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, U.S. stocks closed mixed. The Dow Jones Industrial Average declined 168 points (-0.48%) to 34,721, the S&P 500 fell 7 points (-0.16%) to 4,507, while the Nasdaq 100 rose 38 points (+0.25%) to 15,501 posting a five-session rally.
U.S. data showed that the core personal consumption expenditure (PCE) price index grew 4.2% on year in July (vs +4.0% expected). The Chicago purchasing managers index climbed to 48.7 in August (vs 45.0 expected).
The latest number of initial jobless claims fell to 228,000 (vs 236,000 expected).
The U.S. 10-year Treasury yield dipped 0.8 basis point to 4.106%.
Later today, the closely-watched U.S. jobs report for August will be released. It is widely expected that the economy added 180,000 non-farm payrolls and the jobless rate remained stable at 3.5%.
Retailing (+1.11%), semiconductors (+0.80%), and automobiles (+0.45%) stock sectors performed well on Thursday, while health-care equipment & services (-2.01%), transportation (-1.27%), and food & beverage (-1.03%) sectors lagged behind.
Nvidia (NVDA) edged up 0.18% to another record close of $493.55.
Amazon (AMZN) and Shopify (SHOP) announced an integration that will allow Shopify merchants to offer "Buy with Prime" on their Shopify stores. Amazon (AMZN) rose 2.18% to $138.01, and Shopify (SHOP) jumped 10.8% to $66.49.
Salesforce.com (CRM) rose 2.99% to $221.46. The business-software developer reported better-than-expected second-quarter earnings.
European stocks closed mixed. The DAX 40 rose 0.35%, while the CAC 40 fell 0.65%, and the FTSE 100 declined 0.46%.
U.S. WTI crude futures gained $1.90 to $83.52 a barrel.
Gold price dropped $2 to $1,939 an ounce.
Market Wrap: Forex
The U.S. dollar index rebounded to 103.63.
EUR/USD fell 81 pips to 1.0842. The Eurozone's consumer prices grew 5.3% on year in August (vs +5.0% expected), and the jobless rate remained at 6.4% in July (as expected).
Germany's jobless rate edged up to 5.7% in August (as expected), and retail sales declined 0.8% on month in July (vs +0.3% expected).
France's inflation rate rebounded to 4.8% on year in August (vs 4.2% expected).
USD/JPY dropped 75 pips to 145.49. This morning, Japan's data showed that enterprises' capital spending increased 4.5% on year in the second quarter (vs +6.0% expected).
GBP/USD decreased 50 pips to 1.2671, while AUD/USD gained 7 pips to 0.6482.
USD/CHF climbed 52 pips to 0.8837, and USD/CAD added 18 pips to 1.3514.
Bitcoin plunged over 5% to $25,930 after the U.S. Securities and Exchange Commission (SEC) delayed a decision on whether to approve applications for spot bitcoin exchange-traded funds (ETF) from various financial firms.
Crude Oil (WTI) (V3) Intraday: intraday support around 82.30.
Pivot:
82.30
Our preference:
Long positions above 82.30 with targets at 84.15 & 85.00 in extension.
Alternative scenario:
Below 82.30 look for further downside with 81.50 & 80.90 as targets.
Comment:
The next resistances are at 84.15 and then at 85.00.
EUR/USD Intraday: towards 1.0800.
Pivot:
1.0880
Our preference:
Short positions below 1.0880 with targets at 1.0820 & 1.0800 in extension.
Alternative scenario:
Above 1.0880 look for further upside with 1.0900 & 1.0920 as targets.
Comment:
The RSI is bearish and calls for further downside.
Bitcoin / Dollar intraday: the RSI is oversold
Our pivot point stands at 26460.
Our preference:
The downside prevails as long as 26460 is resistance.
Alternative scenario:
Above 26460, look for 26710 and 26870.
Comment:
The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 26841 and 27080).
Gold Intraday: watch 1927.00.
Pivot:
1948.00
Our preference:
Short positions below 1948.00 with targets at 1934.00 & 1927.00 in extension.
Alternative scenario:
Above 1948.00 look for further upside with 1954.00 & 1960.00 as targets.
Comment:
The RSI is bearish and calls for further downside.
S&P 500 (CME) (U3) Intraday: look for 4544.00.
Pivot:
4505.00
Our preference:
Long positions above 4505.00 with targets at 4544.00 & 4580.00 in extension.
Alternative scenario:
Below 4505.00 look for further downside with 4485.00 & 4454.00 as targets.
Comment:
The next resistances are at 4544.00 and then at 4580.00.
Tesla intraday: as long as 254.2 is support look for 270.2
Our pivot point stands at 254.2
Our preference:
As long as 254.2 is support look for 270.2
Alternative scenario:
The downside breakout of 254.2 would call for 248.4 and 244.8.
Comment:
The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Tesla is trading above both its 20 and 50 period moving average (respectively at 257.68 and 252.6).
*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.
