Trader Noble Market Commentary 06/07/2021

On 06/07/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.

U.S. Equity Futures Markets have fluctuated between gains and losses after Crude Oil trades to a new cycle high following the postponement of the OPEC Meeting yesterday. OPEC production levels will remain the same, pushing the price of Crude higher by 1.86% to $76.60 a barrel. European Indices closed higher. U.K. Prime Minister announced the lifting of all restrictions on July 19, including sports stadiums to return to full capacity. The ECB’s top officials are gathering this week for discussions delayed by the pandemic, and a key issue at stake is agreeing to a new formulation of the inflation target. Also, up for discussion, is the ECB’s roll in fighting climate change as well as how to address an ever evolving Labour Market. Yesterday, the Bank of Canada reported that its Business Outlook Survey hit its highest level on record  Elsewhere, Bitcoin is trading  higher by 3.25% this morning while Gold is back above $1800 an ounce, on Dollar weakness.

To mark my 2350th 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 was flat yesterday as none of my calls were hit and is still ahead by 237 points for July after making 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, 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

Equities

The S&P 500 closed 0.75% higher at a price of 4352.

The Dow Jones Industrial Average closed 152 points higher for a 0.44% gain at a price of 34,786.

The NASDAQ 100 closed 1.15% higher at a price of 14,727.

The Stoxx Europe 600 Index closed 0.2% higher.

This morning, the MSCI Asia Pacific Index fell 0.1%.

This morning, the Nikkei closed 0.16% higher at a price of 28,643.

Currencies

The Bloomberg Dollar Spot Index closed 0.2% lower.

The Euro closed 0.2% higher at $1.1879.

The British Pound closed 0.4% higher at 1.3894.

The Japanese Yen fell 0.4%, closing at $110.79.

Bonds

Germany’s 10-year yield closed three basis points higher at -0.20%.

Britain’s 10-year yield closed two basis points higher at 0.72%.

US 10 Year Treasury closed two basis points higher at 1.45%.

Commodities

West Texas Intermediate crude closed 1.86% higher at $76.60 a barrel.

Gold closed 0.45% higher at $1,795.10 an ounce.

This morning on the Economic Front we already had the release of German Factory Orders which fell 3.7% versus +0.9% expected. At 9.30 am we have UK Markit Construction PMI, followed at 10.00 am by German ZEW Survey and Euro-Zone Retail Sales. At 2.45 pm we have U.S. Markit Services PMI. Finally, at 3.00 pm we have ISM Services PMI.

September S&P 500

No Change. I am still short from last Friday at a price of 4335 with the same 4332 T/P level. I will leave my stop unchanged at 4358. The S&P has support from 4308/4323 where I will be a small buyer with a 4299 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 4333 One note of caution, the first half of 2021 was the seventh best for Global Stocks in the past 100 years. However, in the previous six cases, Stock Markets were lower by 9% over the next six months. 50% of the S&P’s 15% YTD gain was generated by just 29 stocks.

EUR/USD

The Euro is trading higher this morning and I am still flat as the market never came close to my 1.1820 initial buy level. I will now raise my buy level to 1.1810/1.1850 with a higher 1.1775 stop. I still do not want to be short the Euro at this time. If I am taken long I will have a T/P level at 1.1880.

September Dollar Index

I will now lower my sell level to 92.40/92.80 with a tight 93.15 stop. If I am taken short I will have a T/P level at 92.15.

September DAX

The boring sideways price action shows no sign of ending as the market continue to hold the key 15300 support level. I will now raise my buy level slightly to 15390/15460 with a higher 15335 stop. If I am taken long I will have a T/P level at 15505.

September FTSE

I am still flat as the FTSE again traded in a narrow range. I will now raise my buy level to 6965/7015 with a higher 6931 stop. If I am taken long I will have a T/P level at 7045.

Dow Rolling Contract

No Change as the Dow is trading unchanged from where I marked prices 24 hours ago. I will continue to be a seller on any further rally to 34970/35130 with the same 35255 ‘’Closing Stop’’.  The Dow has support from 34480/34640 where I will still be a buyer with the same 34345 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 34860. If I am taken long I will have a T/P level at 34760.

September NASDAQ

With the 14-Day RSI above 75, I will continue to look to sell the NASDAQ on any further rally to 14760/14840 while leaving my 14905 ‘Closing Stop’’ unchanged. The NASDAQ has short-term support from 14500/14580 where I will again be a buyer with the same 15425 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 14710. If I am taken long I will have a T/P level at 14635.

September BUND

The Bund is trading 70 points lower from where I marked prices yesterday morning and I am still flat. I will now lower my sell level to 172.98/173.38 with a tight 173.61 stop. If I am taken short I will have a T/P level at 172.60.

Gold Rolling Contract

Gold continues to rally off last week’s 1750 low print, sitting higher at 1803 this morning. I am still flat and I will now raise my buy level to 1757/1774 with a tight 1749 stop. If I am taken long I will have a T/P level at 1781.

Silver Rolling Contract

Silver traded in a narrow range yesterday and I am still flat. I will now raise my buy level to 25.60/26.20 with a higher 25.15 stop. If I am taken long I will have a T/P level at 26.50.

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