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 mostly in positive territory, as the S&P 500 rose 30 points (+0.69%) to 4,399 and the Nasdaq 100 jumped 242 points (+1.65%) to 14,936, while the Dow Jones Industrial Average fell 37 points (-0.11%) to 34,463.
The Automobiles & Components (+6.07%) and Semiconductors & Semiconductor Equipment (+4.86%) sectors led the advance, while the Consumer Durables & Apparel (-1.38%) and Real Estate (-0.92%) sectors underperformed throughout the trading session.
Tesla (TSLA), the electric-vehicle maker, climbed 7.33%, halting a 6-day decline. Peer XPeng (XPEV) rose 9.68% as it was upgraded to "buy" from "neutral" at BofA.
Palo Alto Networks (PANW), a global cybersecurity leader, jumped 14.84% after posting better-than-expected fourth-quarter bottom line figures after the close last Friday.
Nvidia (NVDA), a leading designer of graphics processors, gained 8.47% as its price target was raised to 780 dollars from 600 dollars at HSBC.
Broadcom (AVGO), a developer of semiconductor, added 4.76% after the U.K. CMA cleared its planned acquisition of VMware (VMW).
The U.S. 10-year Treasury Yield climbed 8.5 basis points to 4.34%, the highest level since 2007.
European stocks were mixed as the Dax 40 rose 0.19% and the Cac 40 increased 0.47%, while the FTSE 100 fell 0.60%.
WTI Crude Futures (September) slipped $0.53 to $80.72.
Spot gold was up $5 to $1,895.
Market Wrap: Forex
The U.S. dollar index was relatively unchanged at 103.35. Later today, the U.S. existing home sales are expected to down 0.5% on month in July, while the Richmond Fed manufacturing index is anticipated to improve to -6 in August.
EUR/USD rose 21 pips to 1.0894. Germany's producer prices index declined 6.0% on year in July, compared with -4.4% expected and +0.1% in June.
GBP/USD gained 20 pips to 1.2754.
USD/JPY jumped 84 pips to 146.23, while USD/CHF dropped 34 pips to 0.8786.
AUD/USD added 8 pips to 0.6414 and USD/CAD fell 4 pips to 1.3549.
Bitcoin traded lower to $26,111.
Crude Oil (WTI) (V3) Intraday: under pressure.
Pivot:
80.95
Our preference:
Short positions below 80.95 with targets at 79.70 & 79.00 in extension.
Alternative scenario:
Above 80.95 look for further upside with 81.70 & 82.30 as targets.
Comment:
The RSI is below its neutrality area at 50%
EUR/USD Intraday: further advance.
Pivot:
1.0875
Our preference:
Long positions above 1.0875 with targets at 1.0915 & 1.0930 in extension.
Alternative scenario:
Below 1.0875 look for further downside with 1.0860 & 1.0845 as targets.
Comment:
The RSI is bullish and calls for further upside.
Bitcoin / Dollar intraday: the upside prevails as long as 25850 is support
Our pivot point stands at 25850.
Our preference:
The upside prevails as long as 25850 is support
Alternative scenario:
Below 25850, expect 25580 and 25420.
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 26018 and 26072).
Gold Intraday: rebound expected.
Pivot:
1888.00
Our preference:
Long positions above 1888.00 with targets at 1903.00 & 1907.00 in extension.
Alternative scenario:
Below 1888.00 look for further downside with 1884.00 & 1878.00 as targets.
Comment:
The RSI calls for a bounce.
S&P 500 (CME) (U3) Intraday: bullish bias above 4374.00.
Pivot:
4374.00
Our preference:
Long positions above 4374.00 with targets at 4436.00 & 4465.00 in extension.
Alternative scenario:
Below 4374.00 look for further downside with 4350.00 & 4325.00 as targets.
Comment:
The next resistances are at 4436.00 and then at 4465.00.
Tesla intraday: the upside prevails as long as 225.6 is support
Our pivot point stands at 225.6
Our preference:
The upside prevails as long as 225.6 is support
Alternative scenario:
The downside breakout of 225.6 would call for 220.8 and 217.8.
Comment:
The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Tesla is above its 20 and 50 period moving average (respectively at 223.57 and 222.83).
*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.
