Market Wrap: Stocks, Bonds, Commodities
US markets rose sharply on Wednesday, continuing a strong start to September for the market as traders took profits out of high-flying names like Apple and Tesla and snapped up shares in more beaten-down parts of the market.
The Dow Jones Industrial Average jumped 454.84 points (1.60%) to close at 29,100.50. The S&P 500 gained 1.50% to end the day at 3,580.84 while the Nasdaq Composite was higher by 1.00% at 12,056.44.
Asian markets gained on Thursday after the S&P 500 and Nasdaq index cruised to another record overnight stateside.
MSCI’s index of Asia-Pacific stocks outside Japan lower 0.22% to 733.20 levels. Australian index advances 0.81% to 6,112.60. Japanese Nikkei rose 0.94% to 23,465.53.
European stocks were higher on Thursday, with the Stoxx Europe 50 Index higher 1.42% to 3,384.25, Germany’s DAX advance 1.43% to 13,440.20 and France’s CAC gain 1.67% to 5,115.75 and U.K.’s FTSE 100 surged 0.89% to 5,992.05.
Benchmark 10-year U.S. Treasury down as demand for risky asset grow again, today 10-year bond yield rose 0.75% to 0.656.
Oil prices were little changed in early trade on Thursday, sitting near multi-week lows hit overnight on worries about fuel demand due to a patchy U.S. economic recovery.
Spot Brent crude Oil fell 1.10% to $43.93 per barrel. US West Texas Intermediate crude lost 0.84% to $41.18 a barrel.
The yellow metal traded 0.20% lower to 1934.70 dollar per ounce.
Market Wrap: Forex
The dollar clung to overnight gains on Thursday, as investors trimmed bets against the greenback and sold the euro on concerns that the European Central Bank was worried about its rise.
Today, the U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, higher 0.06% to 92.898.
The Euro US Dollar (EUR/USD) widely traded pair down 0.32% today. This left the pairing trading around $1.18160.
The Japanese yen rose against the U.S. dollar on Wednesday as stock pushes higher. Today US/JPY flat to 106.190 level.
Other commodity related currency lower against U.S dollar, AUD/USD down 0.27% to 0.73180 and NZD/USD fell 0.12% to 0.67540.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.18300
Preferable Price Action: Take Short positions below level with targets at 1.17656 & 1.17353 in extension.
Alternative Price Action: Above pivot looks for further upside at 1.18947 & 1.19246.
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: Break support area
Our pivot point is at 1.33180
Preferable Price Action: Short positions below pivot with targets at 1.32501 & 1.32200 in extension.
Alternative Price Action: Price above pivot would call for further upside to 1.33874 & 1.34178.
Comment: Price below 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
USD/JPY Intraday: support at 106.100
Our pivot point is at 106.100
Preferable Price Action: Long position above pivot with the target at 106.520 and 106.750 in extension.
Alternative Price Action: The downside breakout of pivot would call for 105.677 and 105.432.
Comment: price above 20MA & 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
AUD/USD Intraday: Bias on the downside
Our pivot point is at 0.73260
Preferable Price Action: Short positions below pivot with targets at 0.72700 & 0.72337 in extension.
Alternative Price Action: Above pivot looks for further upside with 0.73815 & 0.74158 as targets.
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
CRUDEOIL Intraday: Resistance at 42.05
Our pivot point is at 42.05
Preferable Price Action: Sell crude below pivot with targets at 41.14 and 40.72 in extension.
Alternative Price Action: Above pivots buy Oil with 42.93 & 43.38 as targets.
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: Minor trend downside
Our pivot point is at 1941.80
Preferable Price Action: Further downside to 1921.19 & 1911.75 level.
Alternative Price Action: If price gives upside breakout of a pivot, then price extends to 1962.23 and 1972.09.
Comment: MACD in negative territory and price above its 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: Trend upside
Our pivot point is at 28980.00
Preferable Price Action: Take buy positions above pivot with targets at 29320.00 & 29500.00 in extension.
Alternative Price Action: Below 28980.00 looks for further downside to 28640.00 & 28450.00.
Comment: Price above its 20MA & 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 produced7