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 Monday, U.S. stocks marked a third consecutive gaining session, as investors awaited inflation data (due Tuesday) and the Federal Reserve's interest-rate decision (Wednesday). The Dow Jones Industrial Average rose 189 points (+0.56%) to 34,066, the S&P 500 gained 40 points (+0.94%) to 4,339, and the Nasdaq 100 jumped 255 points (+1.76%) to 14,784.
Semiconductors (+3.03%), automobiles (+2.00%), and retailing (+1.98%) stock sectors led the market higher.
Tesla (TSLA) gained 2.22%, Apple (AAPL) rose 1.56%, Microsoft (MSFT) climbed 1.55%, Alphabet (GOOGL) advanced 1.15%, and Meta Platforms (META) was up 2.30%.
Amazon.com (AMZN) rose 2.54%. Jeff Bezos, the founder and executive chairman of the tech giant, reported buying a single Amazon.com share, his first purchase of the company's stock in more than two decades.
Broadcom (AVGO) climbed 6.31%. Reuters reported that the semiconductor developer will likely gain conditional antitrust approval from the European Union regarding its $61 billion merger with VMware.
Nvidia (NVDA) added 1.84%.
Adobe (ADBE) increased a further 4.54%. Morgan Stanley and Jefferies raised their target prices on the software developer.
XPeng (XPEV) surged 11.16%. The Chinese electric-vehicle maker recorded 25,000 orders of its new G6 model within 72 hours of the start of pre-sales.
Nasdaq (NDAQ) plunged 11.81%. The exchange operator announced its $10.5 billion acquisition of Adenza, a maker of software used by banks and brokerages.
Oracle (ORCL) rose 5.99%. In after-market hours, the software company advanced a further 4% as its quarterly results exceeded expectations.
Carnival (CCL) soared 12.45%, as the stock was upgraded to "overweight" at JPMorgan.
The U.S. 10-year Treasury yield declined 0.8 basis points to 3.732%.
European stocks also closed higher. The DAX 40 rose 0.93%, the CAC 40 gained 0.52%, and the FTSE 100 was up 0.11%.
U.S. WTI crude futures sank a further $2.90 to $67.24 a barrel.
Gold price was down $4 to $1,956 an ounce.
Market Wrap: Forex
The U.S. dollar index was relatively stable at 103.61.
EUR/USD rose 10 pips to 1.0759.
USD/JPY added 15 pips to 139.55.
GBP/USD dropped 62 pips to 1.2510.
AUD/USD climbed 10 pips to 0.6752. This morning, the Westpac consumer confidence index rose to 79.2 in June (vs 81.5 expected).
USD/CHF gained 53 pips to 0.9086, and USD/CAD rose 27 pips to 1.3367.
Bitcoin still lacked upward momentum trading down to $25,800.
Gold Intraday: rebound expected.
Pivot:
1952.00
Our preference:
Long positions above 1952.00 with targets at 1966.00 & 1973.00 in extension.
Alternative scenario:
Below 1952.00 look for further downside with 1948.00 & 1943.00 as targets.
Comment:
The RSI calls for a rebound.
Crude Oil (WTI) (N3) Intraday: under pressure.
Pivot:
68.70
Our preference:
Short positions below 68.70 with targets at 66.40 & 64.90 in extension.
Alternative scenario:
Above 68.70 look for further upside with 69.50 & 70.40 as targets.
Comment:
The RSI is below its neutrality area at 50%
EUR/USD Intraday: the bias remains bullish.
Pivot:
1.0735
Our preference:
Long positions above 1.0735 with targets at 1.0775 & 1.0790 in extension.
Alternative scenario:
Below 1.0735 look for further downside with 1.0720 & 1.0700 as targets.
Comment:
The RSI advocates for further advance.
Bitcoin / Dollar intraday: the downside prevails as long as 26120 is resistance
26120 is our pivot point.
Our preference:
The downside prevails as long as 26120 is resistance.
Alternative scenario:
Above 26120, look for 26470 and 26680.
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 25865 and 25893).
S&P 500 (CME) (M3) Intraday: further upside.
Pivot:
4368.00
Our preference:
Long positions above 4368.00 with targets at 4410.00 & 4420.00 in extension.
Alternative scenario:
Below 4368.00 look for further downside with 4348.00 & 4330.00 as targets.
Comment:
The RSI is bullish and calls for further advance.
Tesla intraday: as long as 247.6 is support look for 254.4
Our pivot point stands at 247.6.
Our preference:
As long as 247.6 is support look for 254.4.
Alternative scenario:
The downside breakout of 247.6 would call for 245.4 and 244.
Comment:
The RSI is above 70. It could mean either that prices are in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). 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 247.05 and 238.5).
*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.
