Market Wrap: Stocks, Bonds, Commodities
Stock futures oscillated near the flatline Friday evening as investors looked to keep this month’s gains going.
The Dow Jones Industrial Average fell 220.33 points to 33,897.94, the S&P 500 lose 0.81% to 4,347.35 and the Nasdaq Composite subtract 128.97 points to 13,521.45.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 0.73% to 615.29 levels. The Australian index was higher by 0.55% to 6,976.50. Japanese Nikkei Index drop 0.16% today.
European stocks were positive on Friday, with the Stoxx Europe 50 Index rose 1.24% to 4,230.25, Germany’s DAX ascend 0.81% to 15,352.54, and France’s CAC advance 1.11% to 7,112.67 and U.K.’s FTSE 100 add 0.73% to 7,455.46.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields negative 0.19% to 4.6240.
US crude prices fell more than 4 percent on Thursday as inventories rose while industrial production fell.
Spot Brent crude oil ascend 0.51% to $80.43 per barrel. US West Texas Intermediate crude is up 0.42% to $76.06 a barrel.
The yellow metal gold is decline 0.47% to 1,960.75 dollars per ounce.
Market Wrap: Forex
The dollar meandered on Friday after U.S. jobless claims rose more than expected last week, indicating a cooling labor market that could prompt the Federal Reserve to cut interest rates in early 2024 as it tries to engineer a soft landing.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.03% to 105.810.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.03% today. This left the pair trading around $1.06610.
The Japanese yen was negative against the U.S. dollar on Friday. Today USD/JPY is surged 0.07% to the 151.440 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD fell 0.05% to 0.63610, and NZD/USD surged 0.07% to 0.58970 level.
EUR/USD Intraday: In a consolidation zone
Our pivot point is at 1.08650
Preferable Price Action: Take sell positions below pivot level with targets at 1.08280 & 1.08070 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.09020 & 1.09230.
Comment: RSI is 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
GBP/USD Intraday: Support level at 1.24090
Our pivot point is at 1.24090
Preferable Price Action: Buy positions above pivot with targets at 1.24580 & 1.24960 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.23640 & 1.23300.
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: Trend on the downside
Our pivot point is at 150.760
Preferable Price Action: Sell position below pivot with the target at 150.300 and 150.030 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 151.100 and 151.390.
Comment: MACD is below 50 level 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
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.64670
Preferable Price Action: Buy positions above pivot with targets at 0.65000 & 0.65230 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.64370 & 0.64160 as targets.
Comment: RSI 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
CRUDEOIL Intraday: Trend on the downside
Our pivot point is at 73.71
Preferable Price Action: Below pivot sell oil with 72.30 & 71.37 as targets.
Alternative Price Action: Buy crude above pivot with targets at 74.82 and 75.76 in extension.
Comment: MACD is negative territory 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
XAU/USD Intraday: Trend on the upside
Our pivot point is 1981.80
Preferable Price Action: Further upside to 1995.60 and 2003.20.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1970.50 and 1962.90.
Comment: MACD is above 50 level 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
Dow Jones Intraday: Trend on the upside
Our pivot point is 34,925.00
Preferable Price Action: Take buy positions above the pivot with targets at 35,168.00 & 35,341.00.
Alternative Price Action: Below 34,925.00 looks for further downside to 34,727.00 & 34,583.00.
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