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, following better-than-expected economic data, U.S. indices finished in positive territory. The Dow Jones Industrial Average snapped a 6-day losing streak, climbing 212 points (+0.63%) to 33,926, the S&P 500 rose 49 points (+1.15%) to 4,378 and the Nasdaq 100 gained 256 points (+1.75%) to 14,945.
The Automobiles & Components (+3.52%), Semiconductors & Semiconductor Equipment (+3.28%), and Consumer Durables & Apparel (+2.4%) sectors were the top performers.
Snowflake (SNOW), a software solutions provider, rose 4.23% and Nvidia (NVDA), a leading designer of graphics processors, gained 3.06% after announcing a team-up that will provide customers a way to build custom generative artificial intelligence applications more easily using their own data within a secure cloud environment.
Meanwhile, Meta Platforms (META), a social technology company, rose 3.08% as the co's price target was raised to 360 dollars from 315 dollars at Citi while Kellogg (K), a leading manufacturer of packaged food products, added 1.68% after the stock was upgraded to "buy" from "neutral" at Goldman Sachs.
Looking at earnings news, Walgreens Boots Alliance (WBA), a retail pharmacy chain, plunged 9.34% after slashing full-year adjusted EPS guidance. Oppositely, Delta Air Lines (DAL), one of the world's largest airlines, climbed 6.84% after raising full-year adjusted EPS guidance.
On the U.S. economic data front, durable goods orders rose 1.7% on month in May, against an expected decline of 0.9%, while the Conference Board Consumer Confidence Index increased to 109.7 in June, above 103.0 forecasted. Also, annualized new home sales in May came in at 763,000, well above 670,000 units expected.
The U.S. 10-year Treasury Yield rose 4.5 basis points to 3.766%.
European stocks were broadly higher as the Dax 40 gained 0.21%, the Cac 40 rose 0.43% and the FTSE 100 added 0.11%.
WTI Crude Futures was down 2.4% to $67.70.
Spot gold was down $9 to $1,914.
Market Wrap: Forex
The U.S. dollar index fell 0.2% to 102.50. Investors would keep an eye on the Federal Reserve chairman Jerome Powell's scheduled speech later in the day.
EUR/USD added 55 pips to 1.0961. The European Central Bank president Christine Lagarde said the central bank need to bring rates into "sufficiently restrictive" territory to lock in its policy tightening and ensure that hiking rates does not elicit expectations of a too-rapid policy reversal.
GBP/USD rose 36 pips to 1.2749.
USD/JPY gained 53 pips to 144.04, while USD/CHF dropped 24 pips to 0.8933.
AUD/USD climbed 13 pips to 0.6688.
USD/CAD increased 31 pips to 1.3186. Canada's consumer price index rose 3.4% on year in May, down from 4.4% in April and below 3.6% expected.
Bitcoin traded higher to $30,626.
Gold Intraday: key resistance at 1923.00.
Pivot:
1923.00
Our preference:
Short positions below 1923.00 with targets at 1910.00 & 1903.00 in extension.
Alternative scenario:
Above 1923.00 look for further upside with 1930.00 & 1937.00 as targets.
Comment:
As long as the resistance at 1923.00 is not surpassed, the risk of the break below 1910.00 remains high.
Crude Oil (WTI) (Q3) Intraday: the downside prevails.
Pivot:
68.70
Our preference:
Short positions below 68.70 with targets at 66.90 & 66.20 in extension.
Alternative scenario:
Above 68.70 look for further upside with 69.30 & 70.15 as targets.
Comment:
The RSI is below its neutrality area at 50%
EUR/USD Intraday: the upside prevails.
Pivot:
1.0930
Our preference:
Long positions above 1.0930 with targets at 1.0975 & 1.0990 in extension.
Alternative scenario:
Below 1.0930 look for further downside with 1.0915 & 1.0900 as targets.
Comment:
The RSI calls for a bounce.
Bitcoin / Dollar intraday: as long as 30300 is support look for 31450
Our pivot point stands at 30300.
Our preference:
As long as 30300 is support look for 31450
Alternative scenario:
The downside breakout of 30300 would call for 29860 and 29600.
Comment:
The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Moreover, the price is below its 20 period moving average (30671) but above its 50 period moving average (30458).
S&P 500 (CME) (M3) Intraday: intraday support around 4393.00.
Pivot:
4393.00
Our preference:
Long positions above 4393.00 with targets at 4445.00 & 4460.00 in extension.
Alternative scenario:
Below 4393.00 look for further downside with 4368.00 & 4351.00 as targets.
Comment:
The next resistances are at 4445.00 and then at 4460.00.
Tesla intraday: Short term rebound towards 257.8.
Our pivot point stands at 242.8
Our preference:
Short term rebound towards 257.8.
Alternative scenario:
Below 242.8, expect 237.4 and 234.2.
Comment:
The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Tesla stands above its 20 period moving average (245.52) but below its 50 period moving average (253.23).
*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.
