Market Wrap: Stocks, Bonds, Commodities
The Nasdaq and the S&P 500 indexes hit all-time highs on Thursday, with the Dow also jumping, as U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.
The Dow Jones Industrial Average was up 1.04% at 34,225.35 points, while the S&P 500 gained 0.66% to 4,269.79. The Nasdaq Composite added 0.72% to 14,374.56.
Asian shares rose on Friday, tracking gains on Wall Street overnight that lifted the Nasdaq and the S&P 500 indexes to record highs after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.
MSCI’s index of Asia-Pacific stocks outside Japan rose 1.01% to 891.10 levels. Australian index rose 0.45% to 7,308.00. Japanese Nikkei traded higher 0.66% to 29,066.18.
European stocks were higher on Friday, with the Stoxx Europe 50 Index rose 0.05% to 4,123.55, Germany’s DAX slipped 0.05% to 15,580.50, and France’s CAC up 0.05% to 6,633.96, and U.K.’s FTSE 100 higher 0.22% to 7,124.50.
Benchmark 10-year U.S. Treasury rose as demand for safe risk grows again, today 10-year bond yields flat to 1.502.
Oil is heading for a fifth weekly advance, the longest winning streak since December, as stockpiles shrink and the market tightens ahead of an OPEC+ meeting that will consider pumping more crude.
Spot Brent crude oil gained 0.11% to $75.64 per barrel. US West Texas Intermediate crude rose 0.11% to $73.38 a barrel.
The yellow metal higher 0.30% to 1781.50 dollars per ounce.
Market Wrap: Forex
The U.S. dollar held near multi-month highs on Friday as investors warily awaited U.S. inflation data, while the pound nursed modest losses after Bank of England (BoE) policymakers leaned away from flagging rate rises.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, advanced 0.20% to 91.763.
The Euro US Dollar (EUR/USD) is a widely traded pair that rose 0.10% today. This left the pairing trading around $1.19380.
The Japanese yen gained against the U.S. dollar on Friday as the stock pushes higher. Today US/JPY lost 0.06% to 110.790 level.
Another commodity-related currency higher against the U.S dollar, AUD/USD up 0.12% to 0.75900, and NZD/USD rose 0.23% to 0.70720.
EUR/USD Intraday: In a consolidation zone
Our pivot point is at 1.19220
Preferable Price Action: Take long positions above pivot level with targets at 1.19530 & 1.19730 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.18920 & 1.18760.
Comment: Pair above its 55MA and 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
GBP/USD Intraday: Resistance at 1.39400
Our pivot point is at 1.39400
Preferable Price Action: Sell positions below pivot with targets at 1.38990 & 1.38800 in extension.
Alternative Price Action: The price above pivot would call for further downside to 1.38990 & 1.38800.
Comment: Price below its 55MA & 20MA and RSI at 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 110.730
Our pivot point is at 110.730
Preferable Price Action: Buy position above pivot with the target at 111.030 and 111.190 in extension.
Alternative Price Action: The downside breakout of pivot would call for 110.450 and 110.300.
Comment: price below its 55MA & 20MA 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
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.75740
Preferable Price Action: Buy Positions above pivot with targets at 0.76100 & 0.76260 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.75360 & 0.75190 as targets.
Comment: Pair above its 55MA & 20MA and 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: In a consolidation zone
Our pivot point is at 72.94
Preferable Price Action: Above pivots buy Oil with 73.83 & 74.29 as targets.
Alternative Price Action: Sell crude below pivot with targets at 72.10 and 71.64 in extension.
Comment: Crude is above its 55MA & 20MA and MACD in the 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: Support at 1773.90
Our pivot point is 1773.90
Preferable Price Action: Further upside to 1790.80 & 1800.50.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1757.40 and 1748.90.
Comment: MACD in flat territory and price above its 20MA & 50MA.
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: Strong trend on the upside
Our pivot point is 34,192.00
Preferable Price Action: Take Buy positions above pivot with targets at 34,467.00 & 34,612.00.
Alternative Price Action: Below 33,192.00 looks for further downside to 33,908.00 & 33,760.00.
Comment: Price above its 55MA and 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