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 closed with modest gains despite pressure exerted by rallying Treasury yields. The Dow Jones Industrial Average rose 43 points (+0.13%) to 34,006, the S&P 500 climbed 17 points (+0.40%) to 4,337, and the Nasdaq 100 was up 67 points (+0.46%) to 14,768.
The U.S. 10-year Treasury yield advanced 10.4 basis points to 4.538%.
Energy, retailing, and semiconductors were the top-performing stock sectors.
Amazon.com (AMZN) rose 1.67%. The e-commerce giant announced plans to invest up to $4 billion Anthropic, an artificial intelligence startup firm.
Nvidia (NVDA) advanced 1.47%, NetFlix (NFLX) gained 1.31%, and Tesla (TSLA) was up 0.86%.
Dow Inc (DOW) climbed 1.67%. The chemical giant was upgraded to "Overweight" at JPMorgan.
Alcoa (AA), a major American aluminum producer, slid 6.07%.
Regarding U.S. economic data, the Chicago Fed national activity index fell to -0.16 in August (vs 0.15 expected). The Dallas Fed manufacturing index fell to -18.1 in September (vs -10.0).
European stocks closed lower. The DAX 40 fell 0.98%, the CAC 40 dropped 0.85%, and the FTSE 100 was down 0.78%.
U.S. WTI crude futures eased $0.35 to $89.68 a barrel.
Gold price declined $9 to $1,915 an ounce.
Market Wrap: Forex
The U.S. dollar kept strengthening against other major currencies. The dollar index ran up to 105.95, a 10-month high.
USD/JPY jumped 46 pips to 148.83, the highest level since October 2022. Investors are watching closely if Japanese authorities would carry out forex intervention if the yen sink further to 150 to the dollar.
EUR/USD fell 60 pips to 1.0593. Germany's Ifo business climate index posted at 85.7 for September (vs 84.8 expected).
GBP/USD dropped 27 pips to 1.2214.
AUD/USD declined 16 pips to 0.6425.
USD/CHF jumped 54 pips to 0.9120, while USD/CAD was down 27 pips to 1.3456.
Bitcoin traded slightly lower to $26,350.
Crude Oil (WTI) (X3) Intraday: key resistance at 90.15.
Pivot:
90.15
Our preference:
Short positions below 90.15 with targets at 89.35 & 89.00 in extension.
Alternative scenario:
Above 90.15 look for further upside with 90.80 & 91.30 as targets.
Comment:
As long as the resistance at 90.15 is not surpassed, the risk of the break below 89.35 remains high.
EUR/USD Intraday: under pressure.
Pivot:
1.0615
Our preference:
Short positions below 1.0615 with targets at 1.0575 & 1.0560 in extension.
Alternative scenario:
Above 1.0615 look for further upside with 1.0630 & 1.0650 as targets.
Comment:
The RSI is bearish and calls for further decline.
Bitcoin / Dollar intraday: the upside prevails as long as 26040 is support
Our pivot point stands at 26040.
Our preference:
The upside prevails as long as 26040 is support.
Alternative scenario:
The downside breakout of 26040 would call for 25740 and 25560.
Comment:
The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 26201 and 26230).
Gold Intraday: the downside prevails.
Pivot:
1922.00
Our preference:
Short positions below 1922.00 with targets at 1913.00 & 1908.00 in extension.
Alternative scenario:
Above 1922.00 look for further upside with 1927.00 & 1933.00 as targets.
Comment:
The RSI calls for a new downleg.
S&P 500 (CME) (Z3) Intraday: rebound.
Pivot:
4356.00
Our preference:
Long positions above 4356.00 with targets at 4398.00 & 4431.00 in extension.
Alternative scenario:
Below 4356.00 look for further downside with 4338.00 & 4305.00 as targets.
Comment:
The RSI is bullish and calls for further upside.
Tesla intraday: short term rebound towards 257.2
Our pivot point stands at 239
Our preference:
Short term rebound towards 257.2.
Alternative scenario:
The downside breakout of 239 would call for 232.6 and 228.8.
Comment:
The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Tesla is trading under both its 20 and 50 period moving average (respectively at 245.98 and 254.6).
*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.
