On 29/06/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.

The widening divergence between the Dow and NASDAQ continued in yesterday’s session as the Indexes closed mixed, with the NASDAQ 100 closing higher by 1.25% while the Dow ended the day with a loss of 0.44%. On infrastructure, President Joe Biden said he supports the bipartisan infrastructure proposal “without reservation.” This eased GOP concerns he may hold out for a larger spending package. But the path forward for the Bill still remains unclear, as Senate Minority Leader Mitch McConnell criticised the Democrats’ plan to push through the bipartisan bill and a separate Funding Bill at the same time. Richmond Federal Reserve President Thomas Barkin said he expected inflation to return to normal over time, matching the central bank’s recent commentary over transitory pressures. The big story of the week is going to be the Labour Department’s employment data, which comes out on Friday. That release will be closely watched for clues on the labour market’s (and the broader economy’s) recovery. European Markets closed lower. European Central Bank President Christine Lagarde told the European Union leaders it was too soon to pull back on stimulus measures, warning of lasting economic damage. ECB Governing Council member Fabio Panetta said it should keep asset purchases flexible long after the pandemic ends, also warning against removing stimulus too quickly. The Pentagon conducted airstrikes against Iranian-backed militias in Syria and Iraq, stoking tensions in the Middle East. In Asia, China’s industrial profit growth for May slowed versus April, as output eased and costs rose, weighing more on small businesses rather than larger enterprises. Bank of Japan Minutes from its most recent policy meeting showed board members were increasingly optimistic regarding economic output as the pace of vaccinations ramped up. Australia reported a surge in coronavirus infections, forcing a number of states to take precautions, including a two-week lockdown in its most populous city, Sydney. Malaysia extended nationwide social-distancing restrictions until the daily coronavirus infection number falls below the 4,000 mark. Elsewhere, Oil declined 1.63% as Australia and Malaysia reimposed COVID-19 restrictions, hurting the demand outlook, while Bitcoin rose 7% after the head of Mexico’s Banco Azteca said the bank was working to become Mexico’s first to accept bitcoin.

To mark my 2350th 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 136 points yesterday and is now ahead by 1035 points for June having made 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, 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 0.23% higher at a price of 4290.

The Dow Jones Industrial Average closed 150 points lower for a 0.44% loss at a price of 34,283

The NASDAQ 100 closed 1.25% higher at a price of 14,525.

The Stoxx Europe 600 Index closed 0.3% lower.

This morning, the MSCI Asia Pacific Index fell 0.4%.

This morning, the Nikkei closed 0.81% lower at a price of 28,812.

Currencies

The Bloomberg Dollar Spot Index closed 0.1% higher.

The Euro closed 0.1% lower at $1.1919.

The British Pound closed 0.1% lower at 1.3878.

The Japanese Yen rose 0.1%, closing at $110.54.

Bonds

Germany’s 10-year yield closed two basis points lower at -0.18%.

Britain’s 10-year yield closed three basis points lower at 0.74%.

US 10 Year Treasury closed three basis points lower at 1.49%.

Commodities

West Texas Intermediate crude closed 1.63% lower at $72.85 a barrel.

Gold closed 0.10% lower at $1,774.10 an ounce.

This morning on the Economic Front we have UK Mortgage Approvals and Money Supply at 9.30 am. This is followed by Euro-Zone Consumer Confidence, Services Sentiment and Economic Sentiment Indicator at 10.00 am. Next, we have German CPI at 1.00 pm and U.S Housing Price index at 2.00 pm. Finally, we have a speech from ECB President Lagarde at 2.40 pm and U.S Consumer Confidence at 3.00 pm.

September S&P 500

Yesterday’s S&P range at 0.42% was the third smallest of the year-to-date as internally the market continues to struggle despite both the S&P and NDX closing at new all-time highs The McClellan Oscillator closed with a print of -41 which should not be happening when stocks are trading at closing highs. Seasonally this is a strong time of the year as the U.S Markets will be closed on Monday for the July 4th Weekend celebrations. Shortly after I posted yesterday morning the S&P traded lower to my 4269 T/P level on Friday’s 4275 short position and I am now flat. Today, I will raise my buy level slightly to 4247/4262 with a higher 4234 ‘’Closing Stop’’. The S&P has resistance from 4292/4306 where I will again be a seller with a 4317 ‘’Closing Stop’’. If  I am taken long I will have a T/P level at 4273. If I am taken short I will have a T/P level at 4282.

EUR/USD

I am still flat the Euro as the market again traded in a small range. The Euro has support from 1.1825/1.1875 and I will now lower my buy level to this area with a 1.1781 stop. If I am taken long I will have a T/P level at 1.1905.

September Dollar Index

I am still flat and today, I will raise my sell level slightly to 92.20/92.60 with a 93.05 stop. If I am taken short I will have a T/P level at 91.95.

September DAX

In my opinion it is only a matter of time before the DAX breaks and closes below the 15300 support area. Until this level is broken I will continue to be a small buyer of dips and today, I will leave my 15340/15420 buy range unchanged with the same 15265 stop. If I am taken long I will have a T/P level at 15465.

September FTSE

The FTSE traded heavy all-day yesterday with the market eventually hitting my 7005 buy level before rallying small to my 7016 revised T/P level and I am still flat. The FTSE has support from 6905/6955 and I will be a buyer on any dip to this area with a 6869 stop. If I am taken long I will have a T/P level at 6985.

Dow Rolling Contract

My Dow plan worked well with the market trading lower to my 34200 buy level before rallying over 100 points, enabling me to cover this position at my 34250 revised T/P level and I am now flat. Today, I will again be a buyer on any dip lower to 34000/34150 with a 33875 ‘’Closing Stop’’. I am not going to chase the Dow lower, leaving my 34625/34775 sell range unchanged with the same 34915 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 34270. If I am taken short I will have a T/P level at 34505.

September NASDAQ

The NASDAQ closed at yet another all-time high at 14515 last night. The market faces stiff resistance from 14580/14700 where I will be an aggressive seller with a 14810 wider ‘’Closing Stop’’. The 14-Day RSI closed at 71.28 which is warning that some sort of a top is imminent. Yesterday after the NASDAQ hit my 14480 initial sell level we had a small sell-off and I covered this position at 14465 and I am still flat. I will now raise my buy level to 14180/14260 with a 14095 higher ‘’Closing Stop’’. If I am taken short I will have a T/P level at 14510. If I am taken long I will have a T/P level at 14320.

September BUND

The 171.70 support level in the Bund held again yesterday with the market trading higher at 172.25 this morning. I am still flat and I will now raise my sell level slightly to 172.70/173.15 with a tight 173.41 stop. If I am taken short I will have a T/P level at 172.40.

Gold Rolling Contract

No Change. I am still a buyer from 1744/1759 with the same 1729 wider stop. If I am taken long I will have a T/P level at 1766.

Silver Rolling Contract

Silver again traded in a narrow range and I am still flat. Silver has strong support from 24.90/25.50 and I will now lower my buy level to this area with a 24.55 stop. If I am taken long I will have a T/P level at 25.80.

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

Hi Everyone

New record highs for both the S&P and NASDAQ as the Dollar gains in an otherwise quiet trading session so far
Both Gold and Silver traded lower to my buy level at 1756 and 25.50 respectively
I have now exited my long Silver position here at 25.75. I will now lower my Gold T/P level to 1763
Frustrating the Euro just missed my 1.1875 buy level before bouncing 30 points and I am still flat
Kind Regards
Bryan
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