On 28/10/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.

After a volatile trading session, U.S. equity markets largely finished the day lower led by the Dow closing with a loss of 0.74%. The volatility was reflected in the VIX which at one stage was trading 3% lower, before reversing in the last hour, to close higher by over 6.25%. Some Democratic lawmakers proposed taxing billionaires’ unrealised gains from their assets to help finance President Joe Biden’s Infrastructure Bill. However, Senator Joe Manchin criticised the plan, implying he’s unlikely to support the endeavour. Meanwhile, New Orders for capital goods hit a record high in September amid surging shipments, signalling business spending on equipment is on the rise. But while economists anticipate the country’s Gross Domestic Product (“GDP”) will remain strong, the pace likely moderated due to the ongoing shortage of vehicles. In the S&P 500 nine of the eleven sectors closed lower. European Markets declined. German Economy Minister Peter Altmaier cut the 2021 growth outlook from 3.5% to 2.6%, citing constraints due to raw materials and increasing energy prices. Portugal’s government is reportedly facing potential new elections if the Prime Minister cannot garner greater support for his budget proposal. German Consumer Confidence figures for November were stronger than expected, as individuals signalled an increased willingness to spend, according to data provider Growth from Knowledge. European Union COVID-19 vaccinations increased to 584.5 million, with more than 63.9% of its residents having received full inoculations. In Asia, Australia’s Third-Quarter consumer price index (“CPI”) data was in line with expectations, boosting speculation of tightening global monetary policy. China’s industrial profit data for September increased compared with August’s numbers, as fuel processing companies benefited from rising prices. Japan’s Prime Minister Fumio Kishida said he intends to compose proposals to introduce economic stimulus and spur growth shortly after this weekend’s general election. The bank of Korea’s Consumer Confidence figures for October rose compared with September, as consumers were increasingly optimistic about the economy, income, and spending plans. Elsewhere, Oil closed 3% lower following the Energy Information Administration’s (“EIA”) oil inventory build while Gold rose 0.24%  on slight Dollar weakness.

To mark my 2425th 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 121 points yesterday and is now ahead by 970 points for October after making 2866 points in September, having closed August with a gain of 1543 points, and 996 points in July. 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 0.51% lower at a price of 4551.

The Dow Jones Industrial Average closed 266 points lower for a 0.74% loss at a price of 35,490.

The NASDAQ 100 closed 0.25% higher at a price of 15,598.

The Stoxx Europe 600 Index closed 03% lower.

Yesterday, the MSCI Asia Pacific Index fell 0.5%.

Yesterday, the Nikkei closed 0.03% lower at a price of 29,098.

Currencies

The Bloomberg Dollar Spot Index closed 0.1% lower.

The Euro closed 0.1% higher at $1.1605.

The British Pound closed 0.1% lower at 1.3740.

The Japanese Yen rose 0.2%, closing at $113.82.

Bonds

Germany’s 10-year yield closed six basis points lower at -0.19%.

Britain’s 10-year yield closed eleven basis points lower at 0.98%.

US 10 Year Treasury closed seven basis points lower at 1.54%.

Commodities

West Texas Intermediate crude closed 3% lower at $82.66 a barrel.

Gold closed 0.24% higher at $1,798.10 an ounce.

This morning on the Economic Front we have German Unemployment at 8.55 am. This is followed by Euro-Zone Economic Sentiment Indicator at 10.00 am and the ECB Rate Announcement at 12.45 pm. At 1.00 pm we have German CPI followed by the Lagarde Press Conference at 1.30 pm . At the same time we have U.S. Weekly Jobless Claims and the all-important GDP and PCE. Finally, at 3.00 pm we have Pending Home Sales and the Kansas City Fed Manufacturing Activity Index at 4.00 pm.

December S&P 500

It was an interesting past 24 hours. We saw a sell-off in the last hour in the NASDAQ 100 despite Bond Yields falling seven basis points while some of big Tech Companies reported strong earnings. With both Financials and Oil stocks falling it dragged the Dow lower by 266 points as finally we saw some two-way price action after the S&P had closed higher in eight of the previous nine trading sessions. I am still flat the S&P. The S&P has strong support from 4510/4525 and I will lower my buy level to this area with a tight 4499 ‘’Closing Stop’’. The S&P has strong support below the market from 4452/4467 where I will be an aggressive buyer with a 4439 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 4538. If I am taken long a second time I will have a T/P level at 4488.

EUR/USD

The boring sideways price action in the Euro continues with little or no movement. I am still a seller in small size from 1.1645/1.1695 with the same 1.1725 tight stop If I am taken short I will have a T/P level at 1.1620.

December Dollar Index

No Change. I am still a seller from 94.20/94.70 with a 95.01 stop. If I am taken short  I will have a T/P level at 93.95.

December DAX

The DAX has held onto the gains made this week as we wait to see what the ECB and Lagarde have to say in this afternoon’s ECB Statement. I am not going to chase the DAX higher, leaving my 15440/15510 buy level unchanged with the same 15365 stop. If I am taken long I will have a T/P level at 15560.

December FTSE

The FTSE just missed my initial 7280 sell level and I am still flat. With Gilt Yields falling a huge 11 basis points yesterday, I would have expected the FTSE to have traded higher. Ahead of the ECB Statement, I will leave my 7280/7330 sell level unchanged with the same 7365 stop. If I am taken short  I will have a T/P level at 7245.

Dow Rolling Contract

Just before the close the Dow traded lower to my 35500 buy level-400 points below Tuesday’s all-time high. The Dow has now hit my revised T/P level at  35565 as emailed earlier to my Platinum Members as I go to press and I am now flat. The  Dow has short-term support  from 35250/35400 where I will be a buyer with a 35125 ”Closing Stop”. If I am taken long I will have a T/P level at 35540.

December NASDAQ

My NASDAQ plan worked well with the market trading higher to my 15630 sell level before selling off to my revised 15574 T/P level and I am now flat. Today, I will again be a seller from 15680/15760 with a 15855 ‘’Closing Stop’’. I will leave my 15210/15310 buy level unchanged with the same 15135 ‘’Closing Stop’’. If I am taken short  I will have a T/P level at 15620. If I am taken long I will have a T/P level at 15390.

December BUND

Central Bank buying dove Bond Yields substantially lower across the globe yesterday which was no surprise as the CBs cannot afford rates to rise given the level of debt. The break and close over 169.50 is technically positive. I will now raise my buy level to 168.70/169.30 with a higher 168.25 stop. If I am taken long I will have a T/P level at 169.65.

Gold Rolling Contract

No Change. I am still a buyer on any dip lower to 1752/1767 with the same 1739 stop. If I am taken long I will have a T/P level at 1775.

Silver Rolling Contract

I am still long at 24.00 with the same 24.30 T/P level. I will add to this trade at 23.40 while leaving my 22.85 stop unchanged.

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

Hi Everyone

The U.S Indexes have rallied following yesterday’s test of the September highs with the  NASDAQ  trading to a new all-time high despite higher Bond Yields
Elon musk’s wealth has surged to $300bn but who cares as the buy everything rally continues despite GDP coming in much less than expected with a 2%  print for Q3
As a result the NASDAQ has  rallied to my 15710 sell level. I will add to this trade at 15800 with a now higher 15855 ”Closing Stop”. I will now raise my T/P level on this position to 15650
The weaker GDP saw the Dollar weaken. I am no short the Euro at 1.1660
Finally, the Bund  traded the whole of my  buy range for a now 169.00 average long position. I will now lower my T/P level to 169.25
Kind Regards
Bryan
Update 2
Hi Everyone

US Indexes rallied in the last 10 minutes into the close as the NASDAQ  hit my second sell level at 15760 for a 15735 average short  position
As I want to be flat overnight I have now exited this large short position here at 15705
Kind Regards
Bryan

[/wcm_restrict]
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.

Register for a 2 week free trial today, pass a Growth, Venture or Rocket Tryout and get a funded prop trading account for upto $120,000.


0 Comments

Leave a Reply

Avatar placeholder

Your email address will not be published.