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 Wednesday, major U.S. stock indexes closed mixed after a volatile session. The Dow Jones Industrial Average declined 68 points (-0.20%) to 33,550, while the S&P 500 edged up less than one point to 4,274, and the Nasdaq 100 gained 34 points (+0.24%) to 14,580.
The U.S. 10-year Treasury yield jumped 7.4 basis points to 4.610%, the highest level in more than 15 years.
Energy (+2.51%) and capital goods (+1.04%) stock sectors gained the most, while utilities (-1.93%). household & personal products (-1.27%) and automobiles (-1.27%) sectors were under pressure.
Nvidia (NVDA) rebounded 1.33%, and Alphabet (GOOGL) rose 1.54%, while Tesla (TSLA) sank a further 1.48%.
Meta Platforms (META) declined 0.41% after the company announced that its new Quest 3 mixed-reality headset will start with a price tag of $499.
Costco Wholesale (COST) climbed 1.91% as the retailer delivered better-than-expected quarterly earnings.
Mattel (MAT) gained 2.92% after being rated "overweight" at Morgan Stanley.
Packaging Corp Of America (PKG) increased 1.86%, as the stock was upgraded to "hold" at Jefferies.
Regarding U.S. economic data, durable goods orders grew 0.2% on month in August (vs -1.4% expected).
European stocks closed lower. The DAX 40 fell 0.25%, the CAC 40 edged down 0.03%, and the FTSE 100 dropped 0.43%.
Oil prices jumps as a steep drop in U.S. crude-oil stockpiles added to concerns of tight global oil supplies. The U.S. Department of Energy reported a reduction of 2.17 million barrels in crude-oil stockpiles (vs a reduction of 0.32 million barrels expected). U.S. WTI crude futures gained $3.30 (+3.65%) to $93.68 a barrel.
Gold price slid $24 to $1,876 an ounce.
Market Wrap: Forex
The U.S. dollar saw no fatigue in its rally against other major currencies. The dollar index climbed to a fresh 10-month high of 106.69.
USD/JPY advanced a further 58 pips to 149.65.
EUR/USD fell 70 pips to 1.0502. Germany's GfK consumer confidence index fell to -26.5 for October (vs -26.2 expected). France's consumer confidence index dropped to 83 in September (vs 85 expected).
GBP/USD dropped 24 pips to 1.2134.
AUD/USD slipped 47 pips to 0.6350. Australia's data showed that the inflation rate rebounded to 5.2% on year in August (vs 5.1% expected).
USD/CHF climbed 55 pips to 0.9213, while USD/CAD retreated 14 pips to 1.3503.
Bitcoin showed resilience stepping up to $26,300.
Crude Oil (WTI) (X3) Intraday: intraday support around 92.85.
Pivot:
92.85
Our preference:
Long positions above 92.85 with targets at 94.40 & 95.40 in extension.
Alternative scenario:
Below 92.85 look for further downside with 91.85 & 91.00 as targets.
Comment:
The next resistances are at 94.40 and then at 95.40.
EUR/USD Intraday: the downside prevails.
Pivot:
1.0535
Our preference:
Short positions below 1.0535 with targets at 1.0485 & 1.0465 in extension.
Alternative scenario:
Above 1.0535 look for further upside with 1.0555 & 1.0575 as targets.
Comment:
The RSI calls for a new downleg.
Bitcoin / Dollar intraday: the downside prevails as long as 26510 is resistance
Our pivot point stands at 26510.
Our preference:
The downside prevails as long as 26510 is resistance.
Alternative scenario:
Above 26510, look for 26810 and 26990.
Comment:
The RSI is below 50. 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 26392 and 26293).
Gold Intraday: aim @ 1865.00.
Pivot:
1887.00
Our preference:
Short positions below 1887.00 with targets at 1870.00 & 1865.00 in extension.
Alternative scenario:
Above 1887.00 look for further upside with 1894.00 & 1902.00 as targets.
Comment:
The RSI is bearish and calls for further downside.
S&P 500 (CME) (Z3) Intraday: choppy。
Pivot:
4325.00
Our preference:
Short positions below 4325.00 with targets at 4302.00 & 4281.00 in extension.
Alternative scenario:
Above 4325.00 look for further upside with 4336.00 & 4345.00 as targets.
Comment:
The upward potential is likely to be limited by the resistance at 4325.00.
Tesla intraday: short term rebound towards 253.6
234.6 is our pivot point.
Our preference:
Short term rebound towards 253.6.
Alternative scenario:
The downside breakout of 234.6 would call for 228.4 and 224.6.
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 above its 20 period moving average (241.81) but below its 50 period moving average (244.74).
*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.
