U.S. stock Futures slipped in cautious, low volume trading as the latest Middle East escalation pushed oil prices higher, lifting bond yields in Europe and Asia. At the close of business in London, S&P futures were down 0.2% with NASDAQ Futures modestly in the red despite solid performance for tech stocks earlier in the session, which helped the Kospi surge more than 4.6% – its second biggest jump since the Situational Awareness takeover by Citadel – and Nikkei jumped almost 2% as OpenAI’s GPT-6 Astra debut reinvigorates the Asian semiconductor rally. In FX, the Japanese Yen strengthened to its highest level since February, surpassing the peak reached after July’s intervention. The Dollar fell 0.2%. Cash trading in Treasuries and US equities was closed for Labor Day. US markets were closed for Labor Day. In corporate news, an Amazon.com Inc. cargo plane overran a runway at Miami International Airport and burst into flames on Sunday, killing at least five people and temporarily shutting down the airport’s runways. Jaguar Land Rover Automotive Plc will slash some 4,000 jobs as Britain’s largest carmaker grapples with US tariffs, the fallout of a crippling cyberattack and intense competition. While economic data will likely be the biggest catalyst for markets this week, earnings will also help shape the outlook for key equity sectors. Results from Oracle Corp. and Adobe Inc. on Thursday will give investors a fresh read on AI infrastructure demand and the threat the technology poses to software makers. For now, the earnings backdrop remains supportive. Investors should buy any dips in equities given a robust earnings outlook, said JPM strategists. Even moderate central bank tightening would be unlikely to derail the positive backdrop for stocks unless inflation expectations change materially, said the team led by Mislav Matejka. “As corporate profits remain on an uptrend, any bout of weakness in equity prices would leave them cheaper,” the strategists wrote. “We believe one should continue using the dips to add.” Elsewhere, Oil closed higher by 2% while Gold ended Monday’s session with a loss of 0.4%.
To mark my 3425th 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 810 points for September after ending the month of August with a gain of 2645 points after closing July with a gain of 8031 points, after ending June with a new record of 10527 points after ending May with a loss of 1104 points, having ended April with a gain of 1730 points, after ending March with a massive gain of 9002 points, having closed February with a strong gain of 5482 points 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 previous 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 0.38% lower at a price of 7718.
The Dow Jones Industrial Average closed 271 points lower for a 0.51% loss at a price of 53,414.
The NASDAQ 100 closed 0.21% higher at a price of 29,544.
The Stoxx Europe 600 Index closed 0.32% lower.
This Morning, the MSCI Asia Pacific closed 0.6% lower.
This Morning, the Nikkei closed 0.95% lower at 65,767.
Currencies
The Bloomberg Dollar Spot Index closed 0.24% higher.
The Euro closed 0.13% higher at $1.1629.
The British Pound closed 0.13% higher at $1.3541.
The Japanese Yen rose 1.29% closing at $154.30.
Bonds
U.K.’s 10-Year Gilt closed 5 basis points higher at 5.11%.
Germany’s 10-Year Bund Yield closed 4 basis points higher at 3.38%
U.S.10 Year Treasury closed 2 basis points lower at 4.78%.
Commodities
West Texas Intermediate crude closed 1.84% higher at $93.16 a barrel.
Gold closed 0.42% lower at $4411.10 an ounce.
This morning on the Economic front we have the U.S. Small Business Optimism Index at 11.00 am, followed by the ADP Weekly Employment Change at 1.15 pm. Next, we have a speech from Bank of England Governor Bailey at 2.15 pm. Finally, we have a Three- Year Treasury Auction at 6.00 pm.
Cash S&P 500
Although the S&P is close to all-time highs the weakness beneath the surface remains. The number of stocks reaching 52-week lows on both the NYSE and NASDAQ continues to outpace 52-week highs, suggesting the broader market is weakening despite the small moves in the major cap-weighted indices. Meanwhile, the seasonally weak month of September should hold through once again this year especially as we have now passed the Labour Holiday Weekend. One of the biggest support factors for stocks i.e. BUYBACKS will soon go away. The buyback window closed on September 12 when the blackout period for companies to buy back their own shares starts to accelerate. So, the question for bulls is where will the buying power come from thereafter to help support the equity markets. Another sign came from the National Association of Active Investment Managers (NAAIM) exposure index. On August 27 it showed managers had 103% allocation to U.S. equities which was the highest long exposure since July 2024. When positioning gets so overly bullish especially among professional active money managers, it signifies further market upside is limited in the near term. Amazingly, we are now seeing the restart for the Fed to lower interest rates by the Trump Administration. Last week, VP Vance said it is ‘’entirely proper and responsible for the fed to lower interest rates.’’ Who wants to be a Fed Chair against this backdrop. In my opinion if the Fed do lower rates then the S&P will collapse. TBD. I am still flat the S&P. Today, I will be a seller from 7735/7760 with a 7781 ‘Closing Stop’. Meanwhile, I will continue to be an aggressive buyer on any dip lower to 7610/7635 with the same 7595 ‘Closing Stop’. If I am taken short, I will have a T/P level at 7711. If I am taken long, I will have a T/P level at 7665. If these views change, I will be back with a new update for my Platinum Members.
EUR/USD
The boring sideways price action for the Euro continues making it extremely difficult to make points on this contract. The Euro has short-term support from 1.1460/1.1540. I will now raise my buy level to this area with a higher 1.1385 ‘Closing Stop’. I will also raise my sell level to 1.1690/1.1760 with a higher 1.1835 ‘Closing Stop’. If I am taken long, I will have a T/P level at 1.1605. If I am taken short, I will have a T/P level at 1.1630.
Dollar Index
No Change: I am still long from last month at a price of 99.40. I will add to this position at 98.70 while leaving my 96.95 ‘Closing Stop’ unchanged. I will now lower my T/P level to 99.70. 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 as the Russell never came close to yesterday’s buy range. The Russell has short-term support below from 2830/2900. I will now raise my buy level to this area with a now higher 2775 ‘Closing Stop’. If I am taken long, I will have a T/P level at 2950.
FTSE 100
Just like the Euro above the FTSE continues to trade in narrow ranges and I am still flat. Today, I will continue to be a strong buyer on any further dip lower to 10640/10720 with a higher 10555 ‘Closing Stop’. If I am taken long, I will have a T/P level at 10780.
Dow Rolling Contract
No Change: I am still flat the Dow and reluctant to chase the market higher especially as we are now in September which traditionally is the weakest month of the year. Therefore, I will leave my buy level unchanged at 52300/52600 with the same 52055 ‘Closing Stop’. If I am taken long, I will have a T/P level at 52880.
Cash NASDAQ 100
I am still flat. I still believe that higher Interest Rates will eventually affect tech stocks. TBD. However, I am afraid to go short as every dip no matter what the news the market is consistently bought. Today, I will raise my buy level to 29100/29300 with a higher 28995 tight ‘Closing Stop’. If I am taken long, I will have a T/P level at 29480. I still do not want to be short the NDX at this time.
December BUND
The Bund traded in a narrow range over the past three trading sessions and I am still flat. The Bund has support from 120.80/121.50 where I will be an aggressive buyer with a higher 119.95 ‘Closing Stop’. If I am taken long, I will have a T/P level at 122.15.
Gold Rolling Contract
I am still flat. Today, I will continue to be a buyer from 4250/4330 with the same 4195 ‘Closing Stop’. If I am taken long, I will have a T/P level at 4395. I still believe that lower prices are ahead. TBD. If this view changes, I will be back with a new update for my Platinum Members.
Silver Rolling Contract
I am still flat. Today, I will raise my buy level to 61.20/64.20 with a higher 59.95 ‘Closing Stop’. If I am taken long, I will have a T/P level at 65.60.
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