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 Friday, U.S. stocks closed in the green after the S&P 500 rose 53 points (+1.22%) to 4,450, the Nasdaq 100 gained 239 points (+1.6%) to 15,179 and the Dow Jones Industrial Average climbed 285 points (+0.84%) to 34,407. Looking back at the performance of U.S. indices in the month of June, the S&P 500 gained 6.47%, the Dow Jones rose 4.56% and the Nasdaq 100 climbed 6.49%.
The Semiconductors & Semiconductor Equipment (+2.21%), Technology Hardware & Equipment (+2.11%), and Retailing (+1.58%) sectors were the top performers during the trading session.
Apple (AAPL), the consumer electronics company, rose 2.31% as it became the first company to close above a market capitalization of three trillion dollars. XPeng (XPEV), a Chinese producer of electric vehicles, surged 13.44% and outperformed the S&P 500 after unveiling its new G6 model. Meanwhile, Carnival (CCL), the world's largest cruise company, jumped 9.73% after it was upgraded to "buy" from "hold" at Jefferies.
Nike (NKE), the sportswear company, fell 2.65% as fourth-quarter EPS missed estimates and its outlook disappointed investors.
Over the weekend, Tesla (TSLA), an electric vehicle manufacturer, reported deliveries of 466,140 in the second quarter, above estimates.
On the U.S. economic data front, core personal consumption expenditures price index grew 0.3% in May, as expected, while personal spending rose 0.1% and personal income increased 0.4%, against +0.4% and +0.3% expected respectively. Also, the Chicago Purchasing Managers Index was posted at 41.5 for June, below 44.0 forecasted, while final readings of the Michigan Consumer Sentiment Index were posted at 64.4, above 63.9 anticipated.
The U.S. 10-year Treasury Yield dropped 1.1 basis points to 3.827%.
European stocks were broadly higher. The Dax 40 rose 1.26%, the Cac 40 gained 1.19% and the FTSE 100 climbed 0.80%.
WTI Crude Future added 1.1% to $70.64.
Spot gold was up $10 to $1,918.
Market Wrap: Forex
The U.S. dollar index fell 0.4% to 102.92.
EUR/USD added 45 pips to 1.0910. The eurozone's core consumer price index rose 5.4% on year in June, while jobless rate was stable at 6.5% in May, both as expected.
GBP/USD climbed 87 pips to 1.2700. U.K. first-quarter gross domestic product growth was unrevised at 0.1% on quarter as expected. Furthermore, according to Nationwide, house prices grew 0.1% on month in June, against -0.3% estimated.
USD/JPY dropped 46 pips to 144.3 andUSD/CHF slid 43 pips to 0.8952.
AUD/USD increased 45 pips to 0.6661, while USD/CAD dipped 5 pips to 1.3247. Canada's gross domestic product was flat on month, against an expected growth of 0.2%.
Bitcoin traded lower to $30,374.
Gold Intraday: bullish bias above 1909.00.
Pivot:
1909.00
Our preference:
Long positions above 1909.00 with targets at 1924.00 & 1930.00 in extension.
Alternative scenario:
Below 1909.00 look for further downside with 1901.00 & 1893.00 as targets.
Comment:
The RSI is mixed with a bullish bias.
Crude Oil (WTI) (Q3) Intraday: bullish bias above 69.60.
Pivot:
69.60
Our preference:
Long positions above 69.60 with targets at 71.00 & 71.80 in extension.
Alternative scenario:
Below 69.60 look for further downside with 68.90 & 68.40 as targets.
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
EUR/USD Intraday: bullish bias above 1.0880.
Pivot:
1.0880
Our preference:
Long positions above 1.0880 with targets at 1.0930 & 1.0950 in extension.
Alternative scenario:
Below 1.0880 look for further downside with 1.0860 & 1.0835 as targets.
Comment:
The RSI calls for a bounce.
Bitcoin / Dollar intraday: our next up target stands at 31350
Our pivot point stands at 30200.
Our preference:
Our next up target stands at 31350
Alternative scenario:
Below 30200, expect 29760 and 29500.
Comment:
The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 30528 and 30547).
S&P 500 (CME) (M3) Intraday: intraday support around 4452.00.
Pivot:
4452.00
Our preference:
Long positions above 4452.00 with targets at 4520.00 & 4550.00 in extension.
Alternative scenario:
Below 4452.00 look for further downside with 4430.00 & 4410.00 as targets.
Comment:
The next resistances are at 4520.00 and then at 4550.00.
Tesla intraday: as long as 256.6 is support look for 275.8
Our pivot point stands at 256.6
Our preference:
As long as 256.6 is support look for 275.8
Alternative scenario:
Below 256.6, expect 249.2 and 245.
Comment:
The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The price could retrace. Tesla is trading above both its 20 and 50 period moving average (respectively at 260.45 and 256.33).
*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.
