Daily Market Outlook, 01 May, 2024
Market Wrap: Stocks, Bonds, Commodities
U.S. stocks ended lower on Tuesday as markets weighed economic data showing rising labor costs and deteriorating consumer confidence on the day of a key Federal Reserve policy meeting to decide the direction of interest rates.
The Dow Jones Industrial Average fell 570.17 points to 37,815.92, the S&P 500 lose 1.57% to 5,035.69 and the Nasdaq Composite drop 325.26 points to 15,657.82.
MSCI’s index of Asia-Pacific stocks outside Japan is decline 0.01% to 662.11 levels. The Australian index was lower by 1.23% to 7,569.90. Japanese Nikkei Index slipped 0.34% today.
European stocks were mixed on Wednesday, with the Stoxx Europe 50 Index decline 1.22% to 4,920.55, Germany’s DAX drop 1.08% to 17,921.95, and France’s CAC lower 0.99% to 7,984.93 and U.K.’s FTSE 100 gain 0.12% to 8,153.51.
Benchmark 10-year U.S. Treasury rose as demand for safe assets slipped again, today 10-year bond yields positive 0.14% to 4.6900.
Oil fell more than 1% on Wednesday, losing ground for a third straight session on hopes of a ceasefire agreement in the Middle East and by rising crude inventories and production in top consumer the United States.
Spot Brent crude oil drop 1.75% to $84.83 per barrel. US West Texas Intermediate crude is down 0.02% to $80.42 a barrel.
The yellow metal gold is decrease 0.03% to 2,302.30 dollars per ounce.
Market Wrap: Forex
Most Asian currencies kept to a tight range on Wednesday, while the dollar came close to a six-month high as anticipation of a Federal Reserve meeting kept traders largely biased towards the greenback.
Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.08% to 106.190.
The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.08% today. This left the pair trading around $1.06710.
The Japanese yen was negative against the U.S. dollar on Wednesday. Today USD/JPY is higher 0.08% to the 157.93 level.
Another commodity-related currency positive against the U.S dollar, AUD/USD rose 0.13% to 0.64810, and NZD/USD ascend 0.07% to 0.58890 level.
EUR/USD Intraday: Trend on the upside
Our pivot point is at 1.06630
Preferable Price Action: Take buy positions above pivot level with targets at 1.06870 & 1.07040 in extension.
Alternative Price Action: Below pivot looks for a further downside to 1.06390 & 1.06240.
Comment: RSI is above 50 levels and pairs above 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
GBP/USD Intraday: Trend on the upside
Our pivot point is at 1.24880
Preferable Price Action: Buy positions above pivot with targets at 1.25230 & 1.25420 in extension.
Alternative Price Action: The price below pivot would call for further downside to 1.24580 & 1.24400.
Comment: RSI is above 50 levels and pairs above 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
USD/JPY Intraday: Support level at 157.720
Our pivot point is at 157.720
Preferable Price Action: Buy position above pivot with the target at 158.660 and 159.360 in extension.
Alternative Price Action: The downside breakout of the pivot would call for 156.950 and 156.280.
Comment: MACD is above 50 levels and Paris above its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
AUD/USD Intraday: Trend on the upside
Our pivot point is at 0.64770
Preferable Price Action: Buy positions above pivot with targets at 0.65010 & 0.65180 in extension.
Alternative Price Action: Below pivot looks for a further downside with 0.64550 & 0.64390 as targets.
Comment: RSI is above 50 levels and pairs above 20MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
CRUDEOIL Intraday: Trend on the downside
Our pivot point is at 80.86
Preferable Price Action: Below pivot sell oil with 79.89 & 79.13 as targets.
Alternative Price Action: Buy crude above pivot with targets at 81.69 and 82.41 in extension.
Comment: MACD is negative territory and pairs below its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
XAU/USD Intraday: Trend at the downside
Our pivot point is 2293.80
Preferable Price Action: Further downside to 2280.00 and 2271.20.
Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 2306.50 and 2316.80.
Comment: MACD is below 50 levels and pairs below its 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
Dow Jones Intraday: Major trend on the downside
Our pivot point is 37,810.10
Preferable Price Action: Take sell positions below the pivot with targets at 37,637.60 & 37,538.80.
Alternative Price Action: Above 37,810.10 looks for further upside to 37,953.20 & 38,063.80.
Comment: RSI is below 50 levels and pairs below its 20MA & 55MA.
Green Lines Indicate Resistance Levels – Red Lines Indicate Support Levels
Light Blue is a Pivot Point – Black represents the price when the report was produced
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