U.S. Equity Markets ultimately closed Friday mixed with choppy price action as Nvidia saw two-way swings before ultimately closing marginally in the green. Breadth however was decent with the equal weight S&P closing +0.4% with outperformance in the Dow Jones +0.3%, while the S&P and Russell 2000 saw gains of 0.2 and 0.1%, respectively. The Nasdaq closed -0.3% with weakness in Consumer Discretionary, Tech and Communication weighing the most, namely shares of AAPL & TSLA. Treasuries saw pronounced flattening Friday with Fed’s Waller back to being hawkish and a squeeze higher in the long end. Waller stressed the need to wait for more data to build confidence on returning inflation to target, warning cutting too soon could cause harm to the economy, but he did agree he still sees rate cuts later this year. Cook and Willliams also spoke, toeing the usual Fed line, while Williams, although stressing rate hikes are not his base case, said if the economic outlook changes in a material manner, then they would have to rethink the outlook. Energy prices saw pressure throughout the Asian, European and U.S. Friday session to settle at lows with little fresh driving price action and continuing the choppy trade seen throughout the week as it digested a choppy risk tone and geopolitical angst. Currency Markets were little changed by the end of the session, but XAU prices jumped on the move lower in US Treasury yields. Fed Member Waller (voter) was speaking on Friday said that data since his last speech on January 16th has reinforced his view that they need to verify inflation progress from H2 2023 will continue, which means there is no rush to start cutting rates. He stressed it is appropriate to be patient, careful and methodical given the strength in the economy and the recent data (hot January inflation and NFP). Waller said it is unclear if the CPI increase is due to seasonal factors and housing costs or indicates more persistent inflation. More data is needed to determine if the January data was just noise or if it was significant, which means waiting longer before enough confidence is gathered that starting rate cuts will keep them on the 2% inflation path. Waller reaffirmed that the start of policy easing, and number of rate cuts will depend on incoming data, he believes the Fed can wait a little longer before easing policy. Cutting too soon could undermine the inflation progress and pose considerable harm to the economy. Waller stated the economy’s output and employment growth show no urgent need to ease policy, still expecting to ease policy within the year. Waller sees a lower risk in waiting to ease policy compared to the risk of acting prematurely. Indications of economic growth slowing are noted, with recent job openings and quits data possibly showing a stall in labour market moderation. Waller acknowledged the progress made in inflation reduction as real and not a mirage yet sees wage growth as still somewhat elevated for achieving the 2% inflation goal. Meanwhile, Fed Member Williams also a voter in an Axios interview, said his view of the economy has not changed after January data and things are moving in the right direction, but he would have to rethink outlook if inflation progress stalls. Looking ahead, the NY Fed President thinks it will be appropriate to pull back on restrictive monetary policy, likely later this year. Moreover, Williams expects consumer spending growth to slow this year and he thinks the fact that they are seeing some of these delinquencies and other issues show that households, or at least some households, are facing some challenges and thus is one of the reasons he expects consumer spending growth to slow this year. Elsewhere, Oil fell 2.6% while Gold closed slightly higher with a 0.4% gain.

To mark my 2925th 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 made 220 points on Friday and is now ahead by 1571 points for February after closing January with a gain of 3675 points. December saw a gain of 1890 points after finishing November with a gain of 1734 points. October ended with a gain of 3184 points, after closing September with a small gain of 228 points, after finishing August with a gain of 1485 points, following a small gain of 285 points gain in July, after closing June with a gain of 2683 points. May closed with a gain of 3205 points. April saw a gain of 3354 points while March closed with a gain of 6168 points. The Platinum Service made a record 9619 points last October.  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 


The S&P 500 closed 0.03% higher at a price of 5089.

The Dow Jones Industrial Average closed 62 points higher for a 0.16% gain at a price of 39,131.

The NASDAQ 100 closed 0.38% lower at a price of 17,478.

The Stoxx Europe 600 Index closed 0.43% higher.

Last Friday, the MSCI Asia Pacific closed 0.6% higher.

Last Thursday, the Nikkei closed 2.19% higher at a price of 39,098 – A New All-Time High.


The Bloomberg Dollar Spot Index closed 0.01% higher.

The Euro closed 0.1% higher at $1.0822.

The British Pound closed 0.2% higher at 1.2671.

The Japanese Yen fell 0.2% closing at $150.65.


Germany’s 10-year yield closed 8 basis points lower at 2.36%.

Britain’s 10-year yield closed 7 basis points lower at 4.04%.

U.S.10 Year Treasury closed 7 basis points lower 4.25%.


West Texas Intermediate crude closed 2.6% lower at $76.57 a barrel.

Gold closed 0.4% higher at $2035.10 an ounce.

Today on the Economic Front the only data of note is from the U.S. where New Home Sales will be released at 3.00 pm, followed by a 5-Year Treasury Auction at 6.00 pm.

Cash S&P 500

Thankfully we had no sell level in the S&P over the past couple of weeks. Better earnings from Nvidia saw the S&P hit a new all-time high on Friday at a price of 5111 before having a small 20 Handle sell-off into the close. I am still flat as Thursday’s buy range was never threatened. The 14-Day RSI closed at 68 – getting close to my 73-target sell level. The S&P has resistance from 5105/5120 where I will be a small seller with a 5137 wider ‘’Closing Stop’’. The S&P is now trading at the top of its Daily Bollinger Band while the NDX made a new high on awful internals led the NDX to fall 160 points into the close. I no longer want to be long the S&P at this time. If this view changes I will be back with a new update for my Platinum Members.


No Change. I am still flat the Euro as I continue to be a buyer on any dip lower to 1.0700/1.0770 with the same 1.0635 ‘’Closing Stop’’.

Dollar Index

No Change. I am still flat the Dollar. I will continue to be a seller from 104.40/105.10 with the same 105.65 ‘’Closing Stop’’. I still do not want to be long the Dollar at this time.

Cash DAX

No Change. What happens when the head of the Bundesbank warns of an impending recession in Germany – new all-time highs for the DAX. I have said many times that ‘’nothing matters’’. Better earnings report from a U.S. Stock, Nvidia sends both the Nikkei and DAX to new all-time highs on Thursday despite both economies either in or close to recession highlights the madness of these markets.  I just cannot be a buyer of the DAX at these levels while the price action is telling you not to be short. I am going to stay flat the DAX until I get a better edge. If this view changes, I will be back with a new update for my Platinum Members.


The FTSE continues to find strong resistance from 7700/7750. Shortly after I posted on Thursday, the FTSE rallied to my 7685 T/P level on my latest 7650 long position and I am still flat. Today, I will again be a buyer on any dip lower to 7580/7650 with the same 7525 ‘’Closing Stop’’. If I am taken long, I will have a T/P level at 7695. I still do not want to be short the FTSE at this time.

Dow Rolling Contract

I am still flat the Dow as the market never came clos to Thursday’s buy level by instead rallying 600 points from where I last marked prices. I will now raise my Dow buy level to 38600/38850 with a higher 38455 ”Closing Stop”.  I still do not want to be short the Dow at this time. If this view changes, I will be back with a new update for my Platinum Members.

Cash NASDAQ 100

My NDX plan worked well as the NDX rallied to my 18030 sell level before selling off to my 17960 revised T/P level. Subsequently, I sold the NDX again at a price of 18050 as emailed to my Platinum Members on Friday, before the market again sold off to my 17980 T/P level and I am now flat. Post Nvidia earnings, the NDX made a new all-time high on Friday at 18091 before strong selling saw the Market close below the previous all-time high at 18042. Normally this is bearish for lower prices but as we are in the ‘’nothing matters’’ era, I am certainly not going to chase the NDX lower from here despite the large number of negative divergences. The NDX has resistance from 18010/18060 where I will again be a seller with the same 18255 ‘’Closing Stop’’. The NDX has short-term support from 17550/17700 where I will be a small buyer with a 17425 ‘’Closing Stop’’.

March BUND

On Thursday, the Bund traded lower to my second buy level at 132.10 for a 132.60 average long position before rallying on Friday to my revised 133.10 T/P level and I am now flat. Today, I will again be a buyer on any dip lower to 132.10/132.80 with a lower 131.55 ‘’Closing Stop’’. I still do not want to be short the Bund at this time. If this view changes, I will be back with a new update for my Platinum Members.

Gold Rolling Contract

I am still flat. Gold has traded in a narrow $12 range since Thursday’s update. I will now raise my Gold buy level to 1995/2010 with a higher 1979 wider ‘’Closing Stop’’. If triggered, I will have a T/P level at 2018.

Silver Rolling Contract

No Change. The boring price action shows no sign of ending unfortunately. I still believe in the bull case for this precious metal. I will continue to hold my 24.40 average long position with no stop or T/P level for now. This morning, Silver is trading unchanged at a price of 22.96. I will continue to look to add to my existing long position on any further move lower to 21.50. If this view changes, I will be back with a new update for my Platinum Members.