On 09/08/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.

U.S. Equity Markets rose to end the week on strong jobs data, finishing the day higher, led by Dow which closed at a new all-time high with a gain of 0.41%. However, the big story of the last few days was the sell-off in Precious Metals, with Gold trading to an overnight low of $1680, following a ‘’Flash Crash’’ and Silver hitting a low of $22.32 before bouncing to sit at $23.90 as I go to press. Jobs data was the big driver for the third straight day. Non-Farm Payroll data for July came in well above expectations, while the unemployment rate fell more than expected. These are good signs for the labour market’s recovery, and therefore a strong sign for the economy. But this could lead the Federal Reserve to begin pulling back support. Fed Chairman Jerome Powell has said the central bank wants to see a string of strong job gains before it begins pulling back on its $120 billion worth of monthly bond purchases. The economy has now added almost 4.2 million jobs since the beginning of the year. July’s figures lean toward tightening by the end of the year with the potential for an interest-rate lift-off in 2023. European Markets closed higher. German Industrial Production data for June was weaker than expected, falling versus May, as demand for items used to produce other goods slid. Italian industrial production figures for June were in-line with expectations, rising versus May, as machinery and textile output increased. Austria’s government was said to work on forming an alliance to tighten European Union fiscal rules, making it harder for countries to take on debt. In Asia, Japan’s household spending data for June unexpectedly declined, falling versus May, as social-distancing restrictions and a lack of stimulus payments weighed. Beijing’s government said it would cancel all large-scale events and exhibitions for the remainder of August, as it trains to contain the recent increase in COVID cases. South Korea’s government said it would extend restrictions on gatherings for another two weeks, as the country tries to bring the resurgence in coronavirus infections under control. Elsewhere, Oil fell 1.45% as Baker Hughes said active U.S. oil rigs increased, sparking fears of increased U.S. output, while Bitcoin rose 7%, trading at $43,800 this morning.

To mark my 2375th 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 273 points last week, on the first trading week for August having closed July with a gain of 996 points. 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

Equities

The S&P 500 closed 0.17% higher at a price of 4436.

The Dow Jones Industrial Average closed 144 points higher for a 0.41% gain at a price of 35,208.

The NASDAQ 100 closed 0.48% lower at a price of 15,109.

The Stoxx Europe 600 Index closed 0.5% higher.

This morning, the MSCI Asia Pacific Index fell 0.4%.

Last Friday, the Nikkei closed 0.33% higher at a price of 27,820.

Currencies

The Bloomberg Dollar Spot Index closed 0.4% higher.

The Euro closed 0.5% higher at $1.1762.

The British Pound closed 0.4% higher at 1.3875.

The Japanese Yen fell 0.3%, closing at $110.11.

Bonds

Germany’s 10-year yield closed one basis points higher at -0.45%.

Britain’s 10-year yield closed five basis points higher at 0.61%.

US 10 Year Treasury closed four basis points higher at 1.29%.

Commodities

West Texas Intermediate crude closed 1.45% lower at $68.28 a barrel.

Gold closed 2.58% lower at $1,762.10 an ounce.

This morning on the Economic Front we have Euro-Zone Sentix Investor Confidence at 9.30 am. The other data of note on either side of the Atlantic is the JOLTS Job Openings which will be released at 3.00 pm.

December S&P 500

My S&P plan worked well with the market trading the whole of my sell range for a 4412 average sell price before trading to a low last week of 4365, thus hitting my 4395 T/P level and I am still flat. Yet again the S&P was bought aggressively, closing at a new all-time high of 4428 on Friday. The aggressive sell-off in Commodities over the past three months is a warning sign as to how quick these markets can reverse. Lumber, plunged 71% in just 48 days and is now no higher than it was 31/2 years ago. Iron Ore Futures are down 32% from its May 12 high while Oil’s 7.50% fall on July 19, was the largest single-day sell-off since last September. Silver has fallen over 15% since last week’s rebound high above $26. With many economists expecting an ‘’Economic Boom’’ ahead, it is hard to see this unfolding given what has happened with the Commodity Markets since May Of course, the last market still standing is the Equity Markets. I am still of the opinion that it is only a matter of time before we see more than a 24-hour sell-off in the S&P as divergences and valuations are at ‘’nose- bleed’’ levels. The S&P has resistance from 4433/4448 where I will again be a seller with a 4461 ‘’Closing Stop’’. We have short-term support from 4378/4393 and I will move my buy level higher to this area with a higher 4365 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 4422. If I am taken long I will have a T/P level at 4403.

EUR/USD

The Euro traded lower to my 1.1860 buy level before rallying to my 1.1885 T/P level and I am still flat. Just, when it look like the Euro was going to break above 1.1900, the market reversed to sit at 1.1760 this morning. We have short-term resistance from 1.1790/1.1830 where I will be a small seller with a tight 1.1871 stop. I do not want to be long the Euro at this time. If I am taken short I will have a T/P level at 1.1755.

September Dollar Index

I am still flat the Dollar as the market never came close to last week’s buy level. I will now move my buy level higher to 91.70/92.25 with a tight 91.35 stop. If I am taken long I will have a T/P level at 92.50.

September DAX.

The DAX traded in a narrow range last week and I am still flat. I will now raise my buy level to 15470/15540 with a higher 15395 stop. I still do not want to be short the DAX at this time. If I am taken long I will have a T/P level at 15590.

September FTSE

The FTSE rallied hard last week, and is now trading 150 points higher from where I marked prices. The FTSE has short-term support from 6930/6980 and I will be a buyer in this area with a tight 6885 stop. If I am taken long I will have a T/P level at 7010.

Dow Rolling Contract

On Friday the Dow traded higher to my initial 35250 sell level before selling off to my revised 35178 T/P level and I am now flat. This morning, the Dow is opening lower at 35120. We have resistance from 35280/35430 where I will again be a seller with a 35575 ‘’Closing Stop’’. I will now raise my buy level to 34720/34870 with a higher 34595 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 35180. If I am taken long I will have a T/P level at 34990.

September NASDAQ

My latest 14840 long position worked well with the market rallying to a new high at 15184. This move higher enabled me to cover this position at my 14890 revised T/P level and I am still flat. The NASDAQ has resistance from 15130/15210 where I will again be a seller with a 15305 ‘’Closing Stop’’. We have support from 14850/14930 where I will be a small buyer with a tight 14785 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 15070. If I am taken long I will have a T/P level at 14995.

September BUND

The BUND traded the whole of my sell range for a 177.10 average short position. On Friday the market sold off to my 176.90 T/P level, while this morning the Bund is opening lower at 176.60. We have resistance from 177.10/177.60 where I will again be a seller with a 178.05 stop. If I am taken short I will have a T/P level at 176.80.

Gold Rolling Contract

As mentioned in my Commentary above, both Gold and Silver have had ‘’Flash Crashes’’ overnight having fallen significantly since last week’s rebound high. On Wednesday, Gold was trading at 1834 before hitting an overnight low at 1680. We have since rebounded, sitting at 1745 this morning. In hindsight, as I was looking for lower Gold prices, I should have had no buy range last week. Ahead of the NFP data I lowered my buy range, and was filled at an average price of 1772 before getting stopped on this trade at 1753 last night and I am still flat. Gold has support from 1695/1710 where I will again be a buyer with a 1678 stop. If I am taken long I will have a T/P level at 1725.

Silver Rolling Contract

Silver hit a high of 26.07 on Wednesday, thus allowing me to cover my 25.10 latest long position at 25.30 and I am still flat. With Silver hitting a low of 22.32 overnight, the market is now severely oversold and due a bounce. We have short-term support from 22.70/23.30 where I will be a buyer with a wider 21.95 stop. If I am taken long I will have a T/P level at 23.95.

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

Hi Everyone

Markets have traded in narrow ranges since my last update
Silver did hit my 23.30 initial buy level before having a small bounce and I have now exited this long position here at 23.42
Kind Regards
Bryan
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