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 once again posted an intraday reverse to the upside. The Dow Jones Industrial Average closed 197 higher (+0.59%) at 33,604, the S&P 500 rose 27 points (+0.63%) to 4,335, and the Nasdaq 100 was up 73 points (+0.49%) to 15,047.

The U.S. 10-year Treasury yield stayed flat at 4.801%.

Energy (+3.54%), capital goods (+2.06%) and telecoms services (+1.68%) stock sectors gained the most.

Energy stocks rallied along with oil prices, which were boosted by the surprise attack on Israel staged by Palestinian group Hamas. Hess Corp (HES) rose 5.31%, Exxon Mobil (XOM) gained 3.50%, and Chevron (CVX) climbed 2.77%.

U.S. WTI crude futures advanced $3.60 (+4.35%) to $86.43 a barrel.

Military industry stocks also performed well. Raytheon Technologies (RTX) rose 4.62%, and Lockheed Martin (LMT) jumped 8.93%. Lockheed Martin also announced an increase in its quarterly dividend and approved an additional $6 billion share buyback.

On the other hand, airline stocks underperformed the market due to rising oil prices and flight cancellations. American Airlines (AAL) fell 4.08%, and United Airlines (UAL) dropped 4.88%.

Tesla (TSLA) dipped 0.33% on reports that the electric-vehicle maker's China-made cars declined 12% on month in September.

In Europe, the DAX 40 fell 0.67%, the CAC 40 dropped 0.55%, and the FTSE 100 was little changed.

Gold price bounced $28 to $1,861 an ounce.

Market Wrap: Forex

The U.S. dollar index remained relatively stable at 106.03.

EUR/USD declined 17 pips to 1.0569. In the Eurozone, the Sentix investor confidence index ticked down to -21.9 for October (vs -24.0 expected).

Germany's data showed that industrial production fell 0.2% on month in August (vs +1.0% expected).

USD/JPY sank 82 pips to 148.50.

GBP/USD added 5 pips to 1.2242.

AUD/USD gained 26 pips to 0.6412. This morning, Australia's Westpac consumer confidence index rebounded 82.0 in October (vs 79.1 expected).

USD/CHF rose 37 pips to 0.9061, while USD/CAD retreated 74 pips to 1.3587.

Bitcoin failed to secure the level of $28,000 trading lower to $27,610.

Crude Oil (WTI)‎ (X3)‎ Intraday: intraday support around 85.15.

Pivot:
85.15
 
Our preference:
Long positions above 85.15 with targets at 87.25 & 88.20 in extension.
 
Alternative scenario:
Below 85.15 look for further downside with 84.20 & 83.25 as targets.
 

 

Comment:
The RSI lacks downward momentum.

EUR/USD Intraday: the bias remains bullish.

Pivot:
1.0540

Our preference:
Long positions above 1.0540 with targets at 1.0600 & 1.0620 in extension.
 
Alternative scenario:
Below 1.0540 look for further downside with 1.0520 & 1.0500 as targets.
 
Comment:
The RSI calls for a bounce.

Bitcoin / Dollar intraday: rebound

Our pivot point is at 27310.
 
Our preference:
Rebound.
 
Alternative scenario:
The downside breakout of 27310 would call for 26980 and 26780.
 
Comment:
The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (27518) but under its 50 period moving average (27739).

Gold Intraday: further advance.

Pivot:
1852.00
 
Our preference:
Long positions above 1852.00 with targets at 1867.00 & 1875.00 in extension.
 
Alternative scenario:
Below 1852.00 look for further downside with 1843.00 & 1834.00 as targets.
 

 

Comment:
The RSI shows upside momentum.

S&P 500 (CME)‎ (Z3)‎ Intraday: intraday support around 4354.00.

Pivot:
4354.00
 
Our preference:
Long positions above 4354.00 with targets at 4383.00 & 4395.00 in extension.
 
Alternative scenario:
Below 4354.00 look for further downside with 4339.00 & 4314.00 as targets.
 

Comment:
The next resistances are at 4383.00 and then at 4395.00.

Tesla intraday: the upside prevails as long as 256.6 is support

Our pivot point stands at 256.6.
 
Our preference:
The upside prevails as long as 256.6 is support.
 
Alternative scenario:
The downside breakout of 256.6 would call for 252.4 and 249.8.
 

 

Comment:
The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Tesla is trading above both its 20 and 50 period moving average (respectively at 257.97 and 258.22).

*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.