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. indices were mixed after consecutive choppy sessions, as the S&P 500 fell 1 point (-0.01%) to 4,369, the Nasdaq 100 slid 21 points (-0.14%) to 14,694, while the Dow Jones Industrial Average gained 26 point (+0.07%) to 34,500. For the whole week, the three indices dropped more than 2.00%.
The Energy (+0.94%) and Food & Staples Retailing (+0.52%) sectors were the top performers, while the Automobiles & Components (-1.29%) and Media (-1.11%) sectors underperformed the most during the trading session.
WeWork (WE), a provider of coworking spaces, plunged 11.27% after the company decided to move forward with a 1-for-40 reverse stock split.
XPeng (XPEV), a Chinese producer of electric vehicles, declined 4.28% as quarterly loss was wider than expected.
Keysight Technologies (KEYS), a provider of electronic measurement devices and software solutions, sank 13.78% as current quarter outlook disappointed investors.
Applied Materials (AMAT), the global leader in materials engineering solutions for the semiconductor industry, rose 3.68% on favorable third-quarter results and fourth-quarter adjusted EPS guidance that topped estimates.
Ross Stores (ROST), a leading American off-price apparel and home fashion retailer, climbed 5.01% on second-quarter EPS figures that beat expectations.
The U.S. 10-year Treasury Yield eased 2.5 basis points to 4.249% following a 6-day rally.
European stocks were under pressure. The Dax 40 fell 0.65% the Cac 40 slid 0.38% and the FTSE 100 declined 0.65%.
WTI Crude Futures closed at to $81.28, broadly unchanged from the prior session.
Spot gold was about flat at $1,889.
Market Wrap: Forex
The U.S. dollar index eased 0.2% to 103.38, while posting a 5-week rally.
EUR/USD lost 2 pip to 1.0870. The eurozone's final reading of the consumer price index for July was confirmed at 5.3% on year, as expected.
GBP/USD dropped 18 pips to 1.2729. The U.K. retail sales were down 1.2% on month in July, compared with -0.3% estimated.
USD/JPY declined 48 pips to 145.36, while USD/CHF increased 39 pips to 0.8824.
AUD/USD dipped 2 pip to 0.6402 and USD/CAD added 7 pips to 1.3553. Canada's producer prices index dropped 2.7% on year in July, compared with -3.1% expected.
Bitcoin slid 5.7% further to $26,196.
Crude Oil (WTI) (V3) Intraday: the bias remains bullish.
Pivot:
79.95
Our preference:
Long positions above 79.95 with targets at 81.00 & 81.45 in extension.
Alternative scenario:
Below 79.95 look for further downside with 79.50 & 79.00 as targets.
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
EUR/USD Intraday: the bias remains bullish.
Pivot:
1.0845
Our preference:
Long positions above 1.0845 with targets at 1.0895 & 1.0910 in extension.
Alternative scenario:
Below 1.0845 look for further downside with 1.0830 & 1.0815 as targets.
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Bitcoin / Dollar intraday: the upside prevails as long as 25900 is support
Our pivot point stands at 25900.
Our preference:
The upside prevails as long as 25900 is support
Alternative scenario:
Below 25900, expect 25630 and 25470.
Comment:
The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is below its 20 period moving average (26119) but above its 50 period moving average (26103).
Gold Intraday: choppy.
Pivot:
1895.00
Our preference:
Short positions below 1895.00 with targets at 1884.00 & 1878.00 in extension.
Alternative scenario:
Above 1895.00 look for further upside with 1899.00 & 1903.00 as targets.
Comment:
As long as 1895.00 is resistance, look for choppy price action with a bearish bias.
S&P 500 (CME) (U3) Intraday: key resistance at 4396.00.
Pivot:
4396.00
Our preference:
Short positions below 4396.00 with targets at 4367.00 & 4350.00 in extension.
Alternative scenario:
Above 4396.00 look for further upside with 4410.00 & 4436.00 as targets.
Comment:
The RSI is mixed.
Tesla intraday: short term rebound towards 220.2
Our pivot point stands at 213
Our preference:
Short term rebound towards 220.2
Alternative scenario:
Below 213, expect 210.8 and 209.6.
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 below its 20 and 50 period moving average (respectively at 217.16 and 224.3).
*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.
