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 rebounded for a second session. The S&P 500 gained 27 points (0.63%) to 4,433, the Nasdaq 100 rose 110 points (0.74%) to 15,052, and the Dow Jones Industrial Average was up 213 points (0.62%) to 34,559.
The U.S. 10-year Treasury yield declined 3 basis points to 4.206%.
Semiconductors (+1.32%), media (+1.08%), and capital goods (+1.04%) were the top-performing stock sectors in the session.
3M Co (MMM) saw a 5.22% increase to $104.12 on news that the company had agreed to pay around $5.5 billion to settle lawsuits related to U.S. military earplugs.
Goldman Sachs (GS) rose 1.82% to $325.97 after the Wall-Street firm agreed to sell an investment advisory unit to Creative Planning LLC, a wealth management firm.
XPeng (XPEV), a Chinese electric vehicle manufacturer, jumped 5.31% to $18.46 after announcing a strategic partnership with DiDi, a leading mobility technology platform, to accelerate the adoption of smart electric vehicles.
The U.S. Federal Trade Commission (FTC) suspended its challenge to block Amgen's (AMGN) $27.8 billion acquisition of biotech firm Horizon Therapeutics (HZNP). Amgen (AMGN) was little changed, while Horizon Therapeutics (HZNP) bounced 5.14% to $112.15.
Carvana (CVNA), a used-car sales platform, surged 10.12% to $45.37 after CEO Ernest Garcia purchased $116 million worth of company stock.
On the other hand, CrowdStrike Holdings (CRWD) dropped 3.71% to $144.03 as the cybersecurity company was downgraded to "equal-weight" at Morgan Stanley.
Regarding U.S. economic data, the Dallas Fed manufacturing index improved to -17.2 in August (vs -21 expected).
European stocks also ended higher. The DAX 40 rose 1.03%, and the CAC 40 climbed 1.32%. The U.K. market was closed for a bank holiday.
U.S. WTI crude futures gained $0.29 to $80.11 a barrel.
Gold price added $5 to $1,920 an ounce.
Market Wrap: Forex
The U.S. dollar index was little changed at 104.02.
EUR/USD gained 21 pips to 1.0817. The Eurozone's data showed that M3 money supply declined 0.4% on year in July (vs +0.1% expected).
USD/JPY rose 9 pips to 146.53. This morning, Japan's data showed that the jobless rate rose to 2.7% in July (vs 2.5% expected).
GBP/USD climbed 23 pips to 1.2601.
AUD/USD increased 24 pips to 0.6428. In Australia, retail sales grew 0.5% on month in July (vs +0.2% expected).
USD/CHF dipped 8 pips to 0.8839, while USD/CAD was flat at 1.3601.
Bitcoin dipped back to levels below $26,000.
Crude Oil (WTI) (V3) Intraday: intraday support around 79.60.
Pivot:
79.60
Our preference:
Long positions above 79.60 with targets at 80.85 & 81.25 in extension.
Alternative scenario:
Below 79.60 look for further downside with 79.20 & 78.80 as targets.
Comment:
The next resistances are at 80.85 and then at 81.25.
EUR/USD Intraday: continuation of the rebound.
Pivot:
1.0800
Our preference:
Long positions above 1.0800 with targets at 1.0840 & 1.0860 in extension.
Alternative scenario:
Below 1.0800 look for further downside with 1.0785 & 1.0765 as targets.
Comment:
The RSI shows upside momentum.
Bitcoin / Dollar intraday: under pressure below 26200
Our pivot point stands at 26200.
Our preference:
Under pressure below 26200
Alternative scenario:
Above 26200, look for 26460 and 26610.
Comment:
The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 26072 and 26037).
Gold Intraday: aim @ 1932.00.
Pivot:
1913.00
Our preference:
Long positions above 1913.00 with targets at 1926.00 & 1932.00 in extension.
Alternative scenario:
Below 1913.00 look for further downside with 1908.00 & 1903.00 as targets.
Comment:
The RSI is bullish and calls for further upside.
S&P 500 (CME) (U3) Intraday: intraday support around 4410.00.
Pivot:
4410.00
Our preference:
Long positions above 4410.00 with targets at 4466.00 & 4483.00 in extension.
Alternative scenario:
Below 4410.00 look for further downside with 4380.00 & 4365.00 as targets.
Comment:
The next resistances are at 4466.00 and then at 4483.00.
Tesla intraday: as long as 233.6 is support look for 248
Our pivot point stands at 233.6
Our preference:
As long as 233.6 is support look for 248
Alternative scenario:
The downside breakout of 233.6 would call for 228.2 and 225.2.
Comment:
The RSI is above 50. The MACD is below its signal line and positive. The price could retrace. Tesla is above its 20 and 50 period moving average (respectively at 237.76 and 235.35).
*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.
