Here are today's directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you.
Market Wrap: Stocks, Bonds, Commodities
On Friday, U.S. stocks advanced for a second consecutive session. The Dow Jones Industrial Average jumped 701 points (+2.12%) to 33,762, the S&P 500 rose 61 points (+1.45%) to 4,282, and the Nasdaq 100 climbed 105 points (+0.73%) to 14,546.
The U.S. official jobs report showed that the number of non-farm payrolls increased 339,000 in May, well above an addition of 180,000 expected and 294,000 in April. The jobless rate rose to 3.7% from 3.4%.
The U.S. 10-year Treasury yield jumped 9.8 basis points to 3.693%.
Consumer durables & apparel (+3.73%), capital goods (+3.57%), and materials (+3.37%) stock sectors were the top performers Friday.
Tesla (TSLA) rose 3.11%. China, a major market of the electric-vehicle maker, said it will extend and optimize purchase tax exception on new-energy vehicles.
3M (MMM) jumped 8.75%. Bloomberg reported that the conglomerate has reached a settlement of at least $10 billion with a number of U.S. cities and towns over water pollution claims related to chemicals made by the company.
DISH Network (DISH) surged 16.24%, and Amazon.com (AMZN) added 1.21%. It was reported that Amazon may offer DISH's mobile phone service to its Prime subscribers.
In other news, DISH Network (DISH) will be replaced by Palo Alto Networks (PANW) in the S&P 500 Index at the open on June 20, announced S&P Dow Jones Indices.
Lululemon Athletica (LULU) climbed 11.3%. The athletic clothing retailer reported better-than-expected quarterly earnings and raised its full-year guidance.
European stocks also closed higher. The DAX 40 rose 1.25%, the CAC 40 gained 1.87%, and the FTSE 100 was up 1.56%.
U.S. WTI crude futures rose $1.80 to $71.94 a barrel.
Gold price sank $29 to $1,948 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened against other major currencies after the upbeat jobs report. The dollar index rebounded to 104.03.
EUR/USD dropped 56 pips to 1.0706. France's data showed that industrial production grew 0.8% on month in April (vs +0.5% expected).
USD/JPY rebounded 116 pips to 139.96.
GBP/USD slid 74 pips to 1.2452, while AUD/USD rose 37pips to 0.6608.
USD/CHF added 35 pips to 0.9090, while USD/CAD fell 24 pips to 1.3425.
Bitcoin stabilized before trading higher to $27,200.
Gold Intraday: expect 1932.00
Pivot:
1962.00
Our preference:
Short positions below 1962.00 with targets at 1940.00 & 1932.00 in extension.
Alternative scenario:
Above 1962.00 look for further upside with 1970.00 & 1976.00 as targets.
Comment:
The RSI is bearish and calls for further downside.
Crude Oil (WTI) (N3) Intraday: bullish bias above 72.10.
72.10
Our preference:
Long positions above 72.10 with targets at 75.00 & 76.00 in extension.
Alternative scenario:
Below 72.10 look for further downside with 71.00 & 70.00 as targets.
Comment:
The next resistances are at 75.00 and then at 76.00.
EUR/USD Intraday: under pressure.
1.0730
Our preference:
Short positions below 1.0730 with targets at 1.0665 & 1.0650 in extension.
Alternative scenario:
Above 1.0730 look for further upside with 1.0745 & 1.0760 as targets.
Comment:
The RSI has broken down its 30 level.
Bitcoin / Dollar intraday: as long as 26940 is support look for 27840
Our pivot point stands at 26940.
Our preference:
As long as 26940 is support look for 27840.
Alternative scenario:
Below 26940, expect 26590 and 26380.
Comment:
The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The price could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 27205 and 27134).
Hang Seng (HKFE) (HK50) Intraday: aim @ 19270.00.
Pivot:
18860.00
Our preference:
Long positions above 18860.00 with targets at 19270.00 & 19440.00 in extension.
Alternative scenario:
Below 18860.00 look for further downside with 18640.00 & 18390.00 as targets.
Comment:
The RSI is bullish and calls for further advance.
*VSTAR.com is not a financial advisor and not responsible for any damages or losses arising from any use of this information.
