Market Wrap: Stocks, Bonds, Commodities
The Nasdaq ended little changed on Wednesday, boosted by gains in Microsoft and Google parent Alphabet on the heels of their quarterly results, but a drop in oil prices and a pullback in Treasury yields weighed on cyclical sectors and pulled the S&P 500 lower.
The Dow Jones Industrial Average dropped 266.19 points (0.74%) to 35,490.69, the S&P 500 slipped 23.11 points (0.51%) to 4,551.68 and the Nasdaq Composite flat to 15,235.84.
MSCI’s index of Asia-Pacific stocks outside Japan is fell 0.32% to 819.18 levels. Australian index lost 0.25% to 7,430.50. Japanese Nikkei Index lowers 0.96% to 28,820.00.
European stocks were lower on Thursday, with the Stoxx Europe 50 Index falling 0.05% to 4,217.50, Germany’s DAX lost 0.15% to 15,684.55, and France’s CAC gained 0.22% to 6,767.50, and U.K.’s FTSE 100 down 0.13% to 7,242.00.
Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields rose 1.15% to 1.547.
Oil prices fell on Wednesday after US crude oil stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation’s largest storage hub emptied further.
Spot Brent crude oil fell 1.11% to $82.95 per barrel. US West Texas Intermediate crude slipped 1.06% to $81.78 a barrel.
The yellow metal traded 0.27% higher to 1803.40 dollars per ounce.
Market Wrap: Forex
The dollar was up on Thursday in Asia, with the yen and euro on a downward trend ahead of central bank policy decisions in Japan and Europe.
Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which gained 0.10% to 93.877.
The Euro US Dollar (EUR/USD) is a widely traded pair that is fell 0.05% today. This left the pairing trading around $1.15960.
The Japanese yen rose against the U.S. dollar on Thursday as the stock pushes lower. Today US/JPY is fell 0.12% to 113.660 level.
Another commodity-related currency mixed against the U.S dollar, AUD/USD fell 0.05% to 0.75090, and NZD/USD gained 0.10% to 0.71710 level.
EUR/USD Intraday: In a consolidation zone
Our pivot point is at 1.16150
Preferable Price Action: Take Short positions Below pivot level with targets at 1.15660 & 1.15470 in extension.
Alternative Price Action: Above pivot looks for a further Upside to 1.16700 & 1.16940.
Comment: Pair below 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
GBP/USD Intraday: In a consolidation zone
Our pivot point is at 1.37270
Preferable Price Action: Buy positions above pivot with targets at 1.37950 & 1.38290 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.36670 & 1.36390.
Comment: Pair above its 50MA & 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
USD/JPY Intraday: Resistance at 113.900
Our pivot point is at 113.900
Preferable Price Action: Sell position Below pivot with the target at 113.360 and 113.130 in extension.
Alternative Price Action: The Upside breakout of the pivot would call for 114.400 and 114.640.
Comment: Price below its 55MA & 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: Trend on the upside
Our pivot point is at 0.74940
Preferable Price Action: Buy Positions above pivot with targets at 0.75450 & 0.75700 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.74500 & 0.74280 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: Break support level
Our pivot point is at 82.50
Preferable Price Action: Below pivots Sell Oil with 80.30 & 79.20 as targets.
Alternative Price Action: Buy crude Above pivot with targets at 84.70 and 85.80 in extension.
Comment: Crude is below its 55MA & 20MA and MACD in the 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
XAU/USD Intraday: Support at 1798.40
Our pivot point is 1798.40
Preferable Price Action: Further upside to 1815.70 and 1824.10.
Alternative Price Action: If the price gives a downside breakout of a pivot, then the price extends to 1782.30 and 1773.90.
Comment: MACD in positive territory and price above its 20MA & 55MA.
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: Trend on the downside
Our pivot point is 35,674.00
Preferable Price Action: Take Short positions below pivot with targets at 35,465.00 & 35,357.00.
Alternative Price Action: Above 35,674.00 looks for further upside to 35,850.00 & 35,931.00.
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