.24090 & 1.24520.
Comment: RSI is below 50 levels and Pairs 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
USD/JPY Intraday: Major trend on the upside
Our pivot point is at 150.310
Preferable Price Action: Buy position above pivot with the target at 150.690 and 150.910 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 149.940 and 149.700.
Comment: MACD is above 50 level and Pairs 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
AUD/USD Intraday: Resistance level at 0.64480
Our pivot point is at 0.64480
Preferable Price Action: Sell positions below pivot with targets at 0.64130 & 0.63900 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.64780 & 0.65020 as targets.
Comment: RSI is below 50 levels and Pairs 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
CRUDEOIL Intraday: Trend on the downside
Our pivot point is at 80.30
Preferable Price Action: Below pivot sell oil with 79.27 & 78.78 as targets.
Alternative Price Action: Buy crude above pivot with targets at 81.15 and 81.75 in extension.
Comment: MACD is negative territory and Pairs 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
XAU/USD Intraday: Trend on the downside
Our pivot point is 1972.70
Preferable Price Action: Further downside to 1963.60 and 1958.20.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1980.00 and 1986.50.
Comment: MACD is below 50 level and Pairs 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
Dow Jones Intraday: Trend on the downside
Our pivot point is 34,084.00
Preferable Price Action: Take sell positions below the pivot with targets at 33,912.00 & 33,800.00.
Alternative Price Action: Above 34,084.00 looks for further upside to 34,253.00 & 34,374.00.
Comment: RSI is below 50 levels and Pairs 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