Both the NASDAQ and S&-P closed at new all-time highs last night while the Dow struggled after poor earnings from Walmart. Senate Republicans were said to be considering the introduction of a smaller Coronavirus-stimulus package according to Senate aides. The measure would include $300 in unemployment insurance benefits until the end of the year, among other support. Late in the day, there were headlines that lawmakers want to restart negotiations now that the House is back to handle concerns over U.S. Postal Service funding. And House Speaker Nancy Pelosi (D-CA) reportedly said she was willing to cut the price of the Democratic proposal in half, signalling that there could be room to meet in the middle. That should be a sign of optimism surrounding the talks. Housing market data was strong once again, with Housing Starts and Building Permits surging higher in July. European Indices reversed earlier gains as fears mount over a resurgence in COVID-19. This morning Germany recorded the most daily new coronavirus infections since the end of April.. But France and Spain both reported drop-offs in daily new case numbers. European Central Bank Vice President Luis de Guindos said it was unlikely that banks would have a full recovery until 2022. The DAX closed 0.5% lower, reversing an earlier 1% gain. Elsewhere, Gold had a wild trading session before ending the day with a 0.75% gain on Dollar weakness. The Euro hit is highest level in over two years with a high of $1.1967, while Bond Yields closed lower.
To mark my 2125th 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 bryan@tradernoble.com for details
For anyone following my Platinum Service it made 5 points yesterday and is now ahead by 1647 points for August having ended July with a gain of 3128 points, 2580 points in June, 2456 points in May, 4773 points in April, an incredible 9264 points in March, 2223 points in February and 2142 points in January. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
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Equities
The S&P 500 closed 0.20% higher at a price of 3390.
The Dow Jones Industrial Average fell 66 points for a 0.24% loss to close at 27,778.
The NASDAQ rose 1%, closing at 11,399.
The Stoxx Europe 600 Index fell 0.4%.
The MSCI Asia Pacific Index fell 0.2%.
This morning the Nikkei closed 0.26% higher at 23,110.
Currencies
The Bloomberg Dollar Spot Index decreased 0.3%.
The Euro closed rose 0.4% to close at $1.1930.
The British Pound closed 1.2% higher at $1.3240.
The Japanese Yen closed 0.4% higher at 105.51 per dollar.
Bonds
The yield on 10-year Treasuries closed two basis points lower at 0.65%.
Germany’s 10-year yield fell two basis points to -0.47%.
Britain’s 10-year yield also closed unchanged at 0.22%.
Commodities
The Bloomberg Commodity Index fell 0.3%.
West Texas Intermediate closed 0.75% lower at $41.90 a barrel.
Gold rose 0.75% to close at $2,002.10 an ounce.
This morning on the Economic Front we already had the release of UK CPI which rose 1% versus +0.6% expected. At 9.00 am we have the Euro-Zone Current Account and CPI at 10.00 am. Finally, we have U.S Mortgage Applications and the FOMC Minutes at 12.00 pm and 7.00 pm respectively.
September S&P 500
I was very unlucky with a number of my calls yesterday, including the S&P which just missed my 3363 initial buy level with a 3365 low print before rallying to a new all-time high overnight at 3393.25. I am still convinced that the S&P will have difficulty in breaking 3400 as the market is severely overbought and due a meaningful correction as all my near-term targets for the Market have been met. Today, I will continue to be a seller from 3398/3412 with the same 3421 stop. The S&P has short-term support from 3351/3367 where I will be a small buyer with a 3339 tight stop.
EUR/USD
Shortly after I posted yesterday morning the Euro traded higher to my 1.1935 sell level. I am still short and I will add to this trade at 1.1985 with a the same 1.2015 tight stop. I will now raise my T/P level on this position to 1.1905 and if any of the above levels are hit I will be back with a new update for my Platinum Members. Meanwhile, I will continue to be an aggressive buyer from 1.1780/1.1820 with a 1.1725 stop. If I am taken long I will have a T/P level at 1.1865.
September Dollar Index
My latest 92.80 long Dollar position did not work well as I was stopped out of this trade at 92.35 and I am still flat. The Dollar is severely oversold after falling over 10% since the March highs. The Dollar has short-term support from 91.70/92.15 where I will be a buyer with a 91.25 stop.
September DAX
Frustratingly the DAX missed my initial 13050 sell level by three points before falling over 200 points soon after the U.S Markets opened. Hopefully some of you manged to sell in front of my sell range before the market collapsed. Today I will lower my sell level to 13020/13120 with a lower 13195 stop. Meanwhile, I will continue to be a small buyer from 12670/12740 with a 12595 stop.
September FTSE
With Cable trading at new highs for the year, this will continue to see the FTSE underperform. I will now lower my buy level to 5940/5990 with a lower 5895 stop.
Dow Rolling Contract
The Dow just missed my initial buy level before rallying over 150 points and I am still flat. I do not like the price action of the Dow and today I will now lower my sell level to 28010/28250 with the same 28405 wider stop. I will again lower my buy level to 27350/27550 with a 27225 stop.
September NASDAQ
Any sell-off in the NASDAQ tends to be brief and yesterday this theme continued. After the market hit my initial 11340 sell level the market traded lower to my 11290 revised T/P level. Subsequently I emailed my Platinum Members to go short again at a price of 11365. I am still short and I will add to this trade at 11470 with a 11545 tight stop. I will now raise my T/P level on this position to 11305 and if any of the above levels are hit I will be back with a new update for my Platinum Members. Meanwhile I will continue to be a buyer from 10980/11080 with the same 10895 stop and 11140 T/P level.
September BUND
I am still flat the BUND as the market fell shy of my buy range. I will now raise my buy level to 175.70/176.20 with a higher 175.35 stop.
Gold Rolling Contract
Gold hit a high of 2014 yesterday morning before selling off to sit at 1982 this morning. This was extremely frustrating as the market fell shy of my 2018 initial sell level. Today I will lower my sell level to 2010/2025 with a lower 2034 stop. I still do not want to be long Gold at this time.
Silver Rolling Contract
I am still flat and today I will lower my buy level to 25.50/26.20 with a 24.85 tight stop.
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