11.08.2021 MARKET WRAP: Stocks, Bonds, Commodities

 

Trade Now MARKET WRAP: Stocks, Bonds, Commodities   On Tuesday, the Dow Jones Industrial Average climbed 162.82 points (+0.46%) to a record close of 35,264, and the S&P 500 rose 4.4 points (+0.1%) to 4,436, also a record high. However, the tech-heavy Nasdaq 100 retreated 79.53 points (-0.53%) to 15,053. Investors were encouraged by the Senate's passage of a $1 trillion infrastructure bill. The food & staples retailing, energy, materials and industrial sectors gained the most, while the semiconductors, real estate and software sectors were under pressure. Sysco (SYY) gained 6.52%, Norwegian Cruise Line (NCLH) rose 4.7%, and Caterpillar (CAT) was up 2.48%. On the other hand, Micron Technology (MU) lost 5.36% and Moderna (MRNA) slid 5.72%. The U.S. 10-year Treasury Yield increased 2.4 basis points to 1.347%. European stocks closed in positive territory. The DAX 30 increased 0.16%, the FTSE 100 rose 0.4%, and the CAC 40 was up 0.10%. U.S. WTI crude futures rebounded $1.94 to $68.42 a barrel. Gold price remained subdued at $1,728 an ounce.   Trade Now   MARKET WRAP: Forex   The U.S. dollar was still firm against other major currencies. The dollar index crossed above 93.00. EUR/USD fell 19 pips to 1.1718. Germany's ZEW current situation index posted at 29.3 for August (vs 30.0 expected) and expectation index 40.4 (vs 55.0 expected). GBP/USD eased a further 8 pips to 1.3839, while AUD/USD added 14 pips to 0.7347. USD/JPY jumped 30 pips to 110.59. USD/CHF jumped 29 pips to 0.923, while USD/CAD declined 52 pips to 1.2525. Bitcoin traded 1% lower to levels below $46,000, while Ether held at levels around $3,150.   Download MFM Securities MetaTrader plugin for Trading Central     EUR/USD Intraday:  the downside prevails.   Pivot: 1.1740 Our preference: Short positions below 1.1740 with targets at 1.1705 & 1.1690 in extension. Alternative scenario: Above 1.1740 look for further upside with 1.1755 & 1.1770 as targets.   Comment: As long as 1.1740 is resistance, look for choppy price action with a bearish bias.     Trade Now GBP/USD Intraday:  capped by a negative trend line.   Pivot: 1.3860 Our preference: Short positions below 1.3860 with targets at 1.3820 & 1.3800 in extension. Alternative scenario: Above 1.3860 look for further upside with 1.3880 & 1.3900 as targets. Comment: The RSI advocates for further decline.     Trade Now You may also view our full Daily Technical Analysis inside your Client's Area. So what are you waiting for? Go get 'em!         Aim for Success with MFM Securities!