Market Wrap: Stocks, Bonds, Commodities
U.S. stock futures were trading flat during Tuesday’s evening deals, after major benchmark indices extended declines for the third consecutive session as investors continued their retreat following Jerome Powell’s hawkish rhetoric at last week’s Jackson Hole Symposium.
The Dow Jones Industrial Average fell 308.12 points to 31,790.87, the S&P 500 lose 44.45 points to 3,986.16 and the Nasdaq Composite subtract 134.53 points to 11,883.14.
MSCI’s index of Asia-Pacific stocks outside Japan is ascend 0.48% to 640.20 levels. Australian index lower 0.16% to 6,986.80. Japanese Nikkei Index drop 0.37% to 28,091.53.
European stocks were negative on Wednesday, with the Stoxx Europe 50 Index fell 0.40% to 3,548.75, Germany’s DAX drop 0.51% to 12,892.42, and France’s CAC subtract 0.74% to 6,164.70, and U.K.’s FTSE 100 slipped 0.71% to 7,309.47.
Benchmark 10-year U.S. Treasury fell as demand for safe assets ascend again, today 10-year bond yields a positive 0.72% to 3.1320.
Oil prices recovered slightly on Wednesday as data pointed to firm U.S. fuel demand, providing respite after a 5% drop a day earlier on fears that demand will suffer from increased China COVID curbs and central bank interest rate hikes.
Spot Brent crude oil subtract 1.45% to $96.40 per barrel. US West Texas Intermediate crude is down 1.52% to $90.22 a barrel.
The yellow metal gold is decline 0.59% to 1,725.90 dollars per ounce.
Market Wrap: Forex
The U.S. dollar drifted lower in early European trade Wednesday, retreating from the 20-year peak seen earlier in the week as a nascent rebound in the euro gathers pace.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which is rose 0.17% to 108.933.
The Euro US Dollar (EUR/USD) is a widely traded pair that is down 0.14% today. This left the pair trading around $0.99970.
The Japanese yen was positive against the U.S. dollar on Wednesday as the stock up. Today USD/JPY is drop 0.04% to 138.740 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD gain 0.34% to 0.68740, and NZD/USD up 0.07 to 0.61310 level.
EUR/USD Intraday: Trend on the downside
Our pivot point is at 1.00300
Preferable Price Action: Take sell positions below pivot level with targets at 0.99810 & 0.99460 in extension.
Alternative Price Action: Above pivot looks for a further upside to 1.00780 & 1.01150.
Comment: RSI 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
GBP/USD Intraday: Trend on the downside
Our pivot point is at 1.16960
Preferable Price Action: Sell positions below pivot with targets at 1.16000 & 1.15340 in extension.
Alternative Price Action: The price above pivot would call for further upside to 1.17810 & 1.18490.
Comment: RSI 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: In a consolidation zone
Our pivot point is at 138.480
Preferable Price Action: Buy position above pivot with the target at 139.450 and 140.100 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 137.620 and 136.950.
Comment: MACD is at territory.
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: Trend on the upside
Our pivot point is at 0.68680
Preferable Price Action: Buy Positions above pivot with targets at 0.69220 & 0.69660 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.68170 & 0.67700 as targets.
Comment: RSI above 50 levels and Pairs above 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: Trend on the downside
Our pivot point is at 91.39
Preferable Price Action: Below pivots sell oil with 88.36 & 86.37 as targets.
Alternative Price Action: Buy crude above pivot with targets at 94.12 and 96.41 in extension.
Comment: MACD is in the 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: Trend on the downside
Our pivot point is 1726.20
Preferable Price Action: Further downside to 1705.80 and 1691.70
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1743.80 and 1757.70.
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
Dow Jones Intraday: Trend on the upside
Our pivot point is 31,962.00
Preferable Price Action: Take sell positions below pivot with targets at 31,484.00 & 31,134.00.
Alternative Price Action: Above 31,962.00 looks for further upside to 32,356.00 & 32,687.00.
Comment: RSI 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