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 rose 183.56 points to 33,781.48, the S&P 500 gain 0.75% to 3,963.51 and the Nasdaq Composite add 123.45 points to 11,082.00.
MSCI’s index of Asia-Pacific stocks outside Japan is ascend 1.32% to 635.72 levels. The Australian index was higher by 0.53% to 7,213.20. Japanese Nikkei Index gain 1.18% today.
European stocks were positive on Friday, with the Stoxx Europe 50 Index rose 0.09% to 3,924.75, Germany’s DAX gain 0.17% to 14,288.85, and France’s CAC advance 0.02% to 6,647.38, and U.K.’s FTSE 100 add 0.12% to 7,481.08.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are negative 0.02% to 3.4920.
Oil prices bounced on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but prices remained near December 2021 lows on concerns over slowing global demand growth.
Spot Brent crude oil rose 1.09% to $76.99 per barrel. US West Texas Intermediate crude is up 1.34% to $72.43 a barrel.
The yellow metal gold is advance 0.17% to 1,804.55 dollars per ounce.
Market Wrap: Forex
The U.S. dollar weakened in early European trade Friday as fears that the U.S. economy was heading towards recession mounted, ahead of next week’s crucial Federal Reserve meeting.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.02% to 104.7150.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.02% today. This left the pair trading around $1.o5570.
The Japanese yen was negative against the U.S. dollar on Friday. Today USD/JPY is drop 0.34% to the 136.180 level.
Another commodity-related currency negative against the U.S dollar, AUD/USD fell 0.12% to 0.67610, and NZD/USD lose 0.05% to 0.63750 level.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.05600
Preferable Price Action: Take long positions above pivot level with targets at 1.06400 & 1.07050 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.04810 & 1.04200.
Comment: RSI above 50 levels 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
GBP/USD Intraday: Trend on the upside
Our pivot point is at 1.22400
Preferable Price Action: Buy positions above pivot with targets at 1.23440 & 1.24390 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.21390 & 1.20420.
Comment: RSI above 50 levels 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
USD/JPY Intraday: In a consolidation zone
Our pivot point is at 136.320
Preferable Price Action: Buy position above pivot with the target at 137.190 and 137.860 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 135.510 and 134.890.
Comment: MACD is flat territory 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
AUD/USD Intraday: Resistance level at 0.67890
Our pivot point is at 0.67890
Preferable Price Action: Sell Positions below pivot with targets at 0.67340 & 0.66800 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.68480 & 0.69040 as targets.
Comment: RSI below 50 levels and Pairs 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
CRUDEOIL Intraday: Trend on the downside
Our pivot point is at 72.95
Preferable Price Action: Below pivots sell oil with 70.71 & 69.03 as targets.
Alternative Price Action: Buy crude above pivot with targets at 75.03 and 76.52 in extension.
Comment: MACD is in the negative territory and Pairs below its 22 MA & 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 1795.40
Preferable Price Action: Further downside to 1785.70 and 1778.30
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1803.80 and 1811.90.
Comment: MACD is negative territory and Pairs 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
Dow Jones Intraday: Support level at 33,788.00
Our pivot point is 33,788.00
Preferable Price Action: Take buy positions above the pivot with targets at 33,936.00 & 34,043.00.
Alternative Price Action: Below 33,788.00 looks for further downside to 33,644.00 & 33,534.00.
Comment: RSI above 50 levels 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