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 Monday, U.S. stocks closed higher as investors awaited the next round of quarterly corporate results. The Dow Jones Industrial Average rose 76 points (+0.22%) to 34,585 extending its winning streak to a sixth session. The S&P 500 climbed 17 points (+0.38%) to 4,522, and the Nasdaq 100 gained 147 points (+0.95%) to 15,713.
Semiconductors (+2.39%), automobiles (+2.02%), and banks (+1.76%) stock sectors led the market higher, while telecoms services (-5.69%), utilities (-1.18%), and real estate (-0.99%) stock sectors underperformed the market.
Apple (AAPL) advanced 1.73% to $193.99, a record closing price.
Nvidia (NVDA) gained 2.18% to $464.61, also a record-high close.
Tesla (TSLA) rose 3.20%. The electric-vehicle maker rolled out its first production pickup truck model "Cybertruck" at its factory in Texas.
On the other hand, Ford Motor (F) slid 5.94%. The car maker reduced the price of its electric pickup truck model "F-150" to below $50,000.
NetFlix (NFLX) climbed 1.84%. Deutsche Bank raised its price target of the video-streaming services provider to $475.
Conagra Foods (CAG) fell 1.88%. The packaged food firm was downgraded to "equal-weight" at Morgan Stanley.
AT&T (T) sank a further 6.69%. The major U.S. wireless communication carrier was downgraded to "neutral" at Citi.
The U.S. 10-year Treasury yield retreated 2.5 basis points to 3.807%.
The New York State manufacturing index declined to 1.1 in July (vs -6.0 expected)..
In European markets, stocks closed lower, with the DAX 40 falling by 0.23%, the CAC 40 sliding by 1.12%, and the FTSE 100 decreasing by 0.38%.
U.S. WTI crude futures dropped $1.30 to $74.12 a barrel.
Gold price remained relatively stable at $1,954 an ounce.
Market Wrap: Forex
The U.S. dollar was stable following its largest weekly decline this year shown last week. The dollar index was little changed at 99.87.
EUR/USD added 9 pips to 1.1237, while GBP/USD declined 21 pips to 1.3072.
USD/JPY dipped 10 pips to 138.70.
AUD/USD fell 21 pips to 0.6817. China, Australia's biggest trading partner, reported a gross domestic product growth of 6.3% on year in the second quarter, below 7.1% expected.
USD/CHF dropped 15 pips to 0.8605, and USD/CAD declined 20 pips to 1.3196.
Bitcoin still lacked upward momentum trading lower at $30,140.
Gold Intraday: bullish bias above 1946.00.
Pivot:
1946.00
Our preference:
Long positions above 1946.00 with targets at 1963.00 & 1968.00 in extension.
Alternative scenario:
Below 1946.00 look for further downside with 1940.00 & 1933.00 as targets.
Comment:
A support base at 1946.00 has formed and has allowed for a temporary stabilisation.
Crude Oil (WTI) (Q3) Intraday: under pressure.
Pivot:
75.00
Our preference:
Short positions below 75.00 with targets at 73.65 & 72.60 in extension.
Alternative scenario:
Above 75.00 look for further upside with 75.80 & 76.40 as targets.
Comment:
A break below 73.65 would trigger a drop towards 72.60.
EUR/USD Intraday: the bias remains bullish.
Pivot:
1.1215
Our preference:
Long positions above 1.1215 with targets at 1.1250 & 1.1265 in extension.
Alternative scenario:
Below 1.1215 look for further downside with 1.1200 & 1.1185 as targets.
Comment:
The RSI advocates for further advance.
Bitcoin / Dollar intraday: below its lower Bollinger band
Our pivot point stands at 30230.
Our preference:
The downside prevails as long as 30230 is resistance.
Alternative scenario:
The upside breakout of 30230, would call for 30640 and 30880.
Comment:
The RSI is below its neutrality area at 50. 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 30128 and 30221). Finally, the Bitcoin / Dollar has penetrated its lower Bollinger band (29856).
S&P 500 (CME) (U3) Intraday: intraday support around 4542.00.
Pivot:
4542.00
Our preference:
Long positions above 4542.00 with targets at 4561.00 & 4570.00 in extension.
Alternative scenario:
Below 4542.00 look for further downside with 4528.00 & 4517.00 as targets.
Comment:
The next resistances are at 4561.00 and then at 4570.00.
Tesla intraday: the upside prevails as long as 285.4 is support
Our pivot point stands at 285.4
Our preference:
The upside prevails as long as 285.4 is support
Alternative scenario:
Below 285.4, expect 280.2 and 277.
Comment:
The RSI is above 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 285.31 and 279.33).
*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.
