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Market Wrap: Stocks, Bonds, Commodities

On Tuesday, U.S. stocks closed higher for a second session. The Dow Jones Industrial Average rose 134 points (+0.40%) to 33,739, the S&P 500 gained 22 points (+0.52%) to 4,358, and the Nasdaq 100 was up 84 points (+0.56%) to 15,131.

Market sentiment improved as Treasury yields fell sharply. U.S. Federal Reserve officials gave dovish comments saying the central bank does not need to raise interest rates further.

The U.S. 10-year Treasury Yield sank 14.2 basis points to 4.659%.

Automobiles (+1.48%), banks (+1.41%), and utilities (+1.36%) stock sectors gained the most.

Tesla (TSLA) closed 1.52% higher. 

Rivian Automotive (RIVN) climbed 4.58% after being upgraded to "buy" at UBS. 

NIO Inc (NIO) was up 5.88%. 

General Motors (GM) added 1.58%. The major car-maker reached a tentative agreement union workers ending a strike in Canada. 

Pepsico (PEP) closed 1.88% higher, as the company posted better-than-expected quarterly earnings and raised its full-year result forecast.

Electronic Arts (EA) rose 2.80%, as the stock was upgrade to "buy" at Bank of America. 

Dollar Tree (DLTR) traded 3.26% higher after being rated "outperform" at BNP Paribas Exane.

Chinese stocks listed in the U.S. were boosted by news reports that China may issue 1 trillion yuan of sovereign debt for spending to stimulate its economy. Alibaba Group (BABA) gained 2.73%, and JD.com (JD) advanced 3.56%.

The National Federation of Independent Business (NFIB) business optimism index dipped to 90.8 in September (vs 91.2 expected).

European stocks also closed higher. The DAX 40 rose 1.95%, the CAC 40 gained 2.01%, and the FTSE 100 was up 1.82%.

U.S. WTI crude futures declined $0.53 (-0.61%) to $85.85 a barrel.

Gold price remained relatively flat at $1,860 an ounce.

Market Wrap: Forex

The U.S. dollar fell along with Treasury yields.The dollar index dipped further to 105.78.

EUR/USD rose 38 pips to 1.0605, helped by news on China's economic stimulus plan.

USD/JPY climbed 22 pips to 148.73.

GBP/USD added 48 pips to 1.2286, and AUD/USD was up 20 pips to 0.6431.

USD/CHF declined 19 pips to 0.9047, and USD/CAD dipped 8 pips to 1.3582.

Bitcoin eased to $27,400.

Crude Oil (WTI)‎ (X3)‎ Intraday: intraday support around 85.35.

Pivot:
85.35
 
Our preference:
Long positions above 85.35 with targets at 86.75 & 87.25 in extension.
 
Alternative scenario:
Below 85.35 look for further downside with 84.85 & 84.20 as targets.
 

 

Comment:
The RSI lacks downward momentum.

EUR/USD Intraday: further advance.

Pivot:
1.0580

Our preference:
Long positions above 1.0580 with targets at 1.0620 & 1.0635 in extension.
 
Alternative scenario:
Below 1.0580 look for further downside with 1.0565 & 1.0550 as targets.
 
Comment:
The RSI is bullish and calls for further upside.

Bitcoin / Dollar intraday: the downside prevails as long as 27670 is resistance

Our pivot point is at 27670.
 
Our preference:
The downside prevails as long as 27670 is resistance.
 
Alternative scenario:
The upside breakout of 27670, would call for 28000 and 28200.
 
Comment:
The RSI is below its neutrality area at 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 27457 and 27556).

Gold Intraday:  bullish bias above 1852.00.

Pivot:
1852.00
 
Our preference:
Long positions above 1852.00 with targets at 1865.00 & 1873.00 in extension.
 
Alternative scenario:
Below 1852.00 look for further downside with 1844.00 & 1837.00 as targets.
 

 

Comment:
The RSI calls for a bounce.

S&P 500 (CME)‎ (Z3)‎ Intraday: intraday support around 4380.00.

Pivot:
4380.00
 
Our preference:
Long positions above 4380.00 with targets at 4418.00 & 4433.00 in extension.
 
Alternative scenario:
Below 4380.00 look for further downside with 4365.00 & 4340.00 as targets.

Comment:
The RSI has just landed on its neutrality area at 50% and is turning up.

Tesla intraday: as long as 260.4 is support look for 272.4

260.4 is our pivot point.
 
Our preference:
As long as 260.4 is support look for 272.4.
 
Alternative scenario:
Below 260.4, expect 256.2 and 253.6.
 

 

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 262.75 and 259.92).

*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.