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 Thursday, U.S. indices closed under pressure despite a positive opening to the trading session. The S&P 500 declined 60 points (-1.35%) to 4,376, the Nasdaq 100 slid 332 points (-2.19%) to 14,816 and the Dow Jones Industrial Average dropped 374 points (-1.08%) to 34,099. Investors are keenly awaiting Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium later today.
The Automobiles & Components (-2.69%), Technology Hardware & Equipment (-2.43%) and Media (-2.22%) sectors underperformed the most during the trading session.
Boeing (BA), the commercial airplane company, declined 4.93% after disclosing an issue affecting its 737 Max.
Nvidia (NVDA), a leading designer of graphics processors, was relatively unchanged at $471.63 despite robust second-quarter top and bottom-line figures while third-quarter revenue forecast also topped expectations.
Splunk (SPLK), a provider of software for machine log analysis, jumped 12.91% as quarterly earnings smashed estimates. Moreover, the company raised its full-year guidance.
Snowflake (SNOW), a software solutions provider, fell 5.16% while posting second-quarter earnings that beat estimates.
Autodesk (ADSK), a provider of computer-aided design software, rose 2.07% after lifting its full-year revenue forecast.
Analog Devices (ADI), a manufacturer of analog, mixed signal and digital signal processing chips, fell 2.14% as it was downgraded to "neutral" from "overweight" at Piper Sandler
Prudential Financial (PRU), a diversified insurance company, rose 2.18% as it was upgraded to "strong buy" from "market perform" at Raymond James.
On the U.S. economic data front, durable goods orders fell 5.2% month over month in July, against an anticipated growth of 0.5%, while the Chicago Fed National Activity Index rose to 0.12 in July, against -0.40 forecasted and -0.33 in June. Also, initial jobless claims for the week ended August 19 were released at 230,000, below 242,000 anticipated.
The U.S. 10-year Treasury Yield rebounded 4.7 basis points to 4.239%.
European stocks were mixed as the Dax 40 fell 0.68% and the Cac 40 slid 0.44%, while the FTSE 100 gained 0.18%.
WTI Crude Futures (October) gained $0.16 to $79.05, halting a 3-day decline.
Spot gold edged up 0.1% to $1,917.
Market Wrap: Forex
The U.S. dollar index rose 0.5% to 103.99, ahead of the Fed chairman Powell's speech at the Jackson Hole Symposium later in the day.
EUR/USD dropped 55 pips to 1.0808. Later today, Germany's Ifo business climate index is estimated to fall to 86.9 in August.
GBP/USD slid 129 pips to 1.2598.
USD/JPY gained 100 pips to 145.84 and USD/CHF added 65 pips to 0.8845.
AUD/USD lost 66 pips to 0.6414, while USD/CAD climbed 61 pips to 1.3587.
Bitcoin retreated 2.2% to $26,045.
Crude Oil (WTI) (V3) Intraday: intraday support around 78.30.
Pivot:
78.30
Our preference:
Long positions above 78.30 with targets at 79.85 & 80.30 in extension.
Alternative scenario:
Below 78.30 look for further downside with 77.60 & 77.00 as targets.
Comment:
The next resistances are at 79.85 and then at 80.30.
EUR/USD Intraday: the downside prevails.
Pivot:
1.0830
Our preference:
Short positions below 1.0830 with targets at 1.0780 & 1.0760 in extension.
Alternative scenario:
Above 1.0830 look for further upside with 1.0850 & 1.0875 as targets.
Comment:
The RSI advocates for further decline.
Bitcoin / Dollar intraday: the downside prevails as long as 26330 is resistance
Our pivot point stands at 26300.
Our preference:
The downside prevails as long as 26330 is resistance
Alternative scenario:
Above 26330, look for 26590 and 26750.
Comment:
The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 26206 and 26357).
Gold Intraday: intraday support around 1911.00.
Pivot:
1911.00
Our preference:
Long positions above 1911.00 with targets at 1923.00 & 1930.00 in extension.
Alternative scenario:
Below 1911.00 look for further downside with 1905.00 & 1900.00 as targets.
Comment:
A support base at 1911.00 has formed and has allowed for a temporary stabilisation.
S&P 500 (CME) (U3) Intraday: the downside prevails.
Pivot:
4424.00
Our preference:
Short positions below 4424.00 with targets at 4354.00 & 4325.00 in extension.
Alternative scenario:
Above 4424.00 look for further upside with 4450.00 & 4483.00 as targets.
Comment:
The RSI has broken down its 30 level.
Tesla intraday: the downside prevails as long as 236.6 is resistance
Our pivot point stands at 236.6
Our preference:
The downside prevails as long as 236.6 is resistance
Alternative scenario:
The upside breakout of 236.6, would call for 241.8 and 244.8.
Comment:
The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Tesla stands below its 20 and 50 period moving average (respectively at 233.93 and 232.92).
*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.
