On 04/06/2021 TraderTalent.com is bringing you another guest post from Bryan Noble of TraderNoble.com.

U.S. Equity Markets were volatile yesterday as investors digest jobs data and Federal Reserve actions, ending the day lower, led by the NASDAQ 100 which closed with a loss of 1.07%. This move lower saw the VIX rise over 3%. The Federal Reserve and jobs data were the main focuses during yesterday’s session. After I posted yesterday morning, the Fed said it would sell the roughly $14 billion worth of corporate bonds and exchange-traded funds acquired during the market rout last year by the end of 2021. This removed some of the central bank support from the economy. But jobs data were positive. Jobless Claims hit a post-pandemic low for the fifth straight week. And ADP’s Employment Survey showed that private companies added nearly 1 million jobs last month. Both of these data points are strong signs for the economic recovery. Infrastructure was also in the news, with reports that President Joe Biden said he could back a $1 trillion infrastructure bill (versus the current $1.7 trillion proposal). But talks are still ongoing, and there is minimal progress. European Markets closed lower despite positive economic data. Markit Euro-Zone’s final composite Purchasing Managers’ Index (“PMI”) data for May rose versus the preliminary reading, as services sector momentum continued to build. European Central Bank President Christine Lagarde said it is committed to favorable financing and strong policy support will remain in place to ensure an economic. The International Monetary Fund boosted its Italian economic growth estimate, from 4.2% to 4.3%, as Rome plans to run a higher deficit in order to spur activity. In Asia, The White House was said to prepare plans for a new China blacklist, that would impose financial penalties on companies with ties to the defense and surveillance technology sectors. Markit Caixin’s composite PMI numbers for May weakened versus April, but remained in expansion territory, as new orders fell and input prices rose. Markit Japan’s final composite PMI data for May rose versus the preliminary reading, as services sector output and new orders weakened. Australia’s export figures for April were weaker than expected, as two of the country’s top exports – iron ore and gold – saw shipments abroad decline. Elsewhere, Oil closed flat  while Gold fell 1.93% on renewed Dollar strength.

To mark my 2325th issue of TraderNoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day To demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on [email protected] for details

For anyone following my Platinum Service it made 220 points yesterday and is now ahead by 500 points for June having made 1439 points in May, 1244 points in April, having ended March with an impressive gain of 3769 points, 3286 points in February, 2077 points in January, 2273 points in December, 2025 points in November, 2779 points in October, 3042 points in September and 2383 points in August. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points

Finally, as Monday is a Bank Holiday in Ireland, my next Daily Commentary will be on Tuesday June 8, 2021. Any of my calls not hit today, and subsequently get executed on Monday will see me return with an updated email for my Platinum Members.

Equities

The S&P 500 closed 0.36% lower at a price of 4192.

The Dow Jones Industrial Average closed 23 points lower for a 0.07% loss at a price of 34,577.

The NASDAQ 100 closed 1.07% lower at a price of 13,529.

The Stoxx Europe 600 Index closed 0.4% lower.

Yesterday, the MSCI Asia Pacific Index rose 0.2%.

Yesterday, the Nikkei closed 0.39% higher at a price of 29,058.

Currencies

The Bloomberg Dollar Spot Index closed 0.8% higher.

The Euro closed 0.8% lower at $1.21.25.

The British Pound closed 0.5% lower at 1.4099.

The Japanese Yen fell 0.7%, closing at $110.30.

Bonds

Germany’s 10-year yield closed two basis points higher at -0.18%.

Britain’s 10-year yield closed four basis points higher at 0.84%.

US 10 Year Treasury closed three basis points higher at 1.62%.

Commodities

West Texas Intermediate crude closed 0.06% higher at $68.81 a barrel.

Gold closed 1.96% lower at $1,871.20 an ounce.

This morning on the Economic Front we have UK Markit Construction PMI at 9.30 am and Euro-Zone Retail Sales at 10.00 am. At 1.30 pm we have U.S Non-Farm Payrolls, Unemployment Rate and Average Earnings at 1.30 pm. Finally, we have Factory Orders at 3.00 pm.

June S&P 500

The S&P continues to build value below the 4221 Third Standard Deviation but so far is holding the key 4160/4175 support area. Yesterday my S&P plan worked well with the market trading the whole of my buy range for a 4175 average long position, before rallying to my 4188 revised T/P level and I am still flat. With NFP this afternoon I would expect increased volatility. I will be a buyer on any dip lower to 4154/4169 with a 4143 ‘’Closing Stop’’. I will now lower my sell level to 4212/4227 with a lower 4241 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 4180. If I am taken short I will have a T/P level at 4202.

EUR/USD

The Euro traded the whole of my buy range for a now 12140 average long position. I will leave my stop unchanged at 1.2075 while lowering my T/P level to 1.2165. If any of the above levels are hit I will be back with a new update for my Platinum Members.

June Dollar Index

The Dollar rallied 0.9% yesterday and I am still flat. I will now raise my buy level to 89.60/90.10 with a higher 89.15 stop. If I am taken long I will have a T/P level at 90.40.

June DAX

The DAX refuses to trade lower as the market rallied a further 100 points yesterday, despite the sell-off in US Indexes and I am still flat. I will now raise my buy level to 15310/15380 with a higher 15245 stop. If I am taken long I will have a T/P level at 15425.

June FTSE

My FTSE plan worked well with the market trading lower to my 7020 buy level before rallying to my revised 7050 T/P level and I am now flat. Today, I will again be a buyer from 6950/7005 with a wider 6895 stop. I still do not want to be short the FTSE at this time. If I am taken long I will have a T/P level at 7035.

Dow Rolling Contract

After the Dow traded lower to my 34400 buy level I had to many positions. Unfortunately, I covered this long position too early at 34460 before the Dow rallied a further 200 points and I am still flat. The Dow continues to hole the key 34180/34350 support area. Today, I will again be a buyer in this area with a 34045 ‘’Closing Stop’’. Ahead of the weekend I do not want to be short the Dow at this time. If I am taken long I will have a T/P level at  34480.

June NASDAQ

The NASDAQ was the weakest of the U.S Indexes yesterday, closing lower by over 1%. We are now trading back below the 50-Day Moving Average which is a further warning for renewed weakness. I will now lower my sell level to 13620/13700 with a lower 13805 ‘’Closing Stop’’. The NASDAQ has short-term support from 13310/13390 where I will be a small buyer with a 13245 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 13560. If I am taken long I will have a T/P level at 13450.

June BUND

No Change. I am still a buyer from 169.10/169.60 with the same 168.65 stop. If I am taken long I will have a T/P level at 169.88.

Gold Rolling Contract

Gold fell almost 2% yesterday as thankfully we did not raise are buy level after the market broke 1900 and are still flat. I will now lower my buy level to 1840/1853 with a lower 1829 stop. If I am taken long I will have a T/P level at 1861.

Silver Rolling Contract

Silver traded lower to my 27.40 buy level. I am still long and I will now lower my T/P level to 27.65.

Your Platinum Subscription intraday updates will appear here once they are published.

Hi Everyone

Despite weaker than expected NFP Report US Indexes have reversed yesterday’s sell-off on the presumption that the Fed will not end tapering anytime soon
Of course nobody is focusing on the weaker economic conditions where PE Ratios are at nose bleed levels.
The Dollar weakened on the payroll release with the Euro rallying to my 1.2165 T/P level on yesterday’s 1.2140 long position and I am now flat.
I will look to buy the Euro again from 1.2080/1.2130 with a 1.2035 stop and a 1.2160 T/P level if executed
Silver hit my 27.65 T/P level on my 27.40 long position and I am now flat while Gold just missed my 1853 buy level with a 1855 low print before rallying.
Lower Bond Yields have led to a 300 point rally in the NASDAQ with the market trading the whole of my sell range for a now 13660 average short position.
I will now raise my  T/P level on this trade to 13620
Finally, in the last few minutes the S&P has traded higher to 4216 sell level. I am still short and I will now raise my T/P level to 4208
Kind Regards
Bryan

Update 2

Hi Everyone

After I sent  my update on Friday the US Indexes soared with the S&P hitting me second sell level at 4228 for a now 4222 average short position.
I will now raise my T/P level on this position to 4216
The June Dollar hit my 90.05 buy level. As this contract now expires I have exited this trade here at 90.16 and I am now flat.
I am still short the NASDAQ and I will now raise my T/P level to 13640
Kind Regards
Bryan
To view the current daily levels commentary (which non-members can only view in older reports) you would need to purchase a Trader Noble Commentary Subscription from US$50/month.

 


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