Plenty of two-way price action again in yesterday’s session saw U.S. Equity Markets close higher, led by the NASDAQ 100 which ended the day with a gain of 0.37%. Weekly Jobless Claims fell more than expected, hitting the lowest level since 1969. Personal Consumption Expenditures (“PCE”) for October rose 5% on a year-over-year (“YOY”) basis, below Wall Street’s expectation for 5.1% and above last month’s 4.4% number. The core reading saw a similar result with a 4.1% YOY gain, in line with the expectation and above September’s upwardly revised 3.7%. This is the Federal Reserve’s preferred inflation gauge, and remains well above its 2% target. San Francisco Fed President Mary Daly reiterated recent Fed commentary that the central bank could accelerate the pace of its asset tapering programme. In other economic data, New Homes Sales rose, but missed estimates. Still, sales of newly constructed homes sit at the highest level since April, indicating that housing demand remains strong. Within the S&P 500, six of the 11 sectors finished lower. European Markets closed lower. The Ifo Institute for Economic Research’s German business climate index figures for November were weaker than expected due to COVID infection rebound concerns. The National Statistics Office of France’s business and manufacturing confidence index data for November hit the highest level since 2007 as economic activity increased. European Central Bank Governing Council member Fabio Panetta said it can’t overreact to current inflation, while also calling for continued bond buying to combat the pandemic. In Asia, Markit Japan’s preliminary manufacturing purchasing managers’ index (“PMI”) data for November hit the highest level in four years, as COVID restrictions eased. Chinese Vice Premier Liu He, the country’s top economic policy official, said the government will focus on housing market stabilization in an effort to support prices. The Bank of Korea’s business survey data for November was flat, compared with October, as companies said domestic demand weakened. The White House included Taiwan among invitees for its virtual Democracy Summit in early December, potentially stoking tensions with China. Elsewhere, Oil closed 0.31% higher while Gold fell 0.23% on further Dollar strength.
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For anyone following my Platinum Service it made 100 points yesterday, and is now ahead by 1353 points for November, after ending October with a gain of 1028 points, 2866 points in September, 1543 points in August, and 996 points in July. The Platinum Service made 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, and 2273 points last December. 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 0.23% higher at a price of 4701.
The Dow Jones Industrial Average closed 9 points lower for a 0.03% loss at a price of 35,804.
The NASDAQ 100 closed 0.37% higher at a price of 16,367.
The Stoxx Europe 600 Index closed 0.9% lower.
Yesterday, the MSCI Asia Pacific Index fell 0.6%.
Yesterday, the Nikkei closed 1.58% lower at a price of 29,302.
The Bloomberg Dollar Spot Index closed 0.3% higher.
The Euro closed 0.4% lower at $1.1205.
The British Pound closed 0.4% lower at 1.3328.
The Japanese Yen fell 0.2%, closing at $115.40.
Germany’s 10-year yield closed one basis points lower at -0.23%.
Britain’s 10-year yield closed one basis points lower at 0.99%.
US 10 Year Treasury closed five basis points lower at 1.63%.
West Texas Intermediate crude closed 0.31% higher at $78.28 a barrel.
Gold closed 0.23% lower at $1,784.10 an ounce.
This morning on the Economic Front we German GDP and the GFK Consumer Confidence at 7.00 am. The only other item of note as the U.S. is closed for Thanksgiving Day is the latest ECB Minutes at 12.30 pm and a speech from ECB President Lagarde at 1.30 pm.
December S&P 500
My S&P plan worked well with the market trading lower to my 4660 buy level before rallying 40 Handles into the close. This move higher saw my 4670 T/P level executed and I am now flat. Yet again Breadth was negative following the late rally in the S&P. The S&P has resistance from 4714/4729. I will raise my sell level to this range while leaving my 4741 ‘’Closing Stop’’ unchanged. With the Cash Markets closed today, the S&P Futures will trade until 4.30 pm before re-opening at 11.00 pm this evening. The S&P has support from 4655/4670 where I will be a small buyer with a 4643 ‘’Closing Stop’’.
The Euro continues to extend its recent decline with the market again hitting my buy range for a now 1.1220 long position. I will add to this trade at 1.1170 while leaving my 1.1135 stop unchanged. The bearish sentiment extreme, tells me to continue to be a buyer of dips as I look for the bearish trend to change. I will now lower my T/P level on this position to 1.1260.
December Dollar Index
I am still short at 96.50. I will add to this trade at 97.10 with a now higher 97.45 stop. I will also raise my T/P level to 96.30 and if any of the above levels are hit I will be back with a new update for my Platinum Members.
The DAX got hit hard yesterday, hitting a morning low of 15703 before rebounding 220 points into the New York close. I am still flat and today, I will leave my 16170/16250 sell level unchanged with the same 16325 stop.
The FTSE traded in a narrow range yesterday and I am still flat. I will again raise my sell level to 7350/7410 with a higher 7445 stop.
Dow Rolling Contract
No Change. I am still a seller from 35970/36120 with the same 36255 Closing Stop’’. The Dow has support from 35400/35550 where I will be a small buyer with a 35265 ‘’Closing Stop’’.
The NDX got hit hard early yesterday, hitting a low of 16100 before turning around and rallying over 240 points into the close. I am still flat as I continue to be a seller from 16440/16540 with the same 16655 Closing Stop’’. Despite yesterday’s rebound I still do not want to be long the NDX at this time.
No Change. I am still a buyer on any further dip lower to 169.30/169.80 with the same 168.85 stop.
Gold Rolling Contract
I am still flat Gold and will stay that way per yesterday’s commentary until Monday.
Silver Rolling Contract
No Change. I am still a buyer from 22.60/23.20 with the same 21.95 stop. If I am taken long I will have a T/P level at 23.55.