Market Wrap: Stocks, Bonds, Commodities
U.S. stocks were lower after the close on Monday, as losses in the Utilities, Basic Materials and Telecoms sectors led shares lower.
The Dow Jones Industrial Average fell 87.18 points to 38,798.99, the S&P 500 loss 0.11% to 5,346.99 and the Nasdaq Composite descend 43.22 points to 17,129.90.
MSCI’s index of Asia-Pacific stocks outside Japan is below 0.37% to 688.71 levels. The Australian index was higher by 0.49% to 7,860.00. Japanese Nikkei Index increase 1.02% today.
European stocks were negative on Monday, with the Stoxx Europe 50 Index decrease 1.08% to 4,996.55, Germany’s DAX descend 0.65% to 18,435.65 , and France’s CAC lower 1.75% to 7,861.45 and U.K.’s FTSE 100 loss 0.37% to 8,215.25.
Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields increase 0.68% to 4.4600.
Oil prices edged down on Monday and posted a third straight weekly loss as investors weighed OPEC+ reassurances against the latest U.S. jobs data that lowered expectations that the Federal Reserve will cut interest rates soon.
Spot Brent crude oil ascend 0.15% to $79.74 per barrel. US West Texas Intermediate crude is up 0.07% to $75.58 a barrel.
The yellow metal gold is decrease 0.54% to 2,312.40 dollars per ounce.
Market Wrap: Forex
The dollar rebounded on Monday after Federal Reserve Bank of New York President John Williams pushed back against the market’s rate cut expectations, though the dollar index remained on track for its worst weekly performance in a month.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which descend 0.05% to 104.805.
The Euro US Dollar (EUR/USD) is a widely traded pair that is decrease 0.34% today. This left the pair trading around $1.07630.
The Japanese yen was positive against the U.S. dollar on Monday. Today USD/JPY is trades pair that increases 0.19% to the 157.000 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD surged 0.02% to 0.65940 , and NZD/USD ascend 0.05% to 0.61130 level.
EUR/USD Intraday: Major trend on the downside
Our pivot point is at 1.07720
Preferable Price Action: Take sell positions below pivot level with targets at 1.07290 & 1.06960 in extension.
Alternative Price Action: Buy pivot looks for a further upside to 1.08160 & 1.08500.
Comment: RSI is below 50 levels and pairs are below its 55MA & 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
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.27220
Preferable Price Action: Sell positions below pivot with targets at 1.26920 & 1.26670 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.27520 & 1.27770.
Comment: RSI is below 50 levels and pairs are below its 55MA & 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: Trend on the upside
Our pivot point is at 156.850
Preferable Price Action: Buy position above pivot with the target at 157.410 and 157.860 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 156.290 and 155.840.
Comment: MACD 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
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.65870
Preferable Price Action: Buy positions above pivot with targets at 0.66130 & 0.66320 in extension.
Alternative Price Action: Below pivot a further downside with 0.65620 & 0.65450 as targets.
Comment: RSI is above 50 levels and pairs above its 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 upside
Our pivot point is at 75.16
Preferable Price Action: Above pivot buy oil with 76.21 & 77.13 as targets.
Alternative Price Action: Sell crude below pivot with targets at 74.11 and 73.15 in extension.
Comment: RSI is above 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
XAU/USD Intraday: Trend on the downside
Our pivot point is 2304.50
Preferable Price Action: Further downside to 2276.30 and 2251.60.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 2333.70 and 2358.20.
Comment: MACD is below 50 levels and pairs below its 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 38,755.40
Preferable Price Action: Take sell positions below the pivot with targets at 38,621.60 & 38,514.90.
Alternative Price Action: Above 38,755.40 looks for further upside to 38,887.10 & 38,998.10.
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