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. stocks closed mixed. The Dow Jones Industrial Average gained 57.54 points (+0.17%) to 34,500, while the S&P 500 fell 14 points (-0.32%) to 4,451, and the Nasdaq 100 slid 112 points (-0.73%) to 15,258.
U.S. data showed that the latest number of initial jobless claims declined to 216,000 (vs 239,000 expected).
The U.S. 10-year Treasury yield retreated 3.2 basis points to 4.248%.
Retailing (+1.3%), utilities (+1.26%), and pharmaceuticals & biotechnology (+0.79%) were the top-performing stock sectors, while technology hardware & equipment (-2.61%), semiconductors (-1.98%), and banks (-1.22%) sectors underperformed the market.
Apple (AAPL) sank a further 2.92% to $177.56 after losing 3.58% in the prior session. Media reports said China may expand a ban on the use of iPhones to government-backed agencies and state companies.
AMC Entertainment (AMC) fell 5.80% to $8.12. The cinema chain announced plans to sell up to 40 million shares of common stock.
WeWork (WE) slid a further 7.60% to $3.16.
UiPath (PATH) surged 11.47% to $18.08. The robotic-automation software developer raised its full-year revenue and profit forecasts.
C3.ai (AI) fell 12.24% to $27.61. The artificial intelligence firm lowered its full-year sales guidance.
ChargePoint Holdings (CHPT) dropped 10.91% to $6.29. The electric-vehicle charging network's quarterly sales missed market expectations.
European stocks also closed mixed. The DAX 40 declined 0.14%, the CAC 40 was little changed, while the FTSE 100 gained 0.21%.
U.S. WTI crude futures retreated $0.80 to $86.76 a barrel. The U.S. Energy Department reported a reduction of 6.31 million barrels in crude-oil stockpiles (vs -2.06 million barrels expected).
Gold price added $3 to $1,919 an ounce.
Market Wrap: Forex
The U.S. dollar strengthened further against other major currencies on stronger-than-expected labor-market data. The dollar index advanced to 105.05, the highest level since March.
USD/JPY once pushed up to a 10-month high of 147.87 before retreating to 147.25.
USD/CNY advanced to 7.3299, a 16-year high. China's exports dropped 8.8% on year in August (vs -10.0% expected), and imports fell 7.3% (vs -11.0% expected).
EUR/USD fell 30 pips to 1.0697. Germany's industrial production declined 0.8% on month in July (vs -0.3% expected).
GBP/USD dropped 34 pips to 1.2473. In the U.K., the Halifax house price index decreased 1.9% on month in August (vs -0.1% expected).
AUD/USD dipped by 5 pips to 0.6377.
USD/CHF gained 16 pips, reaching 0.8927.
USD/CAD increased by 48 pips to 1.3684. Canada's data showed that building permits dropped 1.5% on month in July (vs +1.9% expected). The Ivey purchasing managers index rose to 53.5 in August (vs 48.0 expected).
Bitcoin finally showed some momentum rising over 2% to $26,270.
Crude Oil (WTI) (V3) Intraday: under pressure.
Pivot:
87.55
Our preference:
Short positions below 87.55 with targets at 85.95 & 85.50 in extension.
Alternative scenario:
Above 87.55 look for further upside with 88.05 & 88.65 as targets.
Comment:
The RSI is below its neutrality area at 50%
EUR/USD Intraday: the downside prevails.
Pivot:
1.0710
Our preference:
Short positions below 1.0710 with targets at 1.0680 & 1.0660 in extension.
Alternative scenario:
Above 1.0710 look for further upside with 1.0730 & 1.0745 as targets.
Comment:
The RSI calls for a new downleg.
Bitcoin / Dollar intraday: the upside prevails as long as 25620 is support
Our pivot point stands at 25620.
Our preference:
The upside prevails as long as 25620 is support
Alternative scenario:
Below 25620, expect 25320 and 25140.
Comment:
The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 25761 and 25750).
Gold Intraday: bounce.
Pivot:
1915.00
Our preference:
Long positions above 1915.00 with targets at 1924.00 & 1929.00 in extension.
Alternative scenario:
Below 1915.00 look for further downside with 1909.00 & 1904.00 as targets.
Comment:
The RSI calls for a rebound.
S&P 500 (CME) (U3) Intraday: key resistance at 4472.00.
Pivot:
4472.00
Our preference:
Short positions below 4472.00 with targets at 4445.00 & 4434.00 in extension.
Alternative scenario:
Above 4472.00 look for further upside with 4486.00 & 4501.00 as targets.
Comment:
The RSI is around its neutrality area at 50%
Tesla intraday: the upside prevails as long as 246 is support
Our pivot point stands at 246
Our preference:
The upside prevails as long as 246 is support
Alternative scenario:
The downside breakout of 246 would call for 239.6 and 235.8.
Comment:
The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Tesla is trading above both its 20 and 50 period moving average (respectively at 249.77 and 250.09).
*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.
