U.S. Markets were closed Monday for the Presidents’ Day Holiday. Futures closed higher while in Europe the German DAX closed at a new all-time high following a gain of 1.26%. Meanwhile, the French CAC, Spain’s IBEX and the Italian FTSE MIB closed at their highest levels since May 2024, June 2008 and December 2007 respectively. This is an impressive move higher given the economic slowdown in Europe as optimism grows that the Russian invasion of Ukraine is close to finishing. In FX, the Dollar Index was flat while the Japanese Yen outperformed, closing higher by 0.6% against the Dollar as expectation of a further rate hike increases. Elsewhere, Oil closed higher by 0.9% while Gold ended Monday’s session with a 0.5% gain.
To mark my 3150th 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 2470 points for February. 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 1900 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 0.01% lower at a price of 6114.
The Dow Jones Industrial Average closed 165 points lower for a 0.37% loss at a price of 44,546.
The NASDAQ 100 closed 0.38% higher at a price of 22,114.
The Stoxx Europe 600 Index closed 0.54% higher.
Yesterday, the MSCI Asia Pacific closed 0.3% higher.
Yesterday, the Nikkei closed 0.06% higher at a price of 39,174.
Currencies
The Bloomberg Dollar Spot Index closed 0.02% higher.
The Euro closed 0.9% lower at $1.0480.
The British Pound closed 0.32% higher at 1.2632.
The Japanese Yen rose 0.6% closing at $151.37.
Bonds
Germany’s 10-year yield closed 6 basis points higher at 2.49%.
Britain’s 10-year yield closed 3 basis points higher at 4.54%.
U.S.10 Year Treasury closed 16 basis points lower at 4.48%.
Commodities
West Texas Intermediate crude closed 0.90% higher at $71.38 a barrel.
Gold closed 0.53% higher at $2897.10 an ounce.
This morning on the Economic Front we have U.K. Unemployment including the all-important Average Earnings rate at 7.00 am. Next, we have a speech from Bank of England Governor Bailey at 9.30 am, followed by German ZEW Survey at 10.00 am. At 1.30 pm we have the U.S. New York Empire State Manufacturing Index and the NAHB Housing Market Index at 3.00 pm. Finally, we have a speech from Fed Member Daly at 3.20 pm and the TICS Report at 4.00 pm.
Cash S&P 500
Although the Cash Markets were closed on Monday, Futures Market built on Friday’s late rally, trading 0.3% higher as I go to post. As I am now short both the NDX and FTSE, I will now raise my S&P sell level to 6142/6160 with a higher 6175 ‘’Closing Stop’’. Give the number of extremities that I wrote about in yesterday’s Commentary, I have no interest in buying the S&P at this time. If this view changes, I will be back with a new update for my Platinum Members. If I am taken short, I will have a T/P level at 6126.
EUR/USD
The Euro never came close to Monday’s buy range/sell range, and I am still flat. The Euro is now short-term overbought having rallied 300 points since last Monday. The Euro has resistance from 1.0560/1.0630 where I will be a small seller with a tight 1.0705 ‘’Closing Stop’’. Today, I will again be a buyer on any dip lower to 1.0270/1.0340 with the same 1.0205 ‘’Closing Stop’’. If I am taken short, I will have a T/P level at 1.0505. If I am taken long, I will have a T/P level at 1.0395.
Dollar Index
The Dollar is traded in a narrow 20-point range yesterday. I am still long at an average rate of 107.00 with the same 107.35 T/P level and 106.15 ‘’Closing Stop’’. If any of the above levels are hit, I will be back with a new update for my Platinum Members.
Russell 2000
As expected, the Russell traded in a narrow range on Monday, and I am still flat. This morning, the Russell is trading slightly higher at a price of 2283. We have short-term support below from 2170/2230 where I will continue to be a buyer with the same 2115 ‘’Closing Stop’’. If I am taken long, I will have a T/P level at 2275.
Cash FTSE
Just before the London close the FTSE traded higher to my initial 8780 sell level with an 8785 high print. I am still short with a now higher 8740 T/P level. I will continue to look to add to this position on any further move higher to 8860 while leaving my 8925 ‘’Closing Stop’’ unchanged. If any of the above levels are hit, I will be back with a new update for my Platinum Members.
Dow Rolling Contract
I am still flat the Dow as the market never came close to yesterday’s buy range. This morning, the Dow is trading higher, at a price of 44640 as I go to press. I will now raise my buy level to 44050/44300 with a higher 43895 ‘’Closing Stop’’. Despite the Dow underperforming the other main Indexes, I still do not want to be short the market at this time. If I am taken long, I will have a T/P level at 44470.
Cash NASDAQ 100
I am still short the NDX from last Friday at a price of 22130. The NDX hit a high at 22200 yesterday morning before trading sideways to lower for the rest of the session. I will add to this position at 22300 with the same 22405 ‘’Closing Stop’’. My T/P level on this short position will remain unchanged at 22040. If any of the above levels are hit, I will be back with a new update for my Platinum Members.
December BUND
With U.S. Treasuries closed for the Presidents’ Day Holiday, the Bund traded in a narrow range on Monday, and I am still flat. This morning, the Bund is trading lower at 131.90. We have short-term support from 130.70/131.40. I will continue to be a buyer on any dip to this area with the same 129.95 ‘’Closing Stop’’. If triggered, I will have a T/P level at 131.95.
Gold Rolling Contract
Gold closed 0.5% higher yesterday as the market tries to recover some of Friday’s drubbing. I am still flat. Gold has short-term resistance from 2925/2945 where I will continue to be a small seller with the same 2961 ‘’Closing Stop’’.
Silver Rolling Contract
Silver traded in a narrow range yesterday and I am still flat. Silver has support below from 30.40/31.30 where I will continue to be a buyer with the same 28.95 ‘’Closing Stop’’. If I am taken long, I will have a T/P level at 32.05.
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