U.S Equity Markets were closed yesterday for the July 4th Holiday. Futures trading was subdued as the S&P is currently trading higher by 0.50%. Meanwhile, European Equity Markets had a mixed session following a late sell-off into the close led by the 0.1% fall in the German DAX. However, the FTSE was strong closing higher by 1%. Overnight, the Reserve Bank of Australia raised Interest Rates by 50 basis points to 1.35% which was expected.
To mark my 2575th issue of TraderNoble Daiy 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 bryan@tradernoble.com for details
For anyone following my Platinum Service it made 42 points yesterday and is now ahead by 422 points for July after closing June with a gain of 3371 points June, while making 3651 points in May, having made 762 points in April, following a gain of 5883 points in March. The Platinum Service made an impressive 5324 points in February, after ending January with a gain of 3878 points, more than making up for December’s 932 points loss. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
Equities
The S&P 500 closed 1.06% higher at a price of 3825.
The Dow Jones Industrial Average closed 321 points higher for a 1.06% gain at a price of 31,097.
The NASDAQ 100 closed 0.71% higher at a price of 11,585.
The Stoxx Europe 600 Index closed 0.3% higher.
This morning, the MSCI Asia Pacific Index rose 0.9%.
This morning, the Nikkei closed 1.03% higher at a price of 26,423
Currencies
The Bloomberg Dollar Spot Index closed 0.2% higher.
The Euro closed 0.2% lower at $1.0415.
The British Pound closed 0.1% lower at 1.2094.
The Japanese Yen fell 0.2% closing at $135.69.
Bonds
Germany’s 10-year yield closed 10 basis points higher at 1.34%.
Britain’s 10-year yield closed 11 basis points higher at 2.20%.
US 10 Year Treasury closed seven basis points lower at 2.89%.
Commodities
West Texas Intermediate crude closed 2.8% higher at $108.51 a barrel.
Gold closed 0.2% higher at $1805.10 an ounce.
This morning on the Economic Front we have German, Euro-Zone and U.K Services PMI at 8.55 am, 9.00 am and 9.30 am respectively. The only other data of note is U.S. Factory Orders which be released at 3.00 pm.
Cash S&P 500
Despite the American Markets being closed, the S&P has traded in a 60 Handle range since yesterday’s Daily Commentary was published. We are now in one of the strongest seasonal periods of the year as I look for the S&P to build on Friday’s 3825 close. For the S&P to mount a more serious rally we need to see Junk Bonds Recover and for the Dollar to weaken. I am still flat the S&P. I will now raise my buy level to 3795/3815 with a 3779 tight stop. I still do not want to be short the S&P at this time.
EUR/USD
No Change. I will continue to be a seller from 1.0500/1.0560 with the same 1.0605 stop. The Euro has support from 1.0340/1.0400 where I will again be a strong buyer with a higher 1.0285 stop.
March Dollar Index
The Dollar traded in a narrow range over the past 24 hours and I am still flat. The Dollar has resistance from 105.30/105.80 where I will continue to be a seller with the same 106.25 stop.
Cash DAX
My DAX plan worked well with the market trading lower to my 12750 buy level before rallying to sit at 12870 this morning. As I wanted to bank some points for yesterday, I emailed my Platinum Members to exit any long position at 12792 and I am still flat. The DAX has support from 12670/12770 where I will again be a buyer with a 12595 stop.
Cash FTSE
The FTSE was the strongest of the Indexes that I follow, rising 1% yesterday. I am still flat and I will now raise my buy level to 7130/7200 with a higher 7075 stop. I still do not want to be short the FTSE at this time.
Dow Rolling Contract
Unfortunately, the Dow missed my buy level by 70 points before rallying 350 points overnight and I am still flat. The Dow has strong support from 30650/30950 I will now raise my buy level to this area with a 30395 wider ‘’Closing Stop’’. If I am taken long I will have a T/P level at 31170. Internally, the market continues to improve as shown by the McClellan Oscillator which again closed back in positive territory last Friday. (+68).
Cash NASDAQ 100
Frustratingly, the NDX missed my initial 11440 buy level by 30 points before rallying to sit at 11660 this morning. I will now raise my buy level to 11350/11500 with a higher 11235 stop. If I am taken long I will have a T/P level at 11690. Lower Treasury Yields should support the NDX in Q3 and is the main reason why I continue to hold my April long position at 14327. I will leave my exit level unchanged at 12900 on this position.
September BUND
The Bund got hit hard yesterday and is now trading 100 points lower from I marked prices 24 hours ago. The Bund has support from 147.50/148.30 where I will be a small buyer with a 146.75 stop. Meanwhile, I will continue to be a seller on any rally higher to 150.80/151.50 with a 152.15 ‘’Closing Stop’’.
Gold Rolling Contract
No Change. I am still a buyer on any dip lower to 1782/1796 with the same 1769 ‘’Closing Stop’’.
Silver Rolling Contract
No Change. I am still long Silver from last Friday at 19.80. I will continue to look to add to this position at 19.00 while leaving my 18.35 stop unchanged. My T/P level on this position will remain at 20.50. If any of the above levels are hit I will be back with a new update for my Platinum Members.
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