Equity Markets closed higher yesterday, reversing Wednesday’s aggressive sell-off. The NDX led the gains after a difficult week for Tech stocks, closing higher by 2.54%. Yesterday’s aggressive move higher saw the VIX close lower by 3% at a price of 21.44. Federal Health Officials announced that the U.S. will require travellers from China to submit a negative COVID-19 test beginning January 5, as cases surge Asia. European Markets closed higher. European Central Bank Governing Council Gediminas Simkus says that the Euro-Zone’s inflation has yet to peak with energy pricing pressures still in the pipeline. Ukrainian President Volodymyr Zelenskiy declared his country a “global leader” in a speech to parliament on Wednesday, telling lawmakers to remain united in the face of Russia’s invasion and praising Ukrainians for helping the West “find itself again”.
To mark my 2675th 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 272 points this week and is now ahead by 1585 points for December after closing November with a gain of 4789 points, while finishing October with a record gain of 9619 points, making 6660 points in September, after closing August with a gain of 2228 points, having made 2660 points in July, following a gain of 3371 points in June. The Service made 3651 points in May, after making 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 1.45% higher at a price of 3849
The Dow Jones Industrial Average closed 345 points higher for a 1.05% gain at a price of 33,220.
The NASDAQ 100 closed 2.54% lower at a price of 10,951.
The Stoxx Europe 600 Index closed 0.68% higher.
This morning, the MSCI Asia Pacific fell 0.4%.
This morning, the Nikkei closed 0.02% higher at a price of 26,094
Currencies
The Bloomberg Dollar Spot Index closed 0.3% lower.
The Euro closed 0.4% higher at $1.0652.
The British Pound closed 0.2% lower at 1.2058.
The Japanese Yen fell 0.4% closing at $133.00.
Bonds
Germany’s 10-year yield closed 16 basis points higher at 2.48%.
Britain’s 10-year yield closed 11 basis points higher at 3.69%.
U.S.10 Year Treasury closed 18 basis points higher at 3.85%.
Commodities
West Texas Intermediate crude closed 1.5% lower at $78.50 a barrel.
Gold closed 0.4% higher at $1818.10 an ounce.
The only data of note to be released today, on either side of the Atlantic is the Chicago Purchasing Managers’ Index at 2.45 pm.
Cash S&P 500
It has been a difficult week to trade the S&P as the Santa Rally that I have been looking for never materialised. Each rally was met by aggressive selling since my last Daily Commentary. The S&P hit a low of 3778 on Wednesday before we saw some buying yesterday as the S&P hit an afternoon high at 3858 before having a small sell-off into the close. This sell-off has continued overnight with the S&P trading at 3832 as I go to press. This is the last trading session for 2022 in what has turned out to be one of the most difficult trading years for both stocks and bonds. I was down points for the week on my S&P trading until Wednesday when the S&P traded the whole of my latest buy range- as emailed to my Platinum Members- for a 3792 average long position. The S&P rallied to my 3821 T/P level yesterday afternoon and I am now flat. Given the negative sentiment and the oversold readings I will continue to be a buyer of dips in the S&P as traditionally the first two weeks in January tend to be bullish. The S&P has support from 3795/3815 where I will be a buyer with a 3779 ‘’Closing Stop’’. If I am taken long, I will have a T/P level at 3839.
EUR/USD
No Change. The Euro again traded in 70-point range for the last week, totally ignoring the volatility in both Equity and Bond Markets. I am still flat. Today, I will continue to be a seller from 1.0750/1.0830 with the same 1.0905 ‘’Closing Stop’’. Meanwhile, I will leave my 1.0460/1.0540 buy level unchanged with the same 1.0385 ‘’Closing Stop’’.
March Dollar Index
No Change. I am still flat as I continue to be an aggressive buyer on any further dip lower to 102.20/102.90 with the same 101.45 ‘’Closing Stop’’.
Cash DAX
The DAX continues to ignore the volatility in the American Indexes, trading more or less at the same level from where I marked prices last Thursday. The DAX did hit my 13880-buy level before rallying to my revised 13945 T/P level and I am still flat. Today, I will again be a buyer from 13780/13880 with the same 13695 ‘’Closing Stop’’.
Cash FTSE
The boring FTSE traded in a narrow range for the few sessions it was open. The market did hit my 7440-buy level before rallying to my revised 7470 T/P level and I am still flat. This morning, the FTSE is trading basically unchanged at a price of 7490 as I go to press. The FTSE has support from 7380/7440 where I will again be a buyer with a 7335 ‘’Closing Stop’’.
Dow Rolling Contract
My Dow plan worked well over the past week. After the market traded the whole of my buy range for a 32975 average long position, we rallied to my 33130 revised T/P level. Subsequently, I emailed my Platinum Members to buy the Dow again at a price of 32880, before the market rallied to my 33150 T/P level and I am now flat. The Dow hit a low on Thursday below 32800, before rallying 500 points. Today, I will again be a small buyer from 32650/32900 with a wider 32445 ‘’Closing Stop’’. Ahead of the new year, I still do not want to be short the Dow at this time.
Cash NASDAQ 100
Although the NDX had a strong performance yesterday, the rest of the week was a horrible environment for technology stocks. On Wednesday, Apple traded at $125 which is a two-year low. My 11383 average long position was stopped out at 10995 and I am still flat. This morning, the NDX is trading 10890 – 250 points higher than Wednesday’s low print. I am still flat as the market tries to hold its October low at 10490. The NDX is severely oversold, has support from 10550/10770 where I will again be a buyer with a 10395 wider ‘’Closing Stop’’. If I am taken long I will have a T/P level at 10980.
March BUND
Wrong! The Bund fell hard over the past week, trading nearly 300 points lower from where I marked prices last Thursday. This move lower saw my 135.75 stop triggered. I am still flat as I did not get involved in the Bund over the rest of the week. The Bund is oversold, has strong support from 132.80/133.50 where I will again be a buyer with a wider 131.95 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 134.35.
Gold Rolling Contract
My Gold plan worked well as the market traded the whole of my buy range for a 1791 average buy level, before rallying to my 1799 revised T/P level and I am now flat. Today, I will again be a buyer on any dip lower to 1780/1795 with a lower 1769 ‘’Closing Stop’’.
Silver Rolling Contract
My Silver plan worked well as the market traded lower to my 23.40 buy level before again finding strong resistance at the 24.00/25.50 resistance area. I used this latest rally to exit my long position at my revised 24.05 T/P level and I am now flat. I will look to buy Silver again from 22.70/23.50 with the same no stop. If triggered, I will have a T/P level at 24.10.
Finally, as markets are closed on Monday for the New Years’ Holiday, my next Daily Commentary will be published on Tuesday, January 3. I would like to wish all my members a safe and prosperous New Year.
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