Market Wrap: Stocks, Bonds, Commodities
The S&P 500 and Nasdaq edged lower on Wednesday as investors took profits in chipmaker stocks, while they braced for producer price data and further clues on the inflation trend ahead of next week’s Federal Reserve meeting.
The Dow Jones Industrial Average rose 37.83 points to 39,043.32, the S&P 500 lose 0.19% to 5,165.31 and the Nasdaq Composite subtract 87.87 points to 16,177.77.
MSCI’s index of Asia-Pacific stocks outside Japan is advance 0.17% to 661.18 levels. The Australian index was lower by 0.20% to 7,713.60. Japanese Nikkei Index ascend 0.46% today.
European stocks were mixed on Thursday, with the Stoxx Europe 50 Index rose 0.36% to 5,017.85, Germany’s DAX ascend 0.01% to 17,990.35, and France’s CAC advance 0.68% to 8,139.73 and U.K.’s FTSE 100 subtract 0.04% to 7,769.32.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields positive 0.14% to 4.198.
Oil prices rose about 3 percent to a four-month high on Wednesday on a surprise withdrawal in US crude inventories, a bigger-than-expected drop in U.S. gasoline stocks and potential supply disruptions after Ukrainian attacks on Russian refineries.
Spot Brent crude oil ascend 0.08% to $84.69 per barrel. US West Texas Intermediate crude is up 0.87% to $80.41 a barrel.
The yellow metal gold is decline 0.29% to 2,174.45 dollars per ounce.
Market Wrap: Forex
Most Asian currencies retreated on Thursday, while the dollar steadied from recent gains as markets sought more cues on U.S. interest rates from producer inflation and retail sales data due later in the day.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.07% to 102.475.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.06% today. This left the pair trading around $1.09390.
The Japanese yen was positive against the U.S. dollar on Thursday. Today USD/JPY is surged 0.06% to the 147.840 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.02% to 0.66220, and NZD/USD surged 0.16% to 0.61660 level.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.09460
Preferable Price Action: Take sell positions below pivot level with targets at 1.09330 & 1.09230 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.09580 & 1.09670.
Comment: RSI is below 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
GBP/USD Intraday: Resistance level at 1.28010
Our pivot point is at 1.28010
Preferable Price Action: Sell positions below pivot with targets at 1.27760 & 1.27600 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.28240 & 1.28410.
Comment: RSI at 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
USD/JPY Intraday: Trend on the upside
Our pivot point is at 147.830
Preferable Price Action: Buy position above pivot with the target at 148.100 and 148.290 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 147.550 and 147.340.
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
AUD/USD Intraday: Trend on the downside
Our pivot point is at 0.66210
Preferable Price Action: Sell positions below pivot with targets at 0.66070 & 0.65960 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.66350 & 0.66470 as targets.
Comment: RSI is 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 upside
Our pivot point is at 79.17
Preferable Price Action: Above pivot buy oil with 79.92 & 80.46 as targets.
Alternative Price Action: Sell crude below pivot with targets at 78.41 and 77.79 in extension.
Comment: MACD is positive territory 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
XAU/USD Intraday: Trend on the upside
Our pivot point is 2172.40
Preferable Price Action: Further upside to 2172.80 and 2186.00.
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2164.40 and 2159.10.
Comment: MACD is above 50 level 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: Trend on the upside
Our pivot point is 39,088.50
Preferable Price Action: Take buy positions above the pivot with targets at 39,185.00 & 39,268.50.
Alternative Price Action: Below 39,088.50 looks for further downside to 38,972.90 & 38,891.80.
Comment: RSI 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