With U.S. Markets closed on Monday for the Martin Luther King Holiday markets traded in narrow ranges. Monday’s gap opening saw equity markets close 1% lower across the board as traders wait to see how the American Markets react when the Cash Indexes open this afternoon. Overnight President Trump doubled down on his Greenland Rhetoric driving Futures Markets lower. This sell-off sees the S&P trading below Monday’s low while Gold has surged to a new record high above $4700 this morning. Meanwhile, the Bank of Japan has signalled more rate hikes as it tries to step the yen from weakening further. This is having no effect in this morning’s trading with USD/YEN unchanged from yesterday at 158.50. Elsewhere, Oil closed flat while Gold ended Monday with a 1.6% gain.
To mark my 3300th 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 240 points yesterday and is now ahead by 2857 points for January 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 0.06% lower at a price of 6940.
The Dow Jones Industrial Average closed 83 points lower for a 0.17% loss at a price of 49,359.
The NASDAQ 100 closed 0.07% lower at a price of 25,529.
The Stoxx Europe 600 Index closed 1.19% lower.
This Morning, the MSCI Asia Pacific closed 0.8% lower.
This Morning, the Nikkei closed 1.11% lower at a price of 52,991.
Currencies
The Bloomberg Dollar Spot Index closed 0.33% lower.
The Euro closed 0.37% higher at $1.1641.
The British Pound closed 0.37% higher at $1.3429.
The Japanese Yen rose 0.04% closing at $158.04
Bonds
U.K.’s 10-Year Gilt closed 2 basis points higher at 4.42%.
Germany’s 10-Year Bund Yield closed 1 basis points lower at 2.84%
U.S.10 Year Treasury closed 8 basis points higher at 4.23%.
Commodities
West Texas Intermediate crude closed 0.15% higher at $59.43 a barrel.
Gold closed 1.61% higher at $4670.10 an ounce.
This morning on the Economic Front we already had the release of German PPI which fell 2.5% Y/Y versus -2.4% expected. Also released was the UK Employment Rate, which came in as expected with a 5.1% print. Next, we have the Euro-Zone and German ZEW Surveys’ at 10.00 am. Finally, we have a speech from Bundesbank Chairman Nagle at 11.30 am and a 52-week U.S. T-Bill Auction at 6.00 pm.
Cash S&P 500
My S&P plan worked well as the market sold off to my 6856-buy level shortly after I posted on Monday before a late rally saw the S&P hit my 6880 revised T/P level as emailed to my Platinum Members and I am now flat. This morning the S&P is trading at 6850 which is 90 Handles below Friday’s 6940 Chicago Close. I cannot see such a large ‘Open Gap’ go unchallenged and I would expect a fair portion of this Gap to be filled either this afternoon or over the coming days. Today, I will be a buyer from 6818/6843 with a lower 6799 tight ‘Closing Stop’. If I am taken long, I will have a T/P level at 6869. I will now lower my sell level to 6938/6963 with a lower 6981 ‘Closing Stop’. If I am taken short, I will have a T/P level at 6915. If these views change, I will be back with a new update for my Platinum Members.
EUR/USD
I am still flat as the Euro traded in a narrow range for most of the European session. Today, I will continue to be a seller from 1.1680/1.1750 with the same 1.1805 ‘Closing Stop’. If I am taken short, I will have a T/P level at 1.1620.
Dollar Index
I am still long the Dollar from early yesterday at 99.10 with the same 99.60 T/P level. I will continue to look to add to this position at 98.30 while leaving my 97.65 ‘Closing Stop’ 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. I will continue to be a seller on any further rally to 2680/2750 with the same 2805 ‘Closing Stop’. If I am taken short, I will have a T/P level at 2630. Given how overbought the Russell is trading at this time, I have no interest in being long the market.
FTSE 100
I am still short the FTSE from last week at an average rate of 10165. I will leave my 10130 T/P level unchanged while lowering my ‘Closing Stop’ to 10275. If any of the above levels are hit, I will be back with a new update for my Platinum Members.
Dow Rolling Contract
Overnight the Dow finally sold off to Monday’s buy range for a now 48700 long position. I will continue to look to add to this trade on any further move lower to 48450 while leaving my 48295 tight ‘Closing Stop’ unchanged. I will now lower my T/P level to 48920. If any of the above levels are hit, I will be back with a new update for my Platinum Members.
Cash NASDAQ 100
Frustratingly the NDX missed my 25050 buy level by 30 points before rallying over 200 points into the European close. I will not chase the market higher as I continue to look to buy the market from 24850/25050 with the same 24695 ‘Closing Stop’. If I am taken long, I will have a T/P level at 25230.
December BUND
No Change: I am still flat as the Bund continues to trade in very narrow ranges. Despite the higher PPI print on Wednesday the Bund followed Treasury prices higher. Remember a market that cannot sell-off on bad news has to be respected. Today, I will continue to be a buyer from 126.80/127.50 with a lower 126.15 ‘Closing Stop’. If I am taken long, I will have a T/P level at 128.10. I still do not want to be short the Bund at this time.
Gold Rolling Contract
No Change: I am still flat Gold and I am going to stay flat as I still have no edge at these price levels. If this view changes, I will be back with a new update for my Platinum Members.
Silver Rolling Contract
I am still flat. Despite Gold having a strong rally over the past 24 hours Silver is unchanged from where I marked prices yesterday morning. Silver is extremely overbought having doubled in price since October. Silver has short-term resistance from 96.00/98.00 where I will be a small seller with a 100.05 ‘Closing Stop’. If I am taken short, I will have a T/P level at 93.80.
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