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 Tuesday, major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 195 points (-0.56%) to 34,641, the S&P 500 declined 18 points (-0.42%) to 4,496, while the Nasdaq 100 closed 17 points higher (+0.11%) at 15,508.
The U.S. 10-year Treasury yield climbed 8.9 basis points to 4.268%.
Automobiles (+3.77%), software & services (+0.96%), and energy (+0.49%) stock sectors gained the most, while consumer durables & apparel (-3.15%), transportation (-2.27%), and materials (-1.81%) sectors were under pressure.
Tesla (TSLA) rose 4.69% to $256.49. The electric-vehicle maker reported a 9.4% on year increase in China sales in August.
Blackstone Group (BX) climbed 3.59% to $108.24, and Airbnb (ABNB) advanced 7.23% to $142.29. These two companies are set to join the S&P 500 on September 18, replacing Lincoln National (LNC), which fell 3.32% to $25.34, and Newell Brands (NWL), which dropped 4.86% to $10.19.
United Airlines (UAL) fell 2.51% to $48.47 after a system-wide information technology issue caused an hour-long aircraft ground stop.
Manchester United Plc (MANU) plunged 18.22% to $19.35 on a news report that the Glazer family may withdraw the club from the market due to a lack of suitable offers.
Regarding U.S. economic data, factory orders declined 2.1% on month in July (vs -2.0% expected).
European stocks fell for a second session. The DAX 40 dropped 0.34%, the CAC 40 slipped 0.34%, and the FTSE 100 was down 0.20%.
Oil prices rose after Saudi Arabia and Russia extended their oil-supply cuts to the year's end. U.S. WTI crude futures increased $1.20 to $86.70 a barrel.
Gold price sank $17 to $1,925 an ounce.
Market Wrap: Forex
The U.S. dollar climbed to a five-month high against other major currencies. The dollar index advanced to 104.81.
EUR/USD fell 77 pips to 1.0719. Eurozone's data showed that producer prices fell 7.6% on year in July (vs -7.8% expected).
USD/JPY jumped 127 pips to 147.74, the highest level since November.
GBP/USD dropped 63 pips to 1.2562.
AUD/USD sank 84 pips to 0.6377. As expected, Australia's central bank kept its key interest rate unchanged at 4.10%.
USD/CHF increased 54 pips to 0.8900, USD/CAD gained 52 pips to 1.3643.
Bitcoin traded lower to $25,700.
Crude Oil (WTI) (V3) Intraday: bullish bias above 86.10.
Pivot:
86.10
Our preference:
Long positions above 86.10 with targets at 88.05 & 89.10 in extension.
Alternative scenario:
Below 86.10 look for further downside with 85.00 & 84.15 as targets.
Comment:
The RSI has just landed on its neutrality area at 50% and is turning up.
EUR/USD Intraday: under pressure.
Pivot:
1.0750
Our preference:
Short positions below 1.0750 with targets at 1.0705 & 1.0685 in extension.
Alternative scenario:
Above 1.0750 look for further upside with 1.0770 & 1.0790 as targets.
Comment:
As long as the resistance at 1.0750 is not surpassed, the risk of the break below 1.0705 remains high.
Bitcoin / Dollar intraday: the downside prevails as long as 25970 is resistance
Our pivot point stands at 25970.
Our preference:
The downside prevails as long as 25970 is resistance
Alternative scenario:
Above 25970, look for 26270 and 26440.
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 25732 and 25733).
Gold Intraday: the downside prevails.
Pivot:
1934.00
Our preference:
Short positions below 1934.00 with targets at 1920.00 & 1915.00 in extension.
Alternative scenario:
Above 1934.00 look for further upside with 1939.00 & 1946.00 as targets.
Comment:
As long as 1934.00 is resistance, likely decline to 1920.00.
S&P 500 (CME) (U3) Intraday: the downside prevails.
Pivot:
4518.00
Our preference:
Short positions below 4518.00 with targets at 4495.00 & 4477.00 in extension.
Alternative scenario:
Above 4518.00 look for further upside with 4531.00 & 4548.00 as targets.
Comment:
A break below 4495.00 would trigger a drop towards 4477.00.
Tesla intraday: the upside prevails as long as 252 is support
Our pivot point stands at 252
Our preference:
The upside prevails as long as 252 is support
Alternative scenario:
The downside breakout of 252 would call for 246 and 242.6.
Comment:
The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Tesla is above its 20 and 50 period moving average (respectively at 250.83 and 253.94).
*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.
