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.
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.
GBP/USD Intraday: 1.2300 in sight.
Pivot:
1.2200
Our preference:
Long positions above 1.2200 with targets at 1.2270 & 1.2300 in extension.
Alternative scenario:
Below 1.2200 look for further downside with 1.2180 & 1.2160 as targets.
Comment:
The RSI is bullish and calls for further upside.
USD/JPY Intraday: under pressure.
Pivot:
148.80
Our preference:
Short positions below 148.80 with targets at 148.15 & 147.90 in extension.
Alternative scenario:
Above 148.80 look for further upside with 149.05 & 149.25 as targets.
Comment:
The RSI has broken down its 30 level.
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.
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.
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