U.S. Equity Markets rose on more strong jobs data, led by the NASDAQ 100 which ended Friday’s session with a gain of 1.15%. Non-Farm Payroll data showed that 850,000 jobs were added in June. That was higher than the Wall Street estimate and accelerated from May’s job gains. However, the Unemployment Rate jumped and missed estimates. The Bureau of Labour Statistics said that this was because more people entered the workforce looking for jobs. Elsewhere, the IMF boosted its 2021 and 2022 growth outlooks for the U.S., saying that the proposed infrastructure bill would boost growth. However, the IMF also said that the Federal Reserve may need to raise Interest Rates as soon as the end of 2022 or early 2023 due to increased government spending. Overall markets were quiet, as this was the Friday before a holiday weekend. European Markets closed higher. European Central Bank President Christine Lagarde said the region’s economic rebound remains fragile, and she anticipates inflation will stabilise below the 2% target. OPEC and its allies postponed a meeting about oil output so Saudi Arabia and Russia could resolve differences. U.K. Ministers said they still plan to lift COVID-19 restrictions on July 19, easing concerns about another postponement. In Asia, Global growth optimism rose as U.S. Manufacturing and Employment data pointed to a strengthening economy. The People’s Bank of China drained roughly $3 billion from its financial system via reverse repurchase operations, as it feels banking liquidity is “reasonably ample.” South Korea’s Consumer Price Index data for June were weaker than expected, falling versus May, and indicating inflation pressures may be starting to ease. Japan’s ruling party is on track to gain more seats in an upcoming Tokyo election, according to recent polls, implying Prime Minister Yoshihide Suga’s chances of re-election are rising. Elsewhere, Gold rose 0.61% while Bitcoin rose 3% over the weekend on little news.
To mark my 2350th 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 firstname.lastname@example.org for details
For anyone following my Platinum Service it made 142 points on Friday and is now ahead by 237 points for July after making 1366 points in June, 1439 points in May, 1244 points in April, having ended March with an impressive gain of 3769 points, 3286 points in February, 2077 points in January, 2273 points in December, 2025 points in November, 2779 points in October, 3042 points in September and 2383 points in August. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
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The S&P 500 closed 0.75% higher at a price of 4352.
The Dow Jones Industrial Average closed 152 points higher for a 0.44% gain at a price of 34,786.
The NASDAQ 100 closed 1.15% higher at a price of 14,727.
The Stoxx Europe 600 Index closed 0.3% higher.
This morning, the MSCI Asia Pacific Index fell 0.2%.
This morning, the Nikkei closed 0.64% lower at a price of 28,598.
The Bloomberg Dollar Spot Index closed 0.3% lower.
The Euro closed 0.2% higher at $1.1861.
The British Pound closed 0.5% higher at 1.3838.
The Japanese Yen rose 0.3%, closing at $111.18.
Germany’s 10-year yield closed three basis points lower at -0.23%.
Britain’s 10-year yield closed three basis points higher at 0.70%.
US 10 Year Treasury closed three basis points lower at 1.43%.
West Texas Intermediate crude closed 0.08% higher at $75.20 a barrel.
Gold closed 0.61% higher at $1,787.10 an ounce.
This morning on the Economic Front we have German, UK and Euro-Zone Markit Services PMI at 8.55 am, 9.00 am and 9.30 am respectively. With the U.S. Markets closed, the only other data of note is Euro-Zone Sentix Investor Confidence which will be released at 9.30 am.
September S&P 500
The S&P closed at yet another new all-time high. This move higher sees the 14-Day RSI close at an overbought 72 print on Friday night. The S&P made a low of 4126 two weeks ago, and the move higher of this low has been relentless, hitting a high above 4346 on Friday. This latest move higher saw the whole of my sell range get hit and I am now short at an average rate of 4335. With the U.S Markets closed today, the Futures Market will stay open until 4.30 pm. I will now raise my T/P level on this position to 4332, while lowering my Stop to 4358. If any of the above levels are hit I will be back with a new update for my Platinum Members.
My Euro plan worked well with the market trading lower to my 1.1810 buy level before rallying to my 1.1840 T/P level and I am now flat. Today, I will again be a buyer on any dip lower to 1.1780/1.1820 with a higher 1.1745 stop.
September Dollar Index
The Dollar traded lower to my 92.20 T/P level on my 92.35 latest short position and I am now flat. The Dollar has strong resistance from 92.60/93.10 where I will again be a seller with a 93.45 stop.
No Change. I am still a buyer on any dip lower to 15360/15420 with the same 15295 stop.
I am still flat the FTSE as the market continues to struggle to break the key 7100 resistance level. Today, I will leave my 6945/6995 buy level unchanged with the same 6895 stop. If I am taken long I will have a T/P level at 7025.
Dow Rolling Contract
The Dow made a new closing high on Friday, but not a new intra-day extreme, which remains 35,091 from May 10. Friday’s high saw my 34820 sell level executed before selling off to my 34765 revised T/P level and I am now flat. The Dow has strong resistance from 34970/35130 where I will again be a seller with a 35255 ‘’Closing Stop’’. The Dow has support from 34480/34640 and I will move my buy level higher to this area with a 34345 ‘’Closing Stop’’.
After the NASDAQ traded higher to my 14650 sell level I emailed my Platinum Members to exit any short position at 14630 and I am still flat. This unbalanced move high saw the NASDAQ again close at new all-time highs. However, the 14-Day RSI closed at a severely overbought 75.48 so caution is warranted. The NASDAQ has resistance from 14760/17840 where I will again be a seller with a 14905 ‘’Closing Stop’’. I will now raise my buy level to 14500/14580 with a higher 15425 ‘’Closing Stop’’.
My Bund plan worked well with the market trading higher to my 173.10 sell level before trading lower to my 172.88 revised T/P level as emailed to my Platinum Members and I am now flat. The Bund has strong resistance from 173.40/173.80 where I will again be a seller with a 174.15 stop.
Gold Rolling Contract
Despite Gold trading higher at 1787 this morning, I do not trust this market’s short-term bullish price action. Gold has support from 1742/1757 and I will move my buy level to this area with a higher 1729 wider stop.
Silver Rolling Contract
I am still flat and I will now raise my buy level to 25.30/25.90 with a tight 24.95 stop.