Market Wrap: Stocks, Bonds, Commodities
The S&P 500 and Dow lost ground and closed lower on Tuesday, pressured by a modest rise in Treasury yields as investors assessed the timing and size of any Federal Reserve interest rate cuts in 2024 ahead of inflation data this week.
The Dow Jones Industrial Average fell 157.85 points to 37,525.16, the S&P 500 lose 0.15% to 4,756.50 and the Nasdaq Composite add 13.94 points to 14,857.71.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 0.56% to 615.50 levels. The Australian index was lower by 0.69% to 7,468.50. Japanese Nikkei Index asceend 2.08% today.
European stocks were negative on Wednesday, with the Stoxx Europe 50 Index rose 0.30% to 4,480.75, Germany’s DAX ascend 0.32% to 16,740.39, and France’s CAC advance 0.28% to 7,447.73 and U.K.’s FTSE 100 subtract 0.10% to 7,676.99.
Benchmark 10-year U.S. Treasury fell as deman for safe assets ascend again, today 10-year bond yields negative 0.68% to 3.9910.
Oil prices rose on January 9 after sliding in the previous session as markets weighed Middle East tensions against demand worries and rising OPEC supply.
Spot Brent crude oil drop 0.17% to $77.46 per barrel. US West Texas Intermediate crude is down 0.19% to $72.10 a barrel.
The yellow metal gold is advance 0.39% to 2,040.80 dollars per ounce.
Market Wrap: Forex
The dollar rose against the euro and yen on Tuesday as traders awaited inflation data on Thursday for clues on when the Federal Reserve is likely to cut rates.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.14% to 102.137.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.17% today. This left the pair trading around $1.09500.
The Japanese yen was negative against the U.S. dollar on Wednesday. Today USD/JPY is surged 0.31% to the 144.940 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.39% to 0.67080, and NZD/USD surged 0.18% to 0.62490 level.
EUR/USD Intraday: Resistance level at 1.09400
Preferable Price Action: Take sell positions below pivot level with targets at 1.09160 & 1.09020 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.09610 & 1.09760.
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 downside
Our pivot point is at 1.27040
Preferable Price Action: Sell positions below pivot with targets at 1.26720 & 1.26550 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.27300 & 1.27480.
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 144.950
Preferable Price Action: Buy position above pivot with the target at 145.420 and 145.730 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 144.530 and 144.260.
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: Trend on the downside
Our pivot point is at 0.67020
Preferable Price Action: Sell positions below pivot with targets at 0.66820 & 0.66680 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.67210 & 0.67350 as targets.
Comment: RSI is below 50 levels.
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 72.46
Preferable Price Action: Above pivot buy oil with 73.08 & 73.56 as targets.
Alternative Price Action: Sell crude below pivot with targets at 71.96 and 71.52 in extension.
Comment: MACD is positive territory 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
XAU/USD Intraday: Trend on the downside
Our pivot point is 2032.70
Preferable Price Action: Further downside to 2020.60 and 2012.70.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 2043.90 and 2052.30.
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 37,511.00
Preferable Price Action: Take sell positions below the pivot with targets at 37,430.00 & 37,372.00.
Alternative Price Action: Above 37,511.00 looks for further upside to 37,585.00 & 37,639.00.
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