On 16/08/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.

U.S. Equity Markets ended the week on a high note, after a very quiet session, led by the S&P which closed with a small gain of 0.16%, hitting a new all-time high at 4468. It was a relatively quiet trading session to end the week. Earnings season wrapped up, with Disney’s (DIS) strong report marking the unofficial end to the bulk of quarterly reports. According to data from FactSet, 87% of S&P 500 companies have beaten earnings estimates, well above Wall Street’s expectations. In terms of economic data, Consumer Sentiment fell to the lowest level since 2011, with survey respondents citing concerns about inflation and the COVID-19 Delta variant. For the first time all week, there were no Fed speakers of note. The next big date for the central bank is August 26, when it begins the Jackson Hole Economic Symposium. There are some expectations that the central bank could announce the tapering of asset purchases at this meeting. European Markets closed higher for a tenth consecutive session, the longest streak since 1987. Germany’s Economic Ministry said that the jump in inflation happening in the country was mostly temporary, with inflation expected to fall to normal levels at the start of next year. The U.K.’s Recruitment and Employment Confederation said that job postings were ramping up, with more businesses looking to hire as COVID-19 restrictions are lifted. In Asia, China’s government closed a key port due to rising COVID-19 cases, sparking fears of a disruption to the global economy. Tokyo’s COVID-19 advisory panel said that the city’s outbreak was now out of control, and it urged tougher restrictions. Australia was said to be ready to extend lockdowns for its two largest cities as COVID-19 cases continue to rise. Elsewhere, Bitcoin, surged 8%, to sit at $47200 this morning, while Oil fell 1.62% as Baker Hughes data showed that the U.S. restarted production at the most oil rigs since April.

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 65 points on Friday and is now ahead by 628 points 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 0.16% higher at a price of 4468.

The Dow Jones Industrial Average closed 15 points higher for a 0.04% gain at a price of 35,515.

The NASDAQ 100 closed 0.32% higher at a price of 15,136.

The Stoxx Europe 600 Index closed 04% higher.

This morning, the MSCI Asia Pacific Index fell 1.1%.

This morning, the Nikkei closed 1.62% lower at a price of 27,523.

Currencies

The Bloomberg Dollar Spot Index closed 0.4% lower.

The Euro closed 0.5% higher at $1.1792.

The British Pound closed 0.3% higher at 1.3849

The Japanese Yen rose 0.8%, closing at $109.51.

Bonds

Germany’s 10-year yield closed two basis points lower at -0.47%.

Britain’s 10-year yield closed two basis points lower at 058%.

US 10 Year Treasury closed six basis points lower at 1.29%.

Commodities

West Texas Intermediate crude closed 1.62% lower at $67.86 a barrel.

Gold closed 1.58% higher at $1,775.10 an ounce.

This morning on the Economic Front we have no data of note from either the U.K. or the Euro-Zone. The only U.S Data to be reported is the New York State Empire Manufacturing Index at 1.30 pm.

September S&P 500

Friday’s 0.28% trading range for the S&P 500 is the narrowest trading range since December 24, 2019, where the Daily range was 0.27%. Friday’s tight trading range is interesting in that the S&P has made back-to-back new all-time highs accompanied by negative Advance/Decline ratios on Thursday and again on Friday, as well as more NYSE down volume than up volume. These continued negative market measures relative to new highs is an ideal set-up for the end of a trend and a subsequent reversal. Much weaker than expected data from China overnight, sees the S&P trading lower at 4449 this morning. I am still short at an average rate of 4450 from Thursday, and I will now raise my T/P level slightly on this position to 4444.

EUR/USD

The Euro soared after the much weaker than expected Consumer Sentiment release and I am still flat. I will now raise my buy level to 1.1700/1.1750 with a higher 1.1655 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 1.1780.

September Dollar Index

The Dollar never came close to my 93.30 sell level before falling 0.5% and I am still flat. I will now lower my sell level to 92.90/93.40 with a lower 93.81 stop. If I am taken short I will have a T/P level at 92.65.

September DAX

Frustrating, the DAX missed my 16030 sell level by 10 points before falling over 100 points to sit at 15890 this morning. I will now lower my sell level to 16005/16085 with a lower 16135 stop. If I am taken short I will have a T/P level at 15960.

September FTSE

I am still flat and I will now lower my sell level to 7175/7225 with a lower and tight 7261 stop. I still do not want to be long the FTSE at this time. If I am taken short I will have a T/P level at 7175.

Dow Rolling Contract

The Dow hit my second sell level at 35570 (high 35610) for a 35495 average short position before opening lower last night, allowing me to exit this position at my 35430 T/P level and I am still flat. The Dow has short-term support from 35120/35270 where I will be a small buyer with a tight 34995 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 35380.

September NASDAQ

No Change. I am still a buyer on any dip lower to 14920/14990 with the same 14845 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 15050.

September BUND

I am still flat the Bund. I will now raise my sell level to 177.25/177.85 with a higher 178.21 stop. If I am taken short I will have a T/P level at 177.00.

Gold Rolling Contract

Gold surged on Friday after the Dollar weakened on the awful Consumer Sentiment Report. Gold has resistance from 1795/1810 where I will be a small seller with a 1821 stop. If I am taken short I will have a T/P level at 1786.

Silver Rolling Contract

Silver rallied on Friday and I am still flat. I will now raise my buy level to 22.50/23.10 with a higher 21.95 stop. If I am taken long I will have a T/P level at 23.45.

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

Hi Everyone

Equity Markets  continued to sell-off after I posted this morning with the S&P trading lower to my 4444 T/P level on last Thursday’s 4450 average short position and I am now flat
This afternoon the Dow hit my 34250 buy level before bouncing and I have now exited this long position here at 35362 and I am now flat
Kind Regards
Bryan
Update 2

Hi Everyone

Since my last update the NASDAQ traded the whole of my buy range for a 14955 average long position before rallying. I have now exited this  aggressive long position here at 15005 and I am now flat
Kind Regards
Bryan
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