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
Wrapping up Monday's session, U.S. indices closed with gains as market participants eagerly anticipate upcoming inflation data, which is set to be delivered on Wednesday. The S&P 500 rose 10 points (+0.24%) to 4,409, the Nasdaq 100 added 8 points (+0.06%) to 15,045 and the Dow Jones Industrial Average increased 209 points (+0.62%) to 33,944.
The Consumer Services (+2.1%) and Consumer Durables & Apparel (+1.92%) sectors demonstrated the strongest performance, while the Telecommunication Services (-1.75%) and Automobiles & Components (-1.38%) sectors lagged the most during the trading session.
Rivian Automotive (RIVN), the automotive technology company, rose 3.28%, extending its winning streak to a ninth consecutive session. Helen of Troy (HELE), designer and producer of various home products, jumped 18.49% after posting quarterly adjusted EPS and sales both above expectations.
Meanwhile, Meta Platforms (META), a social technology company, added 1.23% as CEO Mark Zuckerberg said 100 million users have signed up for the company's new social media platform.Icahn Enterprises LP (IEP) surged 20.2% as Carl Icahn amended his loan agreements and disconnected his personal loans from the price of the company's units, according to the Wall Street Journal.
On the other hand, Mercadolibre (MELI), a Latin American online trading site, fell 5.78% after the stock was downgraded to "neutral" from "buy" at Bank of America.
The U.S. 10-year Treasury Yield dropped 5.8 basis points to 4.004%.
European stocks closed on a positive note, as the Dax 40 gained 0.45%, the Cac 40 rose 0.45% and the FTSE 100 added 0.23%.
WTI Crude Futures retreated 1.2% to $72.99.
Spot Gold was broadly flat to $1,925.
Market Wrap: Forex
The U.S. dollar index dropped 0.3% to 101.96.
EUR/USD rose 33 pips to 1.1000. The eurozone Sentix investor confidence was released at -22.5 in July, against -17.9 expected and -17.0 reported in the prior period. Later today, Germany's ZEW economic sentiment index is expected to drop to -13.0 in July
GBP/USD gained 22 pips to 1.2861. The U.K. jobless rate, due later in the day, is expected to edge up to 3.9% in March-May period.
USD/JPY dropped 89 pips to 141.32 and USD/CHF slid 34 pips to 0.8853.
AUD/USD fell 13 pips to 0.6677 while USD/CAD climbed 5 pips to 1.3279.
Bitcoin traded higher to $30,944.
Gold Intraday: bullish bias above 1919.00.
Pivot:
1919.00
Our preference:
Long positions above 1919.00 with targets at 1930.00 & 1934.00 in extension.
Alternative scenario:
Below 1919.00 look for further downside with 1912.00 & 1904.00 as targets.
Comment:
The RSI is mixed with a bullish bias.
Crude Oil (WTI) (Q3) Intraday: intraday support around 72.70.
Pivot:
72.70
Our preference:
Long positions above 72.70 with targets at 73.60 & 74.10 in extension.
Alternative scenario:
Below 72.70 look for further downside with 72.25 & 71.45 as targets.
Comment:
A support base at 72.70 has formed and has allowed for a temporary stabilisation.
EUR/USD Intraday: the upside prevails.
Pivot:
1.0970
Our preference:
Long positions above 1.0970 with targets at 1.1010 & 1.1040 in extension.
Alternative scenario:
Below 1.0970 look for further downside with 1.0955 & 1.0940 as targets.
Comment:
The RSI is bullish and calls for further advance.
Bitcoin / Dollar intraday: the RSI is overbought
Our pivot point stands at 30250.
Our preference:
The upside prevails as long as 30250 is support.
Alternative scenario:
The downside breakout of 30250 would call for 29820 and 29570.
Comment:
The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 30309 and 30212). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (30586).
S&P 500 (CME) (M3) Intraday: further advance.
Pivot:
4424.00
Our preference:
Long positions above 4424.00 with targets at 4466.00 & 4480.00 in extension.
Alternative scenario:
Below 4424.00 look for further downside with 4412.00 & 4385.00 as targets.
Comment:
The RSI is above its neutrality area at 50%.
Tesla intraday: the downside prevails as long as 275 is resistance
Our pivot point stands at 275
Our preference:
The downside prevails as long as 275 is resistance
Alternative scenario:
Above 275, look for 282 and 286.2.
Comment:
The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Tesla is trading under both its 20 and 50 period moving average (respectively at 272.56 and 275.94).
*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.
