U.S. Markets were closed for the President Day Holiday leading to a quiet session on both sides of the Atlantic. The EU and a 12-Nation Indo-Pacific Bloc are opening talks to explore forming one of the largest global economic alliances, with Canadian PM Carney spearheading the discussions, according to sources cited by POLITICO. Vice-Fed Chair Bowman said U.S. Banks are to see new mortgage capital requirements in the Basel plan. While she sees a path forward that incorporates both renewed bank participation in the mortgage market and a safe and sound banking system. Furthermore, Bowman said two regulatory proposals will soon be introduced that, among other broader changes to the regulatory capital framework, would increase bank incentives to engage in mortgage origination and servicing. Markets closed flat in Europe following a dull trading session that witnessed little or no volatility.
To mark my 3325th 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 was flat yesterday and is still ahead by 4667 points for February, after ending January with a gain of 4757 points, having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 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 0.05% higher at a price of 6836.
The Dow Jones Industrial Average closed 48 points higher for a 0.1% gain at a price of 49,500.
The NASDAQ 100 closed 0.18% higher at a price of 24,732.
The Stoxx Europe 600 Index closed 0.13% higher.
Yesterday, the MSCI Asia Pacific closed 0.4% lower.
Yesterday, the Nikkei closed 0.24% lower at a price of 56,806.
Currencies
The Bloomberg Dollar Spot Index closed 0.16% higher.
The Euro closed 0.18% lower at $1.1854.
The British Pound closed 0.12% lower at $1.3630.
The Japanese Yen fell 0.51% closing at $153.47.
Bonds
U.K.’s 10-Year Gilt closed 2 basis points lower at 4.40%.
Germany’s 10-Year Bund Yield closed 1 basis points lower at 2.75%
U.S.10 Year Treasury closed 12 basis points lower at 4.05%.
Commodities
West Texas Intermediate crude closed 1.34% higher at $63.73 a barrel.
Gold closed 0.98% lower at $4992.10 an ounce.
This morning on the Economic Front we have German CPI and U.K. Unemployment at 7.00 am. Next, we have German and Euro-Zone ZEW Surveys’ at 10.00 am. This is followed by the New York Empire State Manufacturing Index at 1.30 pm and the NAHB Housing Marke Index at 3.00 pm. Finally, we have speeches from Fed Members Barr and Daily at 5.45 pm and 7.30 pm respectively.
Cash S&P 500
I am still flat as the S&P never came close to Monday’s buy range. The S&P has strong support from 6765/6790 where I will continue to be an aggressive buyer with the same 6749 tight ‘Closing Stop’. If I am taken long, I will have a T/P level at 6816. I no longer want to be short the S&P at this time. If this view changes, I will be back with a new update for my Platinum Members.
EUR/USD
I am still flat as the Euro again traded in narrow range on Monday. I will now lower my buy range to 1.1700/1.1780 with a lower 1.1635 tight 1.1675 ‘Closing Stop’. The Euro has short-term resistance from 1.2040/1.2120 where I will be a small seller with a 1.2205 wider ‘Closing Stop’. If I am taken long, I will have a T/P level at 1.1850. If I am taken short, I will have a T/P level at 1.1960.
Dollar Index
I am still long the Dollar from last Tuesday morning at a price of 96.80. I will continue to look to add to this position on any further move lower to 96.00 while leaving my 95.35 ‘Closing Stop’ unchanged. Meanwhile, I will also leave my 97.15 T/P level unchanged. If any of the above levels are hit, I will be back with a new update for my Platinum Members.
Russell 2000
I am still flat the Russell. Today, I will lower my sell level to 2680/2740 with a lower 2795 tight ‘Closing Stop’. If I am taken short, I will have a T/P level at 2640.
FTSE 100
I am still flat. Today, I will continue to be a seller from 10500/10600 with the same 10675 ‘Closing Stop’. If I am taken short, I will have a T/P level at 10440.
Dow Rolling Contract
I am still flat. Today, I will again lower my sell level to 50150/50450 with a lower 50705 ‘Closing Stop’. If I am taken short, I will have a T/P level at 49830. I still do not want to be long the Dow at this time. If this view changes I will be back with a new update for my Platinum Members.
Cash NASDAQ 100
I am still flat. As we are having a super month there is no need to take undue risks as I prefer to be patient and wait for my levels to be executed. Today, I will leave my sell level unchanged from 25100/25300 with the same 25505 ‘Closing Stop’. If I am taken short, I will have a T/P level at 24940. The NDX has short-term support below from 24150/24350 where I will be a strong buyer with a 23995 ‘Closing Stop’. If I am taken long, I will have a T/P level at 24570.
December BUND
I am still flat as the Bund never came close to Monday’s buy range. Today, I will raise my buy level to 127.80/128.40 with a higher 127.15 ‘Closing Stop’. If I am taken long, I will have a T/P level at 128.95. If this view changes I will be back with a new update for my Platinum Members.
Gold Rolling Contract
Gold was weak on Monday, closing lower by 1%, and in the process closed below $5000. However, I still do not trust the price action in Gold short-term. Long-term I am bullish Gold but I am still looking for a more aggressive move lower to push pressure on weak long positions first before moving higher. Given the volatility I have no interest in chasing the market higher believing that we can break down again without notice. Therefore, I will continue to be a buyer from 4750/4820 with the same 4595 wider ‘Closing Stop’. If I am taken long, I will have a T/P level at 4920. If this view changes I will be back with a new update for my Platinum Members.
Silver Rolling Contract
I am still flat. Silver has short-term support from 67.10/71.50 where I will continue to be a buyer with the same 64.95 ‘Closing Stop’. If I am taken long, I will have a T/P level at 74.10
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