Market Wrap: Stocks, Bonds, Commodities
The Nasdaq closed lower while the S&P 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks.
The Dow Jones Industrial Average rose 91.65 points (0.29%) to 31,614.4, the S&P 500 lost 1.16 points (0.03%) to 3,931.43 and the Nasdaq Composite dropped 82.00 points (0.58%) to 13,965.50.
Bitcoin price broke above $50,000 for the first time in history Tuesday, continuing its blistering rally as major companies appear to be warming to cryptocurrencies.
Asian markets were set for sideways trade at Thursday’s open as lingering pandemic concerns pushed against stronger economic data, and with little firm direction from Wall Street.
MSCI’s index of Asia-Pacific stocks outside Japan lost 1.05% to 947.62 levels. Australian index flat to 6,885.90. Japanese Nikkei traded 0.19% lower to 30,236.10.
European stocks were advance on Thursday, with the Stoxx Europe 50 Index gained 0.21% to 3,706.34, Germany’s DAX rose 0.22% to 13,940.70 and France’s CAC higher 0.10% to 5,771.36 and U.K.’s FTSE 100 advance 0.05% to 6,713.15.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield lost 1.43% to 1.280.
Oil prices rallied again on Thursday to hit 13-month highs as concerns that a rare cold snap in Texas could disrupt Crudeoil output for days or even weeks prompted fresh buying.
Spot Brent crude Oil up 0.70% to $64.78 per barrel. US West Texas Intermediate crude advance 0.62% to $61.52 a barrel.
The yellow metal traded 0.67% higher to 1785.50 dollar per ounce.
Market Wrap: Forex
The dollar edged lower in early European trading Thursday, with riskier currencies more in favor after the minutes from the Federal Reserve’s latest meeting reinforced its easy policy stance.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, lose 0.22% to 90.748.
The Euro US Dollar (EUR/USD) widely traded pair rose 0.24% today. This left the pairing trading around $1.20640.
The Japanese yen gained against the U.S. dollar on Thursday as stock pushes higher. Today US/JPY down 0.11% to 105.740 level.
Other commodity related currency higher against U.S dollar, AUD/USD rose 0.35% to 0.77760 and NZD/USD advance 0.25% to 0.72080.
EUR/USD Intraday: Downside trend
Our pivot point is at 1.20650
Preferable Price Action: Take short positions below pivot level with targets at 1.20230 & 1.2000 in extension.
Alternative Price Action: Above pivot looks for further upside at 1.21080 & 1.21300.
Comment: Pair below its 55MA & 20MA and RSI below 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Resistance at 1.38700
Our pivot point is at 1.38700
Preferable Price Action: Sell positions below pivot with targets at 1.38250 & 1.37950 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.39150 & 1.39450.
Comment: Price below its 55MA & 20MA and RSI below 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
USD/JPY Intraday: Support at 105.720
Our pivot point is at 105.720
Preferable Price Action: Buy position above with the target at 106.100 and 106.350 in extension.
Alternative Price Action: The downside breakout of pivot would call for 105.350 and 105.100.
Comment: price above 20MA and MACD in negative territory.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
AUD/USD Intraday: Resistance at 0.77740
Our pivot point is at 0.77740
Preferable Price Action: Sell Positions below pivot with targets at 0.77320 & 0.77060 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.78140 & 0.78380 as targets.
Comment: Pair above its 55MA & 20MA an RSI above 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
CRUDEOIL Intraday: Break resistance level
Our pivot point is at 61.25
Preferable Price Action: Above pivots buy Oil with 61.80 & 62.30 as targets.
Alternative Price Action: Sell crude below pivot with targets at 60.70 and 60.20 in extension.
Comment: Crude above its 20MA & 55MA and MACD in positive territory.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Bias on the upside
Our pivot point is at 1777.40
Preferable Price Action: Further upside to 1790.00 & 1797.00.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1767.00 and 1760.00.
Comment: MACD in negative territory and price above 55MA & 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: In consolidation zone
Our pivot point is 31,500.00
Preferable Price Action: Take buy positions above pivot with targets at 31,650.00 & 31,750.00 extension.
Alternative Price Action: Below 31,500.00 looks for further downside to 31,350.00 & 31,250.00.
Comment: Price above its 55MA and RSI below 50 levels.
Green Lines Indicate Resistance Levels – Red Lines Indicates Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced7