On 04/10/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.
U.S. Equity Markets surged on Friday, reversing earlier losses to close higher, led by the Dow’s 1.43% gain. Markets opened strong and remained higher throughout the day. The big news of the day was Merck’s COVID-19 treatment, which comes in pill form. This could be a huge driver in lowering hospitalisations and serious COVID-19 cases. Congress passed a continuing resolution to keep the government funded into early December and avoid a shutdown that could have weighed on the domestic growth outlook. Economic data was strong, with the September ISM Manufacturing Index coming in above estimates and August’s reading. Meanwhile, Consumer Sentiment rose from the initial reading, with consumers seeing the recent inflation spike as temporary. There was nothing really new from Federal Reserve speakers, with Philadelphia Fed President Patrick Harker saying that he sees the first interest rate hike coming in late 2022 or early 2023. European Markets closed lower. European Central Bank Governing Council member Pablo Hernandez de Cos said the region needs to consider a banking union to strengthen capital markets and support economic growth. Euro-Zone preliminary consumer price index (“CPI”) data for September was in line with expectations, rising versus August, as manufacturers are passing costs onto consumers. U.K. factory production experienced its worst month since February, as supply-chain disruptions hurt output. In Asia, Chinese Vice Premier Han Zheng was said to instruct a meeting of state-owned energy producers to secure plenty of resources to avoid rolling blackouts this winter. The Bank of Japan’s Quarterly Tankan survey indicated business sentiment continues to improve, as survey respondents expect capital expenditures to increase. China’s new home prices grew at the slowest pace since March of last year, as the government is trying to ease leverage and drive speculators out of the market. South Korea’s export data for September was stronger than expected due to strong demand for technology-related goods. Elsewhere, Oil rose 0.93% ahead of next week’s OPEC production meeting, while Bitcoin rose 10% on little news.
To mark my 2400th 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 was flat on Friday which was the first trading session for October after making 2866 points in September, having closed August with a gain of 1543 points, and 996 points in July. The Platinum Service made 1366 points in June, 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, and 2273 points last December. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
The S&P 500 closed 1.15% higher at a price of 4357.
The Dow Jones Industrial Average closed 482 points higher for a 1.43% gain at a price of 34,326.
The NASDAQ 100 closed 0.70% higher at a price of 14,791.
The Stoxx Europe 600 Index closed 0.6% lower.
This morning, the MSCI Asia Pacific Index fell 0.9%.
This morning, the Nikkei closed 1.13% lower at a price of 28,444.
The Bloomberg Dollar Spot Index closed 0.1% lower.
The Euro closed 0.1% higher at $1.1598.
The British Pound closed 0.8% higher at 1.3543.
The Japanese Yen rose 0.3%, closing at $110.98.
Germany’s 10-year yield closed two basis points lower at -0.23%.
Britain’s 10-year yield closed one basis points higher at 1.03%.
US 10 Year Treasury closed two basis points lower at 1.46%.
West Texas Intermediate crude closed 0.93% higher at $75.72 a barrel.
Gold closed 0.14% higher at $1,761.10 an ounce.
This morning on the Economic Front we Euro-Zone Sentix Investor Confidence at 9.30 am. The only other data of note is U.S. Factory Orders which will be released at 1.30 pm.
December S&P 500
Despite the S&P rallying over 100 Handles from where I marked prices last Friday morning, the S&P still closed lower on the week. The S&P has short-term support from 4298/4313 and I will raise my buy level to this area with a 4285 ‘’Closing Stop’’. I will continue to be an aggressive buyer from 4185/4205 with a 4169 ‘’Closing Stop’’. The S&P has resistance from 4380/4395 where I will be a strong seller with a 4411 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 4324. If I am taken long a second time I will have a T/P level at 4240. If I am taken short I will have a T/P level at 4367.
No Change. I am still long from last week at 1.1620 with the same 1.1645 T/P level. I will add to this trade at 1.1560 while leaving my 1.1525 stop unchanged. If any of the above levels are hit I will be back with a new update for my Platinum Members.
December Dollar Index
Thankfully the Dollar is opening lower this morning at 93.94. I am still short form last week at an average rate of 93.90 with the same 94.51 stop. I will also leave my T/P level unchanged at 93.80.
The DAX never came close to my 14940 buy level before rallying over 200 points on Friday and I am still flat. I will now raise my buy level to 14890/14970 with the same 14795 stop. If I am taken long I will have a T/P level at 15030.
No Change. I am still a small buyer on any further dip lower to 6890/6940 with the same 6855 stop. If I am taken long I will have a T/P level at 6980.
Dow Rolling Contract
The Dow just missed my 33480 buy level by 80 points before rallying almost 900 points at one stage off its morning low and I am still flat as thankfully we had no sell level on Friday. This morning the Dow is trading 200 points lower from Friday’s close at 34180. We have support from 33910/34050 where I will be a small buyer with a 33795 ‘’Closing Stop’’. I still do not want to be short the Dow at this time. If I am taken long I will have a T/P level at 34190.
The NASDAQ also missed my buy level before spending most of Friday’s session trading in positive territory and I am still flat. The NASDAQ has strong resistance from 14890/14970 with a 15105 wider ‘’Closing Stop’’. I will now raise my buy level to 14460/15540 with a tight 14385 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 14810. If I am taken long I will have a T/P level at 14610.
I am still flat the Bund as the market again traded in a narrow range since I posted last Friday. The Bund has short-term support from 169.30/169.80 and I will raise my buy level to this area with a higher 168.87 stop. If I am taken long I will have a T/P level at 170.10.
Gold Rolling Contract
No Change. I am still a small buyer on any further dip to 1717/1734 with a higher 1703 stop. I still do not want to be short Gold at this time. If I am taken long I will have a T/P level at 1743
Silver Rolling Contract
Extreme bearish sentiment as mentioned last week is compatible with a continued advance in Silver. I am still flat and I will now raise my buy level to 21.60/22.20 with a wider 20.95 stop. If I am taken long I will have a T/P level at 22.65.
Your Platinum Subscription intraday updates will appear here once they are published.