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 Friday, U.S. stocks pared losses seen at the open, which were triggered by "blowout" jobs data, to close sharply higher. The Dow Jones Industrial Average rose 288 points (+0.87%) to 33,407, the S&P 500 climbed 50 points (+1.18%) to 4,308, and the Nasdaq 100 jumped 250 points (+1.70%) to 14,973.

The U.S. official jobs report showed that the economy added 336,000 non-farm payrolls in September, well over the 150,000 expected, the jobless rate was stable at 3.8% (as expected), and the average hourly earnings increased 0.2% on month (vs +0.3% expected).

The U.S. 10-year Treasury yield jumped 7.8 basis points to 4.797%.

Software & services (+2.28%), media (+2.23%), and semiconductors (+2.10%) stock sectors gained the most, while telecoms services (-1.92%) and food & staples retailing (-1.70%) sectors were under pressure.

Big tech firms performed well as market sentiment improved. Meta Platforms (META) rose 3.49%, Microsoft (MSFT) climbed 2.47%, Nvidia (NVDA) gained 2.40%, and Apple (AAPL) was up 1.48%.

Pioneer Natural Resources (PXD) jumped 10.45% on media reports that Exxon Mobil plans to acquire the energy exploration and production company. Exxon Mobil (XOM) closed 1.67% lower.

Eaton Corp (ETN) rose 3.45%, as the diversified power management firm was upgraded to "overweight" at JPMorgan.

Over the weekend, Bristol-Myers Squibb (BMY) announced plans to acquire cancer drugmaker Mirati Therapeutics (MRTX) for $58 per share or $4.8 billion in equity value.

European stocks also closed higher. The DAX 40 rose 1.06%, the CAC 40 gained 0.88%, and the FTSE 100 added 0.58%.

U.S. WTI crude futures settled $0.48 higher on Friday at $82.79 a barrel, and gold price was up $11 to $1,832 an ounce.

On Saturday, the Palestinian Islamist group Hamas launched a surprise attack on Israel from the Gaza Strip, causing high casualties. 

As a result, this morning (Monday), oil prices jumped over 3%, and U.S. stock futures slipped less than 1%.

Japan's market is closed on Monday for a public holiday, while Hong Kong's market will be delayed by a typhoon.

Market Wrap: Forex

The U.S. dollar index was little changed at 106.12.

EUR/USD gained 35 pips to 1.0585. Germany's data showed that factory orders grew 3.9% on month in August (vs 5.1% expected).

GBP/USD rose 43 pips to 1.2235. In the U.K., the Halifax house price index fell 0.4% on month in September (vs -0.2% expected).

USD/JPY climbed 82 pips to 149.33.

AUD/USD added 17 pips to 0.6387.

USD/CHF slid 24 pips to 0.9099.

USD/CAD dropped 43 pips to 1.3662. In Canada, employment climbed 63,800 in September, above the 10,000 expected, while the jobless rate remained at 5.5% (vs 5.6% expected).

Bitcoin struggled to hold the level of $28,000.

Crude Oil (WTI)‎ (X3)‎ Intraday: the upside prevails.

Pivot:
84.60
 
Our preference:
Long positions above 84.60 with targets at 87.70 & 88.75 in extension.
 
Alternative scenario:
Below 84.60 look for further downside with 83.25 & 82.10 as targets.

 
 

Comment:
The RSI shows upside momentum.

EUR/USD Intraday: the bias remains bullish.

Pivot:
1.0535

Our preference:
Long positions above 1.0535 with targets at 1.0580 & 1.0600 in extension.
 
Alternative scenario:
Below 1.0535 look for further downside with 1.0505 & 1.0480 as targets.
 
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Bitcoin / Dollar intraday: technical rebound towards 28200 before a new drop

28200 is our pivot point.
 
Our preference:
Technical rebound towards 28200 before a new drop.
 
Alternative scenario:
The upside breakout of 28200, would call for 28540 and 28740.
 
Comment:
The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (27917) but under its 50 period moving average (27934).

Gold Intraday: further advance.

Pivot:
1834.00
 
Our preference:
Long positions above 1834.00 with targets at 1858.00 & 1865.00 in extension.
 
Alternative scenario:
Below 1834.00 look for further downside with 1826.00 & 1819.00 as targets.
 

 

Comment:
The RSI is bullish and calls for further upside.

S&P 500 (CME)‎ (Z3)‎ Intraday: consolidation in place.

Pivot:
4340.00
 
Our preference:
Short positions below 4340.00 with targets at 4282.00 & 4265.00 in extension.
 
Alternative scenario:
Above 4340.00 look for further upside with 4355.00 & 4370.00 as targets.
 

Comment:
As long as 4340.00 is resistance, look for choppy price action with a bearish bias.

Tesla intraday: the upside prevails as long as 257.4 is support

Our pivot point stands at 257.4.
 
Our preference:
The upside prevails as long as 257.4 is support.
 
Alternative scenario:
Below 257.4, expect 253.2 and 250.8.
 

 

Comment:
The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Tesla is above its 20 and 50 period moving average (respectively at 258.83 and 256.27).

*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.