On 21/05/2021 TraderTalent.com is bringing you another guest post from Bryan Noble of TraderNoble.com.

U.S. Equity Markets broke their losing streak, finishing the day higher, led by the NASDAQ 100 which closed higher by 1.94%, helping the VIX to fall 7%. Equity Markets moved higher following positive jobless data Another 444,000 people filed Initial Jobless Claims in the week ending May 5, lower than last week’s upwardly revised number of 478,000. This is a good sign for the labour market’s recovery, and therefore the broader U.S. economic recovery. Wednesday’s Federal Reserve Minutes remained in the headlines. The U.S. Federal Reserve hinted that if the economy continues to make rapid progress, the central bank may soon discuss a plan for tapering asset purchases. But for now, the support will remain in place. Cryptocurrencies also stayed in the news, with many coins bouncing back yesterday. At the same time, the Treasury called for stricter compliance on cryptocurrency taxes. European Markets  closed higher on positive COVID 19 trends. Spanish Health Minister Carolina Darias said the country would allow people under 60 to receive their second dose of the COVID-19 vaccine from AstraZeneca. British Prime Minister Boris Johnson said he is confident that COVID-19 vaccines will protect against the new variants, adding that the hospital system is unlikely to be overwhelmed after the country reopens. German Producer Price Index data for April were in line with expectations, but saw a major increase year over year from 2020. In Asia, Japan’s preliminary export data for April were stronger than anticipated, increasing compared to March thanks to higher trade with the U.S. and Europe. The People’s Bank of China left its one- and five-year loan-prime rate unchanged, easing worries that it could tighten monetary policy once again. Taiwan’s government extended COVID-19 restrictions to the entire island, adding that it may need to take greater measures if cases continue to rise. Australia’s full-time employment data for April rose while part-time data decreased, suggesting that companies are becoming increasingly optimistic about long-term growth. Elsewhere, Oil fell 1.96% after Iran said it was confident that sanctions would be lifted, adding to crude supply, while Bitcoin closed 2% higher.

To mark my 2325th 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 lost 145 points yesterday and is now ahead by 1065 points for May having closed April with a gain of 1244 points, 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 1.06% higher at a price of 4159.

The Dow Jones Industrial Average closed 188 points higher for a 0.55% gain at a price of 34,084.

The NASDAQ 100 closed 1.94% higher at a price of 13,494.

The Stoxx Europe 600 Index closed 0.7% higher.

Yesterday, the MSCI Asia Pacific Index fell 0.2%.

Yesterday, the Nikkei closed 0.19% higher at a price of 28,098.

Currencies

The Bloomberg Dollar Spot Index closed 0.4% lower

The Euro closed 0.4% higher at $1.2220.

The British Pound closed 0.5% higher at 1.4188.

The Japanese Yen rose 0.4%, closing at $108.75.

Bonds

Germany’s 10-year yield closed one basis points higher at -0.10%.

Britain’s 10-year yield closed two basis points higher at 0.83%.

US 10 Year Treasury closed five basis points lower at 1.62%.

Commodities

West Texas Intermediate crude closed 1.96% lower at $62.05 a barrel.

Gold closed 0.1% higher at $1,876.30 an ounce.

This morning on the Economic Front we have UK Retail Sales at 7.00 am. This is followed by German, Euro-Zone, UK and U.S Markit Services PMI at 8.30 am, 9.00 am, 9.30 am and 2.45 pm respectively, Finally, we have Existing Home Sales and Euro-Zone Consumer Confidence at 3.00 pm.

June S&P 500

Just when you think the S&P is set to rally it falls and vice versa. This has been the ongoing theme for US Indexes since the beginning of April. I really thought that the rebound off Wednesday’s second successive test of the 50 – Day Moving Average was just a rebound before we move to lower lows. This view was wrong as the S&P rallied to a rebound high of 4168, 112 Handles higher than Wednesday and 85 Handles higher than the 4083 low print yesterday morning. Just like you I am frustrated with this market. I went short at an average price of 4128 before getting stopped out on the close at my 4151 ‘’Closing Price’’ print and I am now flat. Friday’s have been bullish trading sessions for the past six months. I will not have a sell level in today’s commentary. We have support from 4128/4143 and I will be a buyer on any dip to this area with a 4115 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 4155.

EUR/USD

The Euro rallied to my 1.2225 sell level. I am still short and I will add to this trade at 1.2265 with a 1.2305 stop. I will now move my T/P level higher to 1.2200.

June Dollar Index

Late in yesterday’s session the Dollar traded lower to my 89.70 buy level. I am still long with a now higher 89.25 stop. I will now lower my T/P level on this position to 90.05.

June DAX

Just like the S&P above, the DAX rallied and traded the whole of my sell range for a now 15345 average sell level. I will now raise my T/P level to 15310 while leaving my stop unchanged at 15455.

June FTSE

The FTSE rallied hard yesterday and I am still flat. I will now raise my buy level to 6890/6940 with a 6855 stop. The FTSE has resistance from 7070/7120 where I will be a small seller with a 7155 stop. If I am taken long I will have a T/P level at 6975. If I am taken short I will have a T/P level at 7030.

Dow Rolling Contract

As I was already short both the S&P and DAX, I waited to sell the Dow which I did at a price of 34170 (34237 high print). I emailed my Platinum Members to raise their T/P level to 34085 and this level was hit on the close and I am now flat. The Dow has resistance from 34295/34450 where I will again be a small seller with a 34605 ‘’Closing Stop’’. The Dow has support from 33680/33850 and I will raise my buy level to this area with a 33495 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 34160. If I am taken long I will have a T/P level at 33990

June NASDAQ

Thankfully, we had no sell level in the NASDAQ yesterday as the market surged over 2%. The NASDAQ has resistance from 13605/13705 where I will be a seller with a tight 13795 ‘’Closing Stop’’. I will now raise my buy level to 13200/13300 with a 13095 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 13540. If I am taken long  I will have a T/P level at 13370.

June BUND

It seems like I have been long the Bund for ages at 169.30. The market closed unchanged yesterday as I look to exit this position at 169.35 while leaving my 168.65 ‘’Closing Stop’’ unchanged.

Gold Rolling Contract

No Change. I am still a buyer from 1815/1827 with the same 1799 stop. If I am taken long I will have a T/P level at 1635.

Silver Rolling Contract

I am still flat as I continue to look to buy the market from 26.70/27.30 with the same tight 26.35 stop. If I am taken long I will have a T/P level at 27.65.

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

Hi Everyone

The S&P is trying to move into the red after the NASDAQ got hit  on more inflation worries.
The Dow rallied to a high of 34416 which put me short  at a price of 34340. We are selling  off as I send this email and as I want to be flat over the weekend I have now exited this position here at 34226
Earlier the  Euro traded lower to my 1.2200 T/P level on yesterday’s 1.2225 short position while the Dollar has just hit  my 90.05 T/P level on my latest 89.70 long position
Kind Regards
Bryan
Update 2

Hi Everyone

The S&P just missed my 4143 buy level with a 4147 low before rallying and I am still flat
Silver traded lower to my 2725 buy level before having a small rally and I have now exited this position here at 27.50
Kind Regards
Bryan
To view the current daily levels commentary (which non-members can only view in older reports) you would need to purchase a Trader Noble Commentary Subscription from US$50/month.

 


0 Comments

Leave a Reply

Avatar placeholder

Your email address will not be published. Required fields are marked *