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. Like what you see? Feel free to forward this to a friend!
Market Wrap: Stocks, Bonds, Commodities
On Monday, U.S. stocks closed under pressure after the S&P 500 fell 19 points (-0.45%) to 4,328, the Nasdaq 100 slid 202 points (-1.36%) to 14,689 and the Dow Jones Industrial Average dropped 12 points (-0.04%) to 33,714.
The Automobiles & Components (-4.88%), Media (-2.29%), and Software & Services (-1.37%) sectors dropped the most, while the Real Estate (+2.31%), Energy (+1.71%), and Telecommunication Services (+1.48%) sectors outperformed.
On the equity front, Tesla (TSLA), the electric-vehicle maker, fell 6.06% after the stock was downgraded to "neutral" from "buy" at Goldman Sachs, while Alphabet (GOOGL), Google's holding company, slipped 3.27% as it was downgraded to "neutral" from "buy" at UBS.
Snowflake (SNOW), a software solutions provider, declined 4.72% after expanding partnership with Microsoft to enhance generative AI models, data governance, application development, and field collaborations. Additionally, Snowflake will increase its Azure spend commit. Microsoft (MSFT), the software development company, fell 1.92% following the news.
Meanwhile, Carnival (CCL), the world's largest cruise company, dropped 7.59% on third-quarter adjusted Ebitda forecast between 2.05-2.15 billion dollars, against 2.09 billion dollars initially estimated.
Finally, Lucid Group (LCID), the electric automotive company, rose 1.46% after it entered a long-term strategic technology partnership with Aston Martin for the integration and supply of Lucid's state-of-the-art electric vehicle powertrain and battery systems in contracts worth in excess of 450 million dollars.
On the U.S. economic data front, the Dallas Fed Manufacturing Index improved to -23.2 in June, against -27.0 forecasted and -29.1 reported in May.
The U.S. 10-year Treasury Yield dropped 1.7 basis points to 3.717%.
European stocks were mixed as the Dax 40 fell 0.11% and the FTSE 100 slid 0.11%, while the Cac 40 rose 0.29%.
WTI Crude Futures rebounded 0.3% to $69.37.
Spot gold was up $2 to $1,923.
Market Wrap: Forex
The U.S. dollar index fell 0.1% to 102.77. The U.S. Conference Board consumer confidence index, due later in the day, is anticipated to climb to 103.0 in June.
EUR/USD rose 11 pips to 1.0905. In Europe, the German IFO Business Climate Index fell to 88.5 in June, its lowest level this year, against 91.1 expected and 91.5 in May.
GBP/USD slipped 3 pips to 1.2711.
USD/JPY dropped 19 pips to 143.51 and USD/CHF fell 13 pips to 0.8957.
AUD/USD was down 5 pips to 0.6675.
USD/CAD lost 27 pips to 1.3156. Canada's manufacturing sales grew 0.8% on month in May, above 0.1% expected, and wholesale sales rose 3.5%, above 0.5% estimated. Later today, Canada's consumer price growth is expected to slow to 3.6% on year in May.
Bitcoin traded lower to $30,202.
Gold Intraday: choppy.
Pivot:
1932.00
Our preference:
Short positions below 1932.00 with targets at 1916.00 & 1910.00 in extension.
Alternative scenario:
Above 1932.00 look for further upside with 1937.00 & 1942.00 as targets.
Comment:
The RSI calls for a drop.
Crude Oil (WTI) (Q3) Intraday: bullish bias above 68.70.
Pivot:
68.70
Our preference:
Long positions above 68.70 with targets at 70.10 & 70.90 in extension.
Alternative scenario:
Below 68.70 look for further downside with 68.10 & 67.35 as targets.
Comment:
Intraday technical indicators lack momentum.
EUR/USD Intraday: key resistance at 1.0920.
Pivot:
1.0920
Our preference:
Short positions below 1.0920 with targets at 1.0890 & 1.0875 in extension.
Alternative scenario:
Above 1.0920 look for further upside with 1.0935 & 1.0950 as targets.
Comment:
As long as 1.0920 is resistance, look for choppy price action with a bearish bias.
Bitcoin / Dollar intraday: the downside prevails as long as 30550 is resistance
Our pivot point stands at 30550.
Our preference:
The downside prevails as long as 30550 is resistance.
Alternative scenario:
Above 30550, look for 30950 and 31190.
Comment:
The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 30290 and 30322).
S&P 500 (CME) (M3) Intraday: the downside prevails.
Pivot:
4402.00
Our preference:
Short positions below 4402.00 with targets at 4351.00 & 4330.00 in extension.
Alternative scenario:
Above 4402.00 look for further upside with 4412.00 & 4427.00 as targets.
Comment:
The RSI is mixed with a bearish bias.
Tesla intraday:the downside prevails as long as 250.4 is resistance
Our pivot point stands at 250.4
Our preference:
The downside prevails as long as 250.4 is resistance
Alternative scenario:
The upside breakout of 250.4, would call for 255.8 and 259.
Comment:
The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Tesla stands below its 20 and 50 period moving average (respectively at 252.48 and 257.45).
*Disclaimer: The content of this article is for learning purposes only and does not represent the official position of VSTAR, nor can it be used as investment advice.
