U.S. Equity Markets finished Tuesday lower, led by the 0.73% fall in the NDX after Treasury Yields rose. Markets finished mixed on a relatively quiet day for American Economic news. The Conference Board’s Consumer Confidence Index reading for November came in slightly higher than expected but still lower than October’s reading. New housing data from S&P CoreLogic Case-Shiller U.S. National Home Price Index and the U.S. Federal Housing Finance Agency showed a continued decline in the housing sector. News on zero-COVID protests in China continued to dampen investor confidence, as yesterday morning’s press conference in Beijing did little to quell supply-chain-disruption worries early Tuesday. Investors await Federal Reserve Chairman Jerome Powell’s appearance at the Brookings Institution this evening for clues on the central bank’s future actions. Within the S&P 500 Index, six of the 11 sectors finished lower. European Markets closed flat. Markets ended mixed across the region after a choppy trading day. Germany’s Consumer Price Index (“CPI”) reading for November came in at 10.4% – down from October’s 11% – boosting investor optimism that inflation has peaked. Furthermore, Spain’s CPI eased for the fourth straight month. The latest Euro-Zone Economic Sentiment Indicator data improved, with its first increase since February. Elsewhere, U.K. housing data continues to signal a weakening sector as mortgage approvals hit their lowest level since June 2020. Investors will be keying in on any indications that the European Central Bank is considering a smaller interest-rate hike following recent inflation news. In Asia, Equities ended largely higher – especially in China’s markets – following an emergency press conference from China’s National Health Commission on protests over the nation’s zero-COVID policy. The State Council announced plans to boost vaccination rates among elderly citizens and said that reasonable measures will be taken into account to appease its citizens. Protests were largely quiet Tuesday due to an enhanced police presence across major cities. South Korean President Yoon Suk-yeol said that the government and central bank need to pay greater attention to addressing financial instability as markets face increasing pressure from rising interest rates. Japan’s economic data came in slightly weaker than expected, with the Unemployment Rate for October remaining unchanged at 2.6%. Elsewhere, Oil closed 1.70% higher while Gold firmed 0.4%.
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 250 points yesterday and is now ahead by 4706 points for November, after 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 0.16% lower at a price of 3957
The Dow Jones Industrial Average closed 3 points higher for a 0.001% gain at a price of 33,852.
The NASDAQ 100 closed 0.73% lower at a price of 11,503.
The Stoxx Europe 600 Index closed 0.13% lower.
Yesterday, the MSCI Asia Pacific Index rose 1.4%.
Yesterday, the Nikkei closed 0.48% lower at a price of 28,027.
Currencies
The Bloomberg Dollar Spot Index closed 0.2% higher.
The Euro closed 0.1% lower at $1.0328.
The British Pound closed 0.1% lower at 119.42.
The Japanese Yen rose 0.2% closing at $138.72.
Bonds
Germany’s 10-year yield closed 8 basis points lower at 1.92%.
Britain’s 10-year yield closed 4 basis points lower at 3.09%.
U.S.10 Year Treasury closed 7 basis points higher at 3.74%.
Commodities
West Texas Intermediate crude closed 1.70% higher at $78.71 a barrel.
Gold closed 0.40% higher at $1743.10 an ounce.
This morning on the Economic Front we have German Unemployment at 8.55 am and U.K. GDP at 9.00 am. At 10.00 am, we have Euro-Zone CPI, followed by U.S. MBA Mortgage Applications at 12.00 pm. This is followed by ADP Employment Change at 1.15 pm. At 1.30 pm we have GDP, Wholesale Inventories, PCE and Trade Balance, followed by Chicago Purchasing Managers’ Index at 2.45 pm, Pending Home Sales and JOLTS Job Openings at 3.00 pm. Finally, we have a speech from Fed Chair Powell at 6.30 pm and the Beige Book at 7.00 pm. I do not remember a day when we had so many key data releases and speeches meaning we can get expect plenty of volatility surrounding these releases.
Cash S&P 500
My S&P plan worked well as the market traded lower to my 3938 buy level before rallying 20 Handles. This move higher saw my revised 3849 T/P level triggered and I am now flat. As I said above today has the potential to be extremely volatile given the number of economic releases followed by the speech from Powell. I will continue to be an aggressive buyer on any dip lower to my 3860 target level with no stop and no Take Profit. Short-term the S&P has support from 3910/3928 where I will again be a buyer with a 3899 ‘’Closing Stop’’. I no longer want to be short the S&P at this time.
EUR/USD
No Change. The Euro traded in a narrow range following Monday’s large Downside Key Day Reversal. I am still flat. The Euro has support from 1.0180/1.0260 where I will be a strong buyer with a 1.0125 ‘’Closing Stop’’. The Euro has resistance from 1.0420/1.0480 where I will be a small seller with a 1.0555 tight ‘’Closing Stop’’.
March Dollar Index
No Change. I am still a strong buyer on any dip lower to 105.10/105.80 where I with the same 104.45 ‘’Closing Stop’’.
Cash DAX
The DAX continues to meander near recent highs and I am still flat. Given how overbought the DAX is currently, I will leave my 14530/14620 sell level unchanged with the same 14705 ‘’Closing Stop’’. Meanwhile I will leave my 13970/14070 buy level unchanged with the same 13895 ‘’Closing Stop’’.
Cash FTSE
The FTSE continues to ignore the price action in the other Indexes that I cover. Yesterday afternoon, the FTSE rallied to my 7530 sell level. I am still short and I will add to this position at 7600 with the same 7655 tight ‘’Closing Stop’’. I will leave my 7490 T/P level unchanged. If any of the above levels are hit I will be back with a new update for my Platinum Members. I still do not want to be long the FTSE at this time.
Dow Rolling Contract
My Dow plan again worked well with the market trading lower to my 33670 buy level before having a nice 200 points rally. This move higher enabled me to cover this position at my revised 33750 T/P level and I am now flat. The Dow has short-term support from 33200/33450 where I will be a strong buyer with a tight 32995 ‘’Closing Stop’’. Meanwhile, I will leave my 34170/34420 sell level unchanged with the same 34605 ‘’Closing Stop’’.
Cash NASDAQ 100
No Change. I am still long at an average rate of 11675 with the same 11495 ‘’Closing Stop’’. I am not going to lower my T/P level, leaving it the same at 11760. If any of the above levels are hit, I will be back with a new update for my Platinum Members.
December BUND
The lower German CPI release saw the Bund close higher by over 100 points. I am still flat as the market never came close to yesterday’s buy range. Ahead of so many economic releases today, I am reluctant to chase the Bund higher. Therefore, I will leave my 138.90/139.70 buy level unchanged with the same 137.95 ‘’Closing Stop’’
Gold Rolling Contract
I am still flat. I still do not like the price action despite Gold closing higher yesterday. As a result, I will not chase the market higher, leaving my 1710/1722 buy level unchanged with the same 1699 ‘’Closing Stop’’.
Silver Rolling Contract
My latest 20.80 long Silver position worked well with the market rallying to my 21.40 T/P level and I am now flat. I much prefer to be long Silver over Gold hence my aggressiveness to buying Silver on dips. Today, I will again be a buyer on any move lower to 20.20/20.90 with no stop. If triggered, I will have a T/P level at 21.50.
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