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 Thursday, major U.S. stock indexes closed lower for a second session. The Dow Jones Industrial Average fell 66 points (-0.19%) to 35,215, the S&P 500 dropped 11 points (-0.25%) to 4,501, and the Nasdaq 100 was down 17 points (-0.11%) to 15,353.
The US 10-year Treasury yield jumped a further 10.2 basis points to 4.179%.
Automobiles (+1.71%), energy (+0.95%), and banks (+0.55%) stock sectors posted gains, while utilities (-2.29%), real estate (-1.39%), and telecoms services (-1.00%) stock sectors lost the most.
Tesla (TSLA) rebounded 2.05% after declining for two days.
Clorox Company (CLX) gained 8.96%, as the cleaning-supplies producer's quarterly earnings exceeded expectations.
After reporting quarterly earnings, Expedia (EXPE) tumbled 16.38%, PayPal (PYPL) sank 12.32%, Qualcomm (QCOM) lost 8.18%, Robinhood Markets (HOOD) slid 7.23%, and Etsy (ETSY) plunged 13.69%.
Roku (ROKU), a video-streaming platform, fell 3.05% as the stock was downgraded to "neutral" at Citigroup.
In after-market hours, Apple (AAPL) declined 2%. The tech giant reported better-than-expected quarterly earnings, but its iPhone revenue failed to beat expectations.
Amazon.com (AMZN) jumped over 9% in after-market hours, as the mega-tech firm posted excellent quarterly results and provided an upbeat revenue guidance.
Regarding U.S. economic data, the Institute for Supply Management (ISM) services purchasing managers index declined to 52.7 in July (vs 52.0 expected). Factory orders rose 2.3% on month in June (vs +1.5% expected).
At the same time, the latest number of initial jobless claims climbed to 227,000 (vs 225,000 expected).
European stocks also closed lower. The DAX 40 fell 0.79%, the CAC 40 dropped 0.72%, and the FTSE 100 was down 0.43%.
U.S. WTI crude futures gained $2.30 to $81.83 a barrel.
Gold price was relatively flat at $1,934 an ounce.
Market Wrap: Forex
The U.S. dollar index was stable at 102.48.
GBP/USD was little changed at 1.2710. As widely-expected, the Bank of England raised its key rate by 25 basis points to 5.25%.
EUR/USD gained 11 pips to 1.0949. The Eurozone's data showed that producer-price decline widened to 3.4% on year in June (vs -3.2% expected).
USD/JPY retreated 83 pips to 142.49.
AUD/USD gained 13 pips to 0.6551. Australia's data showed that trade surplus amounted to A$11.32 billion in June (vs A$10.80 billion expected).
USD/CHF declined 32 pips to 0.8743, while USD/CAD was relatively flat at 1.3352.
Bitcoin showed a lack of momentum trading at levels around $29,200.
Crude Oil (WTI) (Q3) Intraday: the upside prevails.
Pivot:
80.50
Our preference:
Long positions above 80.50 with targets at 82.40 & 83.40 in extension.
Alternative scenario:
Below 80.50 look for further downside with 79.80 & 78.70 as targets.
Comment:
The RSI calls for a new upleg.
EUR/USD Intraday: rebound.
Pivot:
1.0930
Our preference:
Long positions above 1.0930 with targets at 1.0965 & 1.0980 in extension.
Alternative scenario:
Below 1.0930 look for further downside with 1.0910 & 1.0895 as targets.
Comment:
The RSI calls for a rebound.
Bitcoin / Dollar intraday: the upside prevails as long as 28910 is support
Our pivot point stands at 28910.
Our preference:
The upside prevails as long as 28910 is support
Alternative scenario:
The downside breakout of 28910 would call for 28520 and 28290.
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 29192 and 29152).
Gold Intraday: bullish bias above 1929.00.
Pivot:
1929.00
Our preference:
Long positions above 1929.00 with targets at 1939.00 & 1945.00 in extension.
Alternative scenario:
Below 1929.00 look for further downside with 1923.00 & 1918.00 as targets.
Comment:
he RSI calls for a rebound.
S&P 500 (CME) (U3) Intraday: choppy.
Pivot:
4555.00
Our preference:
Short positions below 4555.00 with targets at 4496.00 & 4471.00 in extension.
Alternative scenario:
Above 4555.00 look for further upside with 4576.00 & 4593.00 as targets.
Comment:
The upward potential is likely to be limited by the resistance at 4555.00.
Tesla intraday: short term technical rebound towards 264 before a new drop
Our pivot point stands at 264
Our preference:
Short term technical rebound towards 264 before a new drop
Alternative scenario:
Above 264, look for 268.6 and 271.6.
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 trading above its 20 period moving average (255.74) but under its 50 period moving average (259.62).
*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.
