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.
Market Wrap: Stocks, Bonds, Commodities
On Tuesday, despite a strong opening, U.S. stocks closed in mixed territory. The Nasdaq 100 rose 56 points (+0.40%) to 14,354, while the S&P 500 was unchanged at 4,205, and the Dow Jones Industrial Average fell 50 points (-0.15%) to 33,042.
Automobiles (+3.57%), semiconductors (+1.16%), and technology hardware & equipment (+0.94%) stock sectors were the top performers, while household & personal products (-1.59%), food, beverage & tobacco (-1.02%), and energy (-0.94%) sectors were under pressure.
Nvidia (NVDA) rose 2.99% to another record close of $401.11. The leading graphic-processor maker's market capitalization briefly surpassed $1 trillion during the session.
Other AI-related stocks also performed well. C3.ai (AI) surged 33.42%, and Palantir Technologies (PLTR) climbed 7.77%.
Tesla (TSLA) climbed 4.14%. Company CEO Elon Musk met with China's foreign minister, and said the company plans to boost business in China.
Ford Motor (F) rose 4.14%. The car maker was upgraded to "buy" at Jefferies.
UiPath (PATH) gained 6.08%. Ark Investment Management reported on May 25 that it purchased 4.97 million shares in this developer of robotic automation software,
Coinbase Global (COIN), a cryptocurrency exchange platform, gained 7.47% as Bitcoin hit a three-week high on Monday.
The U.S. 10-year Treasury yield dropped 10.6 basis points to 3.692%.
Regarding U.S. economic data, the Conference Board consumer confidence index dipped to 102.3 in May (vs 100.0 expected). The Dallas Fed manufacturing index fell to -29.1 in May (vs -25.0 expected).
The FHFA (Federal Housing Finance Agency) house price index rose 0.6% on month in March (vs +0.3% expected), and the S&P Case-Shiller home price index increased 1.5% (vs +0.3% expected).
European stocks closed lower. The DAX 40 fell 0.27%, the CAC 40 dropped 1.29%, and the FTSE 100 was down 1.38%.
U.S. WTI crude futures slid $3.00 to $69.67 a barrel.
Gold price gained $16 to $1,959 an ounce.
Market Wrap: Forex
The U.S. dollar index was little changed at 104.08.
EUR/USD gained 22 pips to 1.0730. In the Eurozone, the economic sentiment index declined to 96.5 in May (vs 99.1 expected).
USD/JPY retreated 63 pips to 139.82. This morning, Japan's data showed that retail sales unexpectedly fell 1.2% on month in April (vs +0.4% expected), and industrial production declined 0.4% (vs +0.9% expected).
GBP/USD added 51 pips to 1.2406.
USD/CHF stepped up 18 pips to 0.9061.
AUD/USD dipped 22 pips to 0.6517, while USD/CAD edged up 5 pips to 1.3597.
Bitcoin was little changed at $27,700.
Gold Intraday: bullish bias above 1949.00
Pivot:
1949.00
Our preference:
Long positions above 1949.00 with targets at 1964.00 & 1971.00 in extension.
Alternative scenario:
Below 1949.00 look for further downside with 1940.00 & 1932.00 as targets.
Comment:
The RSI is mixed with a bullish bias.
Crude Oil (WTI) (N3) Intraday: the downside prevails.
70.65
Our preference:
Short positions below 70.65 with targets at 69.00 & 68.30 in extension.
Alternative scenario:
Above 70.65 look for further upside with 71.25 & 72.05 as targets.
Comment:
The RSI shows downside momentum.
EUR/USD Intraday: further advance
1.0710
Our preference:
Long positions above 1.0710 with targets at 1.0750 & 1.0770 in extension.
Alternative scenario:
Below 1.0710 look for further downside with 1.0690 & 1.0670 as targets.
Comment:
The RSI is bullish and calls for further upside.
Bitcoin / Dollar intraday: our next up target stands at 28490
Our pivot point stands at 27570.
Our preference:
Our next up target stands at 28490.
Alternative scenario:
The downside breakout of 27570 would call for 27210 and 27000.
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 is trading above both its 20 and 50 period moving average (respectively at 27802 and 27774).
Hang Seng (HKFE) (HK50) Intraday: under pressure.
Pivot:
18510.00
Our preference:
Short positions below 18510.00 with targets at 18020.00 & 17880.00 in extension.
Alternative scenario:
Above 18510.00 look for further upside with 18700.00 & 18900.00 as targets.
Comment:
The immediate trend remains down and the momentum is strong.
*VSTAR.com is not a financial advisor and not responsible for any damages or losses arising from any use of this information.
