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. markets were closed for the Labor Day holiday.
Meanwhile, global market sentiment improved on expectations that the U.S. Federal Reserve could pause rate hikes, and that China would launch more stimulus policies to boost the country's faltering economy.
Hong Kong's Hang Seng Index jumped 2.51% to 18,844, and Japan's Nikkei 225 Index climbed 0.70% to 32,939 posting a six-session rally.
However, European stocks closed slightly lower. The DAX 40 declined 0.10%, the CAC 40 fell 0.24%, and the FTSE 100 was down 0.16%.
U.S. WTI crude futures increased $0.40 to $85.95.
Gold price added $2 to $1,942 an ounce.
Market Wrap: Forex
The U.S. dollar index retreated to 104.12.
EUR/USD rose 13 pips to 1.0793, GBP/USD gained 39 pips to 1.2629.
USD/JPY climbed 27 pips to 146.49.
AUD/USD dipped 4 pips to 0.6460. Later today, Australia’s central bank is expected to keep its key rate unchanged at 4.10%.
USD/CHF declined 4 pips to 0.8847, USD/CAD edged up 2 pips higher to 1.3594.
Bitcoin still lacked upward momentum pulling back to $25,880.
Crude Oil (WTI) (V3) Intraday: bullish bias above 85.30.
Pivot:
85.30
Our preference:
Long positions above 85.30 with targets at 86.40 & 87.00 in extension.
Alternative scenario:
Below 85.30 look for further downside with 84.60 & 84.00 as targets.
Comment:
A support base at 85.30 has formed and has allowed for a temporary stabilisation.
EUR/USD Intraday: bullish bias above 1.0770.
Pivot:
1.0770
Our preference:
Long positions above 1.0770 with targets at 1.0810 & 1.0830 in extension.
Alternative scenario:
Below 1.0770 look for further downside with 1.0750 & 1.0730 as targets.
Comment:
The RSI calls for a rebound.
Bitcoin / Dollar intraday: rebound towards 26330
Our pivot point stands at 26330.
Our preference:
Rebound towards 26330
Alternative scenario:
The downside breakout of 25660 would call for 25410 and 25260.
Comment:
The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (25868) but under its 50 period moving average (25927).
Gold Intraday: choppy.
Pivot:
1943.00
Our preference:
Short positions below 1943.00 with targets at 1934.00 & 1928.00 in extension.
Alternative scenario:
Above 1943.00 look for further upside with 1948.00 & 1953.00 as targets.
Comment:
Technically the RSI is below its neutrality area at 50.
S&P 500 (CME) (U3) Intraday: choppy.
Pivot:
4537.00
Our preference:
Short positions below 4537.00 with targets at 4507.00 & 4490.00 in extension.
Alternative scenario:
Above 4537.00 look for further upside with 4550.00 & 4564.00 as targets.
Comment:
Intraday technical indicators are mixed.
Tesla intraday: the downside prevails as long as 249.4 is resistance
Our pivot point stands at 249.4
Our preference:
The downside prevails as long as 249.4 is resistance
Alternative scenario:
Above 249.4, look for 255 and 258.4.
Comment:
The RSI is below its neutrality area at 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 250.18 and 254.04).
*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.
