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 showed a lack of momentum. The Dow Jones Industrial Average edged up 2 points (+0.01%) to 35,227, the S&P 500 added 1 point (+0.03%) to reach 4,536, while the Nasdaq 100 declined 40 points (-0.26%) to 15,425.
The U.S. Federal Reserve is widely expected to raise interest rates by 25 basis points in the coming Wednesday after pausing in June.
Pharmaceuticals & biotechnology (+1.65%), utilities (+1.50%), and household & personal products (+1.14%) stock sectors were the top performers, while automobiles (-1.04%), banks (-0.83%), and Media (-0.64%) sectors underperformed the market.
Tesla (TSLA) slipped a further 1.10% after tumbling over 9% Thursday.
Netflix (NFLX) lost a further 2.27% after sliding over 8% in the prior session.
American Express (AXP), a payment company, fell 3.86%, CSX Corp (CSX), a freight transportation firm, dropped 3.71%, and Intuitive Surgical (ISRG), a developer of medical robotic systems, declined 3.16%. All these three companies reported down-beat quarterly results.
Texas Instruments (TXN) rose 2.45%. Japanese bank Mizuho raised its target price on the semiconductor designer to $185.
In Europe, the DAX 40 declined 0.17%, while the CAC 40 rose 0.65%, and the FTSE 100 was up 0.23%.
U.S. WTI crude futures increased $1.42 to $77.07 a barrel, the highest level since April 25.
Gold price dipped $7 to $1,962 an ounce.
Market Wrap: Forex
The U.S. dollar stayed firm against other major currencies. The dollar index advanced to 101.06.
EUR/USD dipped 4 pips to 1.1126. On Thursday, the European Central Bank is expected to hike its key interest rate by 25 basis points to 4.25%.
GBP/USD was down 8 pips to 1.2860. U.K. data showed that retail sales grew 0.70% on month in June (vs +0.10% expected). The GfK consumer confidence index declined to -30 in July (vs -26 expected).
USD/JPY jump 166 pips to 141.73. On Friday, the Bank of Japan is expected to keep its key interest rate unchanged at negative level of -0.100%.
This morning, the Jibun Bank Japan manufacturing purchasing managers index dipped to 49.4 in July (vs 50.0 expected).
AUD/USD sank 48 pips to 0.6731. This morning, the Judo Bank Australia manufacturing purchasing managers index improved to 49.6 in July (vs 47.6 expected).
USD/CHF declined 8 pips to 0.8660.
USD/CAD added 43 pips to 1.3215. In Canada, retail sales increased 0.20% on month in May (vs +0.50% expected).
Over the weekend, Bitcoin managed to get hold of the key level of $30,000.
Gold Intraday: key resistance at 1968.00.
Pivot:
1968.00
Our preference:
Short positions below 1968.00 with targets at 1957.00 & 1951.00 in extension.
Alternative scenario:
Above 1968.00 look for further upside with 1973.00 & 1979.00 as targets.
Comment:
The RSI lacks upward momentum.
Crude Oil (WTI) (Q3) Intraday: bullish bias above 76.00.
Pivot:
76.00
Our preference:
Long positions above 76.00 with targets at 77.30 & 78.00 in extension.
Alternative scenario:
elow 76.00 look for further downside with 75.40 & 74.50 as targets.
Comment:
The RSI is mixed with a bullish bias.
EUR/USD Intraday: rebound expected.
Pivot:
1.1105
Our preference:
Long positions above 1.1105 with targets at 1.1145 & 1.1160 in extension.
Alternative scenario:
Below 1.1105 look for further downside with 1.1090 & 1.1075 as targets.
Comment:
The RSI calls for a bounce.
Bitcoin / Dollar intraday: the upside prevails as long as 29720 is support
Our pivot point stands at 29720.
Our preference:
The upside prevails as long as 29720 is support
Alternative scenario:
Below 29720, expect 29290 and 29040.
Comment:
The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 29969 and 29906).
S&P 500 (CME) (U3) Intraday: key resistance at 4580.00.
Pivot:
4580.00
Our preference:
Short positions below 4580.00 with targets at 4557.00 & 4545.00 in extension.
Alternative scenario:
Above 4580.00 look for further upside with 4592.00 & 4610.00 as targets.
Comment:
The RSI is below its neutrality area at 50%
Tesla intraday: short term rebound towards 276.8
Our pivot point stands at 255.6
Our preference:
short term rebound towards 276.8
Alternative scenario:
Below 255.6, expect 248.4 and 244.
Comment:
The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Tesla stands below its 20 and 50 period moving average (respectively at 263.15 and 278.6).
*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.
