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Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks advanced further. The Dow Jones Industrial Average rose 65 points (+0.19%) to 33,804, the S&P 500 gained 18 points (+0.43%) to 4,376, and the Nasdaq 100 was up 109 points (+0.72%) to 15,241.

The U.S. Federal Reserve's latest policy-meeting minutes showed that, all central bank officials agreed that rates should remain "restrictive for some time" as they continued to see upside inflation risks. 

Meanwhile, U.S. data showed that producer prices grew 2.2% on year in September (vs +1.7% expected). And closely-watched September consumer price data will be released later today.

The U.S. 10-year Treasury yield continued its recent decline, falling 9.5 basis points to 4.558%.

Real Estate (+2.14%), utilities (+1.63%), and semiconductors (+1.33%) stock sectors were the top performers, while health-care equipment & services (-2.18%), energy (-1.35%), and household & personal products (-1.00%) sectors were under pressure.

Exxon Mobil (XOM) fell 3.59%. The oil giant agreed acquire Pioneer Natural Resources (PXD) in an all-stock transaction valued at $59.5 billion or $253 per share. Pioneer Natural Resources (PXD) closed 1.44% higher. 

Lamb Weston Holdings (LW) dropped 4.70%. The producer of frozen potato products gave a lower-than-expected earnings forecast for year 2024.

Birkenstock Holding (BIRK) plunged 12.61% on its first day of trading.

Eli Lilly (LLY) rose 4.48% posting a six-session rally.

In Europe, the DAX 40 rose 0.24%, the CAC 40 fell 0.44%, and the FTSE 100 declined 0.11%.

U.S. WTI crude futures retreated a further $2.30 to $83.67 a barrel.

Gold price gained $13 to $1,874 an ounce.

Market Wrap: Forex

The U.S. dollar index was steady at 105.74

EUR/USD rose 13 pips to 1.0618.

GBP/USD climbed 27 pips to 1.2314. This morning, the U.K. Royal Institute of Chartered Surveyors (RICS) house price balance dropped to -69% in September (vs -70% expected).

USD/JPY rallied a further 45 pips to 149.16. This morning, Japan's data showed that producer price growth slowed to 2.0% on year in September (vs 3.1% expected), and core machinery orders dropped 0.5% on month in August (vs +0.4% expected).

AUD/USD dipped 18 pips to 0.6414.

USD/CHF dropped 26 pips to 0.9019.

USD/CAD added 12 pips to 1.3595. Canada's data showed that the number of building permits increased 3.4% on month in August (vs +0.4% expected).

Bitcoin exhibited downward momentum sliding over 2% to $26,700.

Crude Oil (WTI)‎ (X3)‎ Intraday: aim @ 81.50.

Pivot:
84.40
 
Our preference:
Short positions below 84.40 with targets at 82.15 & 81.50 in extension.
 
Alternative scenario:
Above 84.40 look for further upside with 85.30 & 86.00 as targets.
 

 

Comment:
The RSI is bearish and calls for further downside.

EUR/USD Intraday: bullish bias above 1.0590.

Pivot:
1.0590

Our preference:
Long positions above 1.0590 with targets at 1.0645 & 1.0665 in extension.
 
Alternative scenario:
Below 1.0590 look for further downside with 1.0570 & 1.0555 as targets.
 
Comment:
The RSI advocates for further advance.

Bitcoin / Dollar intraday: rebound

Our pivot point is at 26590.
 
Our preference:
Rebound.
 
Alternative scenario:
Below 26590, expect 26270 and 26070.
 
Comment:
The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (26756) but below its 50 period moving average (27016).

Gold Intraday:  the upside prevails.

Pivot:
1867.00
 
Our preference:
Long positions above 1867.00 with targets at 1879.00 & 1885.00 in extension.
 
Alternative scenario:
Below 1867.00 look for further downside with 1862.00 & 1858.00 as targets.
  

 

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

S&P 500 (CME)‎ (Z3)‎ Intraday: intraday support around 4390.00.

Pivot:
4390.00

Our preference:
Long positions above 4390.00 with targets at 4428.00 & 4451.00 in extension.
 
Alternative scenario:
Below 4390.00 look for further downside with 4378.00 & 4366.00 as targets.


Comment:
The next resistances are at 4428.00 and then at 4451.00.

Tesla intraday: as long as 259.8 is support look for 270.8

Our pivot point stands at 259.8.
 
Our preference:
As long as 259.8 is support look for 270.8.
 
Alternative scenario:
The downside breakout of 259.8 would call for 255.6 and 253.

Comment:
The RSI is above 50. The MACD is positive and below its signal line. The price could retrace. Tesla is below its 20 period moving average (263.52) but above its 50 period moving average (261.46).

*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.