Market Wrap: Stocks, Bonds, Commodities
The Nasdaq and S&P 500 posted modest gains on Tuesday, a day ahead of major inflation data, weighed down by financial stocks as investors braced for major U.S. banks to kick off earnings reporting season on Friday.
The Dow Jones Industrial Average fell 9.13 points to 38,883.67, the S&P 500 gain 7.52% to 5,209.91 and the Nasdaq Composite surged 52.68 points to 16,306.64.
MSCI’s index of Asia-Pacific stocks outside Japan is advance 0.70% to 665.25 levels. The Australian index was higher by 0.31% to 7,848.50. Japanese Nikkei Index drop 0.49% today.
European stocks were positive on Wednesday, with the Stoxx Europe 50 Index rose 0.74% to 5,027.65, Germany’s DAX ascend 0.75% to 18,213.75, and France’s CAC advance 0.53% to 8,091.87 and U.K.’s FTSE 100 gain 0.53% to 7,977.06.
Benchmark 10-year U.S. Treasury rose as demand for safe assets drop again, today 10-year bond yields positive 0.01% to 4.3660.
Oil prices dipped for a second straight day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to find a way out of the war.
Spot Brent crude oil ascend 0.01% to $89.45 per barrel. US West Texas Intermediate crude is up 0.06% to $85.27 a barrel.
The yellow metal gold is advance 0.39% to 2,371.65 dollars per ounce.
Market Wrap: Forex
The dollar consolidated on Wednesday ahead of a key inflation report later in the day, while the yen remained a whisker away from what markets believe to be the line in the sand for Japanese authorities to intervene.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.02% to 103.900.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.01% today. This left the pair trading around $1.08540.
The Japanese yen was positive against the U.S. dollar on Wednesday. Today USD/JPY is surged 0.06% to the 151.870 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD fell 0.06% to 0.66230, and NZD/USD surged 0.17% to 0.60690 level.
EUR/USD Intraday: Resistance level at 1.08590
Our pivot point is at 1.08590
Preferable Price Action: Take sell positions below pivot level with targets at 1.08470 & 1.08360 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.08710 & 1.08810.
Comment: RSI is 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 1.26760
Preferable Price Action: Buy positions above pivot with targets at 1.26930 & 1.27070 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.26590 & 1.26440.
Comment: RSI is 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: Support level at 151.750
Our pivot point is at 151.750
Preferable Price Action: Buy position above pivot with the target at 151.910 and 152.050 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 151.590 and 151.440.
Comment: MACD is 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
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.66240
Preferable Price Action: Buy positions above pivot with targets at 0.66360 & 0.66460 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.66110 & 0.66010 as targets.
Comment: RSI is 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
CRUDEOIL Intraday: Trend on the upside
Our pivot point is at 84.82
Preferable Price Action: Above pivot buy oil with 85.21 & 85.56 as targets.
Alternative Price Action: Sell crude below pivot with targets at 84.44 and 84.11 in extension.
Comment: MACD is positive 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
XAU/USD Intraday: Trend on the upside
Our pivot point is 2353.30
Preferable Price Action: Further upside to 2364.80 and 2373.80.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 2341.80 and 2331.90.
Comment: MACD is above 50 levels 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
Dow Jones Intraday: Trend on the upside
Our pivot point is 38,898.00
Preferable Price Action: Take buy positions above the pivot with targets at 39,010.90 & 39,102.50.
Alternative Price Action: Below 38,898.00 looks for further downside to 38,782.70 & 38,688.70.
Comment: RSI is 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