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, U.S. stocks closed higher. The Dow Jones Industrial Average gained 10 points (+0.03%) to 33,573, the S&P 500 rose 10 points (+0.24%) to 4,283, and the Nasdaq 100 edged up 1 point (+0.01%) to 14,558.
Automobiles (+1.91%), consumer durables & apparel (+1.91%), and banks (+1.84%) stock sectors were the top performers, while health-care equipment & services (-1.09%), household & personal products (-0.84%), and pharmaceuticals & biotechnology (-0.72%) sectors lagged behind.
Tesla (TSLA) advanced a further 1.70% posting an eight-session rally..
Intel (INTC) rose 3.68%. The chipmaker is expected to raise about $1.5 billion dollars through selling a part of its stake in Mobileye Global (MBLY).
Advanced Micro Devices (AMD) climbed 5.34%, ON Semiconductor (ON) gained 3.33%, and Qualcomm (QCOM) added 3.22%, while Nvidia (NVDA) was down 1.32%.
Morgan Stanley (MS) rose 2.53%. The investment firm was reported to expand its operations in Singapore.
Coinbase Global (COIN) sank a further 12.09% after plunging 9% in the prior session. The U.S. Securities and Exchange Commission (SEC) sued the crypto-currency exchange platform, accusing it of operating illegally without having first registered with the regulator.
The U.S. 10-year Treasury yield eased 0.8 basis points to 3.676%.
European stocks also closed higher. The DAX 40 rose 0.18%, the CAC 40 gained 0.11%, and the FTSE 100 was up 0.37%.
U.S. WTI crude futures retreated $0.70 to $71.45 a barrel.
Gold price was little changed at $1,963 an ounce.
Market Wrap: Forex
The U.S. dollar index was firm at 104.15.
EUR/USD fell 20 pips to 1.0693. The Eurozone's data showed that retail sales were flat on month in April (vs +0.3% expected)
In Germany, factory orders declined 0.4% on month in April (vs +4.1% expected).
AUD/USD jumped 55 pips to 0.6672. The Reserve Bank of Australia unexpectedly raised its key interest rate by 25 basis points to 4.10%, an 11-year high. The central bank also warned that further tightening may be required to bring inflation back to its target level.
GBP/USD declined 14 pips to 1.2424.
USD/JPY added 8 pips to 139.66.
USD/CHF increased 14 pips to 0.9077.
USD/CAD fell 43 pips to 1.3402. In Canada, the Ivey purchasing managers index declined to 53.5 in May (vs 56.5 expected). The number of building permits dropped 18.8% on month in May (vs -6.6% expected).
Bitcoin posted a strong rebound of over 5% returning to $27,200.
Gold Intraday: bullish bias above 1953.00.
Pivot:
1953.00
Our preference:
Long positions above 1953.00 with targets at 1974.00 & 1983.00 in extension.
Alternative scenario:
Below 1953.00 look for further downside with 1945.00 & 1938.00 as targets.
Comment:
A support base at 1953.00 has formed and has allowed for a temporary stabilisation.
Crude Oil (WTI) (N3) Intraday: the bias remains bullish.
Pivot:
71.00
Our preference:
Long positions above 71.00 with targets at 72.30 & 73.00 in extension.
Alternative scenario:
Below 71.00 look for further downside with 70.10 & 69.40 as targets.
Comment:
The RSI has just landed on its neutrality area at 50% and is turning up.
EUR/USD Intraday: the downside prevails.
Pivot:
1.0715
Our preference:
Short positions below 1.0715 with targets at 1.0680 & 1.0665 in extension.
Alternative scenario:
Above 1.0715 look for further upside with 1.0730 & 1.0745 as targets.
Comment:
The upward potential is likely to be limited by the resistance at 1.0715.
Bitcoin / Dollar intraday: the RSI is oversold
25820 is our pivot point.
Our preference:
The downside prevails as long as 25820 is resistance.
Alternative scenario:
The upside breakout of 25820, would call for 26170 and 26380.
Comment:
The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 25707 and 25806). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (25512).
S&P 500 (CME) (M3) Intraday: towards 4305.00.
Pivot:
4268.00
Our preference:
Long positions above 4268.00 with targets at 4305.00 & 4320.00 in extension.
Alternative scenario:
Below 4268.00 look for further downside with 4250.00 & 4235.00 as targets.
Comment:
The RSI shows upside momentum.
Tesla intraday: the upside prevails as long as 218.6 is support
Our pivot point stands at 218.6.
Our preference:
The upside prevails as long as 218.6 is support.
Alternative scenario:
Below 218.6, expect 215 and 212.8.
Comment:
The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Tesla is above its 20 and 50 period moving average (respectively at 218.44 and 215.78).
*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.
