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Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stocks narrowed losses to close slightly lower. The Dow Jones Industrial Average declined 9 points (-0.03%) to 33,119, the S&P 500 dipped 5 points (-0.13%) to 4,258, and the Nasdaq 100 was down 53 points (-0.36%) to 14,723.

The U.S. 10-year Treasury yield eased a further 1.6 basis points to 4.717%.

U.S. data showed that the latest number of initial jobless claims increased slightly to 207,000 (vs 210,000 expected).

Investors are awaiting the closely-watched U.S. official jobs report to be released later today, which is widely expected to show an addition of 150,000 non-farm payrolls in September, and a stable jobless rate at 3.8%.

Telecoms services (+0.69%) and insurance (+0.66%) stock sectors gained the most during Thursday's session, while food, beverage & tobacco (-3.03%), household & personal products (-1.55%), and materials (-1.26%) sectors under-performed the market.

Rivian Automotive (RIVN) plunged 22.88% after the electric-vehicle maker announced plans to sell $1.5 billion of convertible notes.

Clorox Company (CLX) fell 5.23%. The cleaning-products maker reported that sales could drop up to 28% on year in the quarter ended September 30.

Constellation Brands (STZ) dropped 3.22%, as the alcoholic-beverages producer posted mixed quarterly results.

Lamb Weston Holdings (LW) jumped 8.02%. The maker of frozen potato products reported strong quarterly earnings and raised its full-year earnings forecast.

European stocks closed mixed. The DAX 40 fell 0.20%, while the CAC 40 was little changed, and the FTSE 100 rose 0.53%.

U.S. WTI crude futures declined a further $1.70 to $82.55 a barrel.

Gold price was flat at $1,820 an ounce.

Market Wrap: Forex

The U.S. dollar pulled back along with Treasury yields. The dollar index slipped to 106.34.

EUR/USD gained 46 pips to 1.0550. Germany's data showed that trade surplus widened to 16.6 billion euros in August (vs 16.8 billion euros expected). France's industrial production shrank 0.3% on month in for August (vs +0.0% expected).

USD/JPY retreated a further 62 pips to 148.50. This morning, Japan's data showed that average cash earnings grew 1.1% on year in August (vs +1.2% expected), while household spending dropped 2.5% on year (vs -2.1% expected).

GBP/USD rose 56 pips to 1.2191. The S&P Global U.K. construction purchasing managers index fell to 45.0 in September (vs 50.2 expected).

AUD/USD added 45 pips to reach 0.6370.

USD/CHF dropped 49 pips to 0.9123.

USD/CAD fell 35 pips to 1.3710. In Canada, the Ivey purchasing managers index ticked down to 53.1 in September (vs 49.6 expected).

Bitcoin lacked upward momentum trading lower to $27,445.

Crude Oil (WTI)‎ (X3)‎ Intraday: under pressure.

Pivot:
84.15
 
Our preference:
Short positions below 84.15 with targets at 81.40 & 80.60 in extension.
 
Alternative scenario:
Above 84.15 look for further upside with 84.90 & 85.80 as targets.

 
 

Comment:
The immediate trend remains down but the momentum is weak

EUR/USD Intraday: the upside prevails.

Pivot:
1.0520

 Our preference:
Long positions above 1.0520 with targets at 1.0560 & 1.0580 in extension.
 
Alternative scenario:
Below 1.0520 look for further downside with 1.0500 & 1.0480 as targets.
 
Comment:
The RSI advocates for further advance.

Bitcoin / Dollar intraday: the downside prevails as long as 27790 is resistance

Our pivot point stands at 27790.
 
Our preference:
The downside prevails as long as 27790 is resistance.
 
Alternative scenario:
Above 27790, look for 28120 and 28320.
 
Comment:
The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 27671 and 27685).

Gold Intraday: bounce.

Pivot:
1815.00
 
Our preference:
Long positions above 1815.00 with targets at 1828.00 & 1833.00 in extension.
 
Alternative scenario:
Below 1815.00 look for further downside with 1810.00 & 1805.00 as targets.

 

 Comment:
The RSI calls for a bounce.

S&P 500 (CME)‎ (Z3)‎ Intraday: intraday support around 4280.00.

Pivot:
4280.00
 
Our preference:
Long positions above 4280.00 with targets at 4302.00 & 4315.00 in extension.
 
Alternative scenario:
Below 4280.00 look for further downside with 4264.00 & 4254.00 as targets.
 

Comment:
The next resistances are at 4302.00 and then at 4315.00.

Tesla intraday: as long as 257.4 is support look for 268.6

Our pivot point stands at 257.4.
 
Our preference:
As long as 257.4 is support look for 268.6.
 
Alternative scenario:
Below 257.4, expect 253.2 and 250.8.
 

 

Comment:
The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The price could retrace. Tesla is above its 20 and 50 period moving average (respectively at 259.51 and 253.85).

*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.