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 Wednesday, U.S. stocks extended their rally to a fourth session. The S&P 500 rose 17 points (+0.38%) to 4,514, the Nasdaq 100 gained 85 points (+0.56%) to 15,462, and the Dow Jones Industrial Average was up 37 points (+0.11%) to 34,890.
U.S. data showed that gross domestic product grew at an annualized rate of 2.1% on quarter in the second quarter (vs +2.4% in a preliminary estimate). The ADP jobs report showed that the economy added 177,000 private payrolls in August (vs 210,000 expected).
The U.S. 10-year Treasury yield dipped 0.6 basis point to 4.114%.
Technology hardware & equipment (+1.61%), consumer durables & apparel (+0.82%), and semiconductors (+0.56%) stock sectors gained the most, while the bank (-0.58%) and utilities (-0.43%) stock sectors lagged behind.
Nvidia (NVDA) closed 0.98% higher at a record level of $492.64.
Apple (AAPL) rose 1.92% to $187.65, Alphabet (GOOGL) rose 0.97% rise to $135.88, and Netflix (NFLX) was up 1.09%.
HP (HPQ) fell 6.63% to $29.29. The provider of computers and printers lowered its full-year earnings forecast.
Meanwhile, Hewlett Packard Enterprise (HPE) rose 3.09% to $17.36.
Baidu (BIDU) climbed 3.11% to $145.08. The Chinese big-tech firm has obtained approval from Chinese authorities to roll out generative artificial intelligence services.
Pinduoduo (PDD) gained 5.28% to $98.14 on strong quarterly revenue.
European stocks closed mixed. The DAX 40 fell 0.24%, the CAC 40 declined 0.12%, while the FTSE 100 added 0.12%.
U.S. WTI crude futures added $0.60 to $81.71 a barrel. The U.S. Energy Department reported a reduction of 10.58 million barrels in crude-oil stockpiles (vs a reduction of 3.27 million barrels expected).
Gold price increased $5 to $1,943 an ounce.
Market Wrap: Forex
The U.S. dollar continued to weaken against other major currencies. The dollar index fell to 103.18.
EUR/USD rose 44 pips to 1.0924. The Eurozone's economic sentiment index dipped to 93.3 in August (vs 94.0 expected).
Germany's inflation rate ticked down to 6.1% on year in August (as expected).
USD/JPY climbed 36 pips to 146.24. This morning, Japan's data showed that retail sale grew 2.1% on month in July (vs -0.1% expected), while industrial production dropped 2.0% on month in July (vs -1.2% expected).
GBP/USD gained 76 pips to 1.2720.
AUD/USD was little changed at 0.6479. In Australia, the inflation rate slowed to 4.9% on year in July (vs 5.1% expected).
USD/CHF was flat at 0.8784, and USD/CAD declined 21 pips to 1.3531.
Bitcoin retreated 1.70% to $27,250.
Crude Oil (WTI) (V3) Intraday: intraday support around 80.80.
Pivot:
80.80
Our preference:
Long positions above 80.80 with targets at 82.20 & 82.90 in extension.
Alternative scenario:
Below 80.80 look for further downside with 80.30 & 79.70 as targets.
Comment:
The next resistances are at 82.20 and then at 82.90.
EUR/USD Intraday: further upside.
Pivot:
1.0890
Our preference:
Long positions above 1.0890 with targets at 1.0945 & 1.0970 in extension.
Alternative scenario:
Below 1.0890 look for further downside with 1.0875 & 1.0855 as targets.
Comment:
The RSI is bullish and calls for further advance.
Bitcoin / Dollar intraday: rebound
Our pivot point stands at 27090.
Our preference:
Rebound
Alternative scenario:
The downside breakout of 27090 would call for 26820 and 26670.
Comment:
The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (27224) but under its 50 period moving average (27356).
Gold Intraday: bullish bias above 1938.00.
Pivot:
1938.00
Our preference:
Long positions above 1938.00 with targets at 1949.00 & 1955.00 in extension.
Alternative scenario:
Below 1938.00 look for further downside with 1931.00 & 1926.00 as targets.
Comment:
The RSI has just landed on its neutrality area at 50% and is turning up.
S&P 500 (CME) (U3) Intraday: further advance.
Pivot:
4485.00
Our preference:
Long positions above 4485.00 with targets at 4544.00 & 4580.00 in extension.
Alternative scenario:
Below 4485.00 look for further downside with 4454.00 & 4424.00 as targets.
Comment:
The next resistances are at 4544.00 and then at 4580.00.
Tesla intraday: as long as 249.8 is support look for 267.8
Our pivot point stands at 249.8
Our preference:
As long as 249.8 is support look for 267.8
Alternative scenario:
Below 249.8, expect 244.2 and 240.8.
Comment:
The RSI is above 50. The MACD is positive and below its signal line. The price could retrace. Tesla is below its 20 period moving average (256.01) but above its 50 period moving average (246.4).
*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.
