On 21/04/2021 TraderTalent.com is bringing you another guest post from Bryan Noble of TraderNoble.com.

U.S. Equity Markets fell for the second straight day, with all three main Indexes closing lower by 0.75%, while the VIX closed 8% higher. There was still focus on overexuberance in the markets, with Goldman Sachs saying the S&P 500 short interest was near record lows. And JPMorgan Chase said that hedge funds were positioned as net long at the highest level in years. A Reuters report unveiled a letter that Federal Reserve chairman Jerome Powell wrote to Senators, saying that inflation will temporarily run above 2%. But Powell added that the Fed will not let it run above 2% for too long. There were also reports that President Joe Biden was going to unveil his “American Family Plan” – with $1 trillion in spending alongside child tax credits. Earnings season remains positive, with strong reports from Travelers and Procter & Gamble while Netflix disappointed after the close. European Markets declined on average 2%. Germany’s producer price index data for March was stronger than expected, signalling the country’s economy continues to gather strength. French Health Minister Olivier Veran said he would be in favour of easing social-distancing restrictions on a regional basis, as the country saw a decline in daily coronavirus infections. But he warned that the overall trend of cases remains elevated. Spain’s Health Ministry was said to consider delaying the second doses of COVID-19 vaccinations for individuals under 80, in an attempt to maximize current supply. Chinese President Xi Jinping was critical of the U.S., while speaking to officials at the Boao Forum on Asia, saying international affairs should be decided by all countries and not just a few. Tokyo officials were said to be preparing to ask the central government to declare a state of emergency as soon as April 22, due to a resurgence in coronavirus infections. China’s benchmark lending one- and five-year loan prime rates remained unchanged for a 12th-straight month, as the central bank remains focused on removing excessive debt. The Reserve Bank of Australia’s meeting minutes showed it was prepared to increase bond purchases in order to maintain economic support. Elsewhere, Oil closed 1.31% lower on demand concerns after Japan was reportedly set to declare another state of emergency, while Gold rose 0.45%  as investors rotated into safe haven assets.

To mark my 2300th 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 210 points yesterday and is now ahead by 449 points for April, having ended March with an impressive gain of 3769 points, having made 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 0.68% lower at a price of 4135.

The Dow Jones Industrial Average closed 256 points lower for a 0.75% loss at a price of 33,821.

The NASDAQ 100 closed 0.71% lower at a price of 13,809.

The Stoxx Europe 600 Index closed 1.5% lower.

Yesterday, the MSCI Asia Pacific Index fell 0.9%.

Yesterday, the Nikkei closed 1.97% lower at a price of 29,100.

Currencies

The Bloomberg Dollar Spot Index closed 0.1% lower

The Euro closed 0.1% lower at $1.2025.

The British Pound closed 0.3% lower at $1.3940.

The Japanese Yen closed 0.1% higher at 108.05 per dollar.

Bonds

Germany’s 10-year yield closed one basis points higher at -0.22%.

Britain’s 10-year yield closed three basis points lower at 0.73%.

US 10 Year Treasury closed five basis points lower at 1.56%.

Commodities

West Texas Intermediate crude closed 1.31% lower at $62.60 a barrel.

Gold closed 0.45% higher at $1,777.10 an ounce.

This morning on the Economic Front we have UK Retail Sales, PPI, CPI and the Retail Price Index at 7.00 am. This is followed U.S MBA Mortgage Applications at 12.00 pm. Finally, we have the Bank of Canada Rate Decision at 3.00 pm. Meanwhile, Verizon Earnings will be released later today.

June S&P 500

My S&P plan worked well with the market trading lower to my 4132 buy level before rallying to my revised 4141 T/P level and I am still flat. The break and close below 4135 is short-term bearish as mentioned yesterday for a move lower to the 4050 area. I will now look to sell the S&P from 4133/4148 with a tight 4161 ‘’Closing Stop’’. We have short-term support from 4080/4095 where I will again be a buyer with a 4069 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 4121. If I am taken long I will have a T/P level at 4108.

EUR/USD

I am still flat as the Euro tries to consolidate Monday’s break above 1.20. I will leave my 1.1940/1.1990 buy level unchanged with the same 1.1895 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 1.2025.

June Dollar Index

The Dollar traded lower to my 9090 second buy level for a now 91.10 average long position. I will leave my 90.65 stop unchanged while lowering my T/P level to 91.25 as emailed late yesterday to my Platinum Members.

June DAX

The DAX is now trading 400 points lower from Friday’s close. Yesterday’s move lower saw my 15140 buy level executed before we rallied to my 15165 revised T/P level and I am now flat. The DAX has strong support from 14880/14960 which must hold or we could see an acceleration to the downside. I will be a buyer in this area with a 14815 tight stop. If I am taken long I will have a T/P level at 15010.

June FTSE

The FTSE finally traded lower to my 6915 T/P level on last week’s 6940 short position and I am still flat despite the FTSE closing at 6820. We have support from 6700/6760 where I will be a buyer with a 6655 stop. If I am taken long I will have a T/P level at 6798.

Dow Rolling Contract

The Dow fell 500 points from where I marked prices before posted early yesterday morning. This move lower saw my 34010 exit level on my 33970 short position get executed. Subsequently I emailed my Platinum Members to buy the Dow again at 33695 before we rallied 140 points into the close, enabling me to cover this trade at 33735 and I am still flat. The Dow has strong support from 33400/33580 where I will be an aggressive buyer with a 33295 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 33740.

June NASDAQ

The NASDAQ got hit hard yesterday, hitting my 13760 buy level before thankfully rallying to my revised 13810 T/P level ahead of the Netflix earnings which disappointed and I am now flat. The NASDAQ has further support from 13550/13650 where I will again be a buyer with a wider 13425 ‘’Closing Stop’’. We have resistance from 13880/13950 where I will be a small seller with a 14030 Closing Stop’’. If I am taken long I will have a T/P level at 13730.

June BUND

My 170.30 long position from yesterday worked well with the market trading higher to my 170.60 T/P level and I am now flat. Ahead of tomorrow’s ECB Meeting, I will continue to be a buyer of dips. Today’s buy level is from 169.80/170.25 with a 169.45 tight stop. If I am taken long I will have a T/P level at 170.55.

Gold Rolling Contract

I still refuse to chase the price of Gold higher and I will leave my 1730/1745 buy level again unchanged with the same 1718 stop. If I am taken long I will have a T/P level at 1751.

Silver Rolling Contract

Silver continues to trade heavy and I will now lower my buy level to 24.50/25.10 with a lower 24.15 tight stop. If I am taken long I will have a T/P level at 25.35

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

UPDATE

Hi Everyone

Just as I sent my last update the NASDAQ hit my 13910 sell level
I will now raise my T/P level on this position to 13850
Kind Regards
Bryan
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