Market Wrap: Stocks, Bonds, Commodities
The S&P 500 and the Dow lost almost 2 percent on Wednesday, their biggest daily drops in more than a month, after weak economic data fueled recession worries while hawkish comments from Federal Reserve officials soured investor moods further.
The Dow Jones Industrial Average fell 613.89 points to 33,296.96, the S&P 500 lose 1.56% to 3,928.86 and the Nasdaq Composite add 138.10 points to 10,957.01.
MSCI’s index of Asia-Pacific stocks outside Japan is drop 0.10% to 667.18 levels. The Australian index was higher by 0.57% to 7,435.30. Japanese Nikkei Index lose 1.44% today.
European stocks were mixed on Thursday, with the Stoxx Europe 50 Index rose 0.02% to 4,174.34, Germany’s DAX lose 0.03% to 15,181.80, and France’s CAC advance 0.09% to 7,083.39, and U.K.’s FTSE 100 subtract 0.26% to 7,830.70.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are negative 1.07% to 3.339.
Oil prices fell about 1 percent on Wednesday, surrendering early gains as worries about a possible US recession outweighed optimism that China’s lifting of COVID-19 curbs will fuel demand for crude in the world’s top oil importer.
Spot Brent crude oil fell 0.80% to $84.30 per barrel. US West Texas Intermediate crude is up 1.04% to $78.97 a barrel.
The yellow metal gold is advance 0.16% to 1,910.00 dollars per ounce.
Market Wrap: Forex
European stock markets are expected to open lower Thursday, taking their lead from the overnight selloff on Wall Street as weak economic data raised fears about a recession this year.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which slipped 0.02% to 102.090.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.06% today. This left the pair trading around $1.0799.
The Japanese yen was negative against the U.S. dollar on Thursday. Today USD/JPY is drop 0.55% to the 128.17 level.
Another commodity-related currency negative against the U.S dollar, AUD/USD fell 0.81% to 0.6885, and NZD/USD lose 0.65% to 0.6399 level.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.08030
Preferable Price Action: Take long positions above pivot level with targets at 1.08240 & 1.08390 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.07820 & 1.07670.
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
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.23320
Preferable Price Action: Sell positions below pivot with targets at 1.22900 & 1.22630 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.23740 & 1.24020.
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: Resistance level at 128.520
Our pivot point is at 128.520
Preferable Price Action: Sell position below pivot with the target at 127.550 and 126.940 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 129.570 and 130.270.
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
AUD/USD Intraday: Major trend on the downside
Our pivot point is at 0.69040
Preferable Price Action: Sell positions below pivot with targets at 0.68490 & 0.68100 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.69620 & 0.70040 as targets.
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
CRUDEOIL Intraday: Resistance level at 79.26
Our pivot point is at 79.26
Preferable Price Action: Below pivot sell oil with 78.31 & 77.72 as targets.
Alternative Price Action: Buy crude up pivot with targets at 80.24 and 80.84 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 1908.80
Preferable Price Action: Further upside to 1913.40 and 1916.00
Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 1904.60 and 1901.70.
Comment: MACD is above 50 level 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
Dow Jones Intraday: Major trend on the downside
Our pivot point is 33,326.00
Preferable Price Action: Take sell positions down the pivot with targets at 33,064.00 & 32,879.00.
Alternative Price Action: Above 33,326.00 looks for further upside to 33,603.00 & 33,792.00.
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