Market Wrap: Stocks, Bonds, Commodities
Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector and the gathering storm clouds of possible recession.
The Dow Jones Industrial Average fell 384.57 points to 31,861.98, the S&P 500 lose 1.10% to 3,916.64 and the Nasdaq Composite subtract 86.76 points to 11,630.51.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 1.31% to 613.65 levels. The Australian index was lower by 1.38% to 6,898.50. Japanese Nikkei Index decline 1.42% today.
European stocks were negative on Monday, with the Stoxx Europe 50 Index fell 0.39% to 4,050.15, Germany’s DAX decline 0.32% to 14,724.05, and France’s CAC drop 0.05% to 6,921.40, and U.K.’s FTSE 100 subtract 0.29% to 7,311.10.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields are negative 2.02% to 3.3280.
Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilise global financial markets.
Spot Brent crude oil drop 2.38% to $71.22 per barrel. US West Texas Intermediate crude is down 2.39% to $65.35 a barrel.
The yellow metal gold is advance 1.11% to 1,995.40 dollars per ounce.
Market Wrap: Forex
A market-based indicator of stress in the U.S. banking system jumped on Monday to its highest in three months, as turmoil engulfed regional lenders following the collapse of Silicon Valley Bank.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.09% to 103.450.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.03% today. This left the pair trading around $1.06650.
The Japanese yen was negative against the U.S. dollar on Monday. Today USD/JPY is slipped 0.47% to the 131.160 level.
Another commodity-related currency negative against the U.S dollar, AUD/USD fell 0.31% to 0.66730, and NZD/USD slipped 0.43% to 0.62310 level.
EUR/USD Intraday: Resistance level at 1.06730
Our pivot point is at 1.06730
Preferable Price Action: Take sell positions below pivot level with targets at 1.06290 & 1.06010 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.07120 & 1.07390.
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
GBP/USD Intraday: Support level at 1.21830
Our pivot point is at 1.21830
Preferable Price Action: Buy positions above pivot with targets at 1.22190 & 1.22480 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.21480 & 1.21220.
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
USD/JPY Intraday: Trend on the downside
Our pivot point is at 131.650
Preferable Price Action: Sell position below pivot with the target at 130.620 and 129.910 in extension.
Alternative Price Action: The upside breakout of the pivot would call for 132.590 and 133.380.
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: In a consolidation zone
Our pivot point is at 0.67090
Preferable Price Action: Sell positions below pivot with targets at 0.66850 & 0.66670 in extension.
Alternative Price Action: Above pivot looks for a further upside with 0.67310 & 0.67500 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: Major trend on the downside
Our pivot point is at 65.89
Preferable Price Action: Below pivot sell oil with 63.92 & 62.74 as targets.
Alternative Price Action: Buy crude above pivot with targets at 67.55 and 68.97 in extension.
Comment: MACD is negative territory 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
XAU/USD Intraday: Major trend on the upside
Our pivot point is 1995.50
Preferable Price Action: Further upside to 2023.40 and 2042.70
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1971.40 and 1951.50.
Comment: MACD is above 50 level 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
Dow Jones Intraday: Major trend on the downside
Our pivot point is 31,702.00
Preferable Price Action: Take sell positions below the pivot with targets at 31,422.00 & 31,231.00.
Alternative Price Action: Above 31,702.00 looks for further upside to 31,950.00 & 32,154.00.
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