U.S. Equity Markets bounced on strong jobs data, finishing the day higher led by the Dow which closed higher by 0.41% while the NASDAQ 100 closed lower by 0.33%. Strong jobs data served as a tailwind for markets. Jobless Claims hit a new post-pandemic low for the fourth straight week, and for the fifth time in six weeks. Now, the four-week moving average for new claims sits at 458,750. It was 504,750 last week. This is a good sign for the labour market’s recovery, as well as that of the broader U.S. economy. Senate Republicans unveiled their latest counteroffer to President Joe Biden’s slimmed-down $1.7 trillion infrastructure proposal with a $982 billion package. $508 billion of this would be focused on physical infrastructure investments. Senator Shelley Moore Capito (R-WV) said that the two sides were inching toward an agreement in negotiations. But she warned that a big gap remains. Federal Reserve Vice Chair Randal Quarles continued the “Talking about talking about tapering” messaging, saying that there will come a point in the future when the Fed may start to have that discussion. European Markets closed higher. German Consumer Confidence data for June improved on vaccination progress and optimism around the lifting of social-distancing restrictions. The French government announced restrictions on travellers from the U.K., saying they will have to show a negative COVID-19 test within 48 hours of travel and quarantine for seven days. Several European Union Finance Ministers called for tougher regulation of Big Tech companies, saying the government needs to make it harder for them to buy out competition. In Asia, the Bank of Korea left interest rates unchanged, but said the economy was experiencing its fastest expansion in over a decade, raising its 2021 growth estimate from 3% to 4%. China’s industrial profits for April grew 57%, slowing versus the rate of growth in March, but hitting the second-highest level in the last decade as demand continues to strengthen. Tokyo’s government was said to be considering requesting the national government extend coronavirus-related social-distancing restrictions when they expire at the end of the month. Elsewhere, Oil closed 0.91% higher as strong jobs data boosted the demand case for crude, while Bitcoin closed flat despite Carl Icahn saying he could build a $1.5 billion position in cryptocurrency.
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 made 140 points yesterday and is now ahead by 1345 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
Finally, as both the U.S. and UK are both closed next Monday, my next Daily Commentary will be on Tuesday June 1, 2021. If any of my calls that are not hit today get executed on Monday, I will come back with an updated email for my Platinum Members.
The S&P 500 closed 0.12% higher at a price of 4200.
The Dow Jones Industrial Average closed 141 points higher for a 0.41% gain at a price of 34,464.
The NASDAQ 100 closed 0.33% lower at a price of 13,657.
The Stoxx Europe 600 Index closed 0.3% higher.
Yesterday, the MSCI Asia Pacific Index fell 0.2%.
Yesterday, the Nikkei closed 0.33% lower at a price of 28,549.
The Bloomberg Dollar Spot Index closed 0.1% lower.
The Euro closed 0.1% higher at $1.2200.
The British Pound closed 0.6% higher at 1.4189.
The Japanese Yen fell 0.7%, closing at $109.83.
Germany’s 10-year yield closed three basis points higher at -0.18%.
Britain’s 10-year yield closed seven basis points higher at 081%.
US 10 Year Treasury closed four basis points higher at 1.61%.
West Texas Intermediate crude closed 0.96% higher at $66.69 a barrel.
Gold closed 0.13% lower at $1,889.20 an ounce
This morning on the Economic Front we have the German Import Price Index at 7.00 am. At 10.00 am we have Euro-Zone Consumer Confidence, Economic Sentiment Indicator and the Business Climate. This is followed at 1.30 pm by the U.S Trade Balance, Personal Income/Spending and Wholesale Inventories. Finally, we have the Chicago Fed Purchasing Managers Survey at 2.45 pm and the University of Michigan Consumer Sentiment Index at 3.00 pm.
June S&P 500
The S&P again missed both my buy and sell ranges and I am still flat as the S&P closed basically unchanged despite the VIX closing 3.5% lower. Ahead of the Memorial Weekend I will now raise my sell level to 4225/4240 with a 4251 ‘’Closing Stop’’. I will now raise my buy level to 4163/4178 with a higher 4151 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 4214. If I am taken long I will have a T/P level at 4189.
No Change. I am still a buyer on any dip lower to 1.2110/1.2150 with the same 1.2055 stop. I will now lower my sell level to 1.2270/1.2320 with a 1.2365 stop. If I am taken long I will have a T/P level at 1.2185. If I am taken short I will have a T/P level at 1.2240.
June Dollar Index
The Dollar traded in a narrow range yesterday and I am still flat. I will now lower my buy level to 89.20/89.60 with a lower 88.75 stop. If I am taken long I will have a T/P level at 89.90.
The DAX traded heavy yesterday despite the firm U.S Indexes and I am still flat. I will continue to be a buyer on any dip lower to 15210/15280 with the same 15145 tight stop. If I am taken long I will have a T/P level at 15325.
This has been the quietest trading week for the FTSE in many months as traders seem to have taken the week off ahead of their own Bank Holiday on Monday I will continue to be a buyer on any dip lower to 6900/6950 with the same 6845 stop. Ahead of the long weekend I do not want to be short the FTSE and I will have no sell range today. If I am taken long I will have a T/P level at 6980.
Dow Rolling Contract
My Dow plan worked well with the market trading higher to my 34570 sell level before selling off to my 34430 T/P level and I am still flat. The Dow has resistance from 34720/34900 where I will be a small seller with a 35075 stop. If I am taken short I will have a T/P level at 34620. I will now raise my buy level to 34200/34350 with a higher 34045 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 34480.
The NASDAQ traded heavy yesterday. I am still short at 13575 with the same 13560 T/P level and 13705 ‘’Closing Stop’’. If any of the above levels are hit I will be back with a new update for my Platinum Members.
The BUND sold off to my 169.75 buy level. I will add to this trade at 169.25 while leaving my stop unchanged at 168.95. I will now lower my T/P level on this position to 170.05.
Gold Rolling Contract
Gold again rejected the key $1900 resistance level and I am still flat. I do not want to chase the price of Gold higher, leaving my 1840/1855 buy level unchanged with the same 1829 stop. If I am taken long I will have a T/P level at 1863.
Silver Rolling Contract
Silver just missed my initial 27.20 buy level before having a small rally into the close. I will now raise my buy level to 26.80/27.40 with a tight 26.45 stop. If I am taken long I will have a T/P level at 27.75.
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