U.S. Equity Markets traded in a narrow range yesterday before closing the session lower, led by the NASDAQ which fell 0.35%. Markets fell on another quiet day. St. Louis Federal Reserve President James Bullard made headlines with his interview with the Financial Times. Bullard said that he is still in favour of beginning the Central Bank’s asset purchase taper soon, despite the weak August jobs report. He added that he would like to see the Fed completely withdraw from asset purchases in the first half of next year. This sentiment was later echoed by New York Fed President John Williams, who said that his decision on when to taper has not changed after the August jobs report. In terms of economic data, Job Openings hit another record high, signalling that businesses are still looking to hire. European Markets Declined. German Chancellor Angela Merkel’s Christian Democratic Union party saw polling numbers hit a post-war low ahead of the September 26 general election. This indicates potential political uncertainty in the country in the coming months. European Central Bank Governing Council member Robert Holzmann said the central bank could tighten policy quicker than expected because of an increased risk of high inflation. Italy’s Coronavirus Emergency Commissioner Francesco Paolo Figliuolo said he anticipates more than 80% of eligible residents will be fully vaccinated by the end of September. In Asia, Chinese state-run media outlet People’s Daily said the country remains focused on “opening to the outside world,” while the recent crackdown is meant to promote fair trade and protect individuals. Japan’s final Second-Quarter Gross Domestic Product data increased 1.9% on an annualised basis, rising versus the preliminary reading, due to increased business and personal spending. Taiwan’s export and import data for August was stronger than expected, as each metric made a new monthly high in dollar value. The Bank of Korea’s bank lending to household figures for August rose versus July, implying increased liquidity in the country’s financial system. Elsewhere, Oil rose 1.45% as 80% of Gulf of Mexico production remained shut down, lowering crude supply, while Gold fell 0.42% on further Dollar strength.

To mark my 2375th 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 338 points yesterday and is now ahead by 821 points for September, having closed August with a gain of 1543 points, 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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Equities

The S&P 500 closed 0.13% lower at a price of 4514.

The Dow Jones Industrial Average closed 68 points lower for a 0.20% loss at a price of 35,031.

The NASDAQ 100 closed 0.35% lower at a price of 15,620.

The Stoxx Europe 600 Index closed 0.5% lower.

This morning, the MSCI Asia Pacific Index fell 0.9%.

This morning, the Nikkei closed 0.57% lower at a price of 30,008

Currencies

The Bloomberg Dollar Spot Index closed 0.2% higher.

The Euro closed 0.2% lower at $1.1821.

The British Pound closed 0.1% lower at 1.3773.

The Japanese Yen rose 0.2%, closing at $110.07.

Bonds

Germany’s 10-year yield closed one basis points lower at -0.33%.

Britain’s 10-year yield closed one basis points higher at 0.75%.

US 10 Year Treasury closed three basis points higher at 1.33%.

Commodities

West Texas Intermediate crude closed 1.45% higher at $69.01 a barrel.

Gold closed 0.41% lower at $1,789 an ounce.

This afternoon on the Economic Front we have the ECB Rate Decision at 12.45 pm, followed by the Lagarde Press Conference at 1.30 pm. Also, at 1.30 pm we have the U.S. Weekly Jobless Claims. Finally, Fed Members, Bowman and Williams are speaking at 6.00 pm and 7.00 pm respectively.

December S&P 500

I have now rolled to the December Contract which trades at 9 Handles Discount to the September Contract. Yesterday, my September plan worked well with the S&P hitting my 4498 buy range before rallying to my 4908 T/P level and I am now flat. The December Contract has support from 4457/4472 where I will be a buyer with a 4445 ‘’Closing Stop’’. The December Contract has resistance from 4515/4530 where I will be a small seller with a 4541 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 4485. If I am taken short I will have a T/P level at 4504.

EUR/USD

The Euro traded lower to my 1.1805 buy level. I am still long with a now lower 1.1835 T/P level. I will add to this position at 1.1770 with a 1.1735 stop.

December Dollar Index

I am still flat. I am not going to chase the market higher, leaving my 91.70/92.10 buy level unchanged with the same 91.35 stop. If I am taken long I will have a T/P level at 92.40

December DAX

I have now rolled to the December Contract which trades at a 15 point Discount to the September Contract. Yesterday, my September plan worked well with the market trading lower to my 15635 buy level before rallying to my 15703 revised T/P level as emailed to my Platinum Members and I am now flat. The break and close below 15600 could be significant with the DAX trading lower at 15470 as I go to press. I will be a small seller from 15590/15690 with a 15745 tight stop. If I am taken short I will have a T/P level at 15530. The DAX has support from 15250/15330 where I will be a buyer with a 15175 stop. If I am taken long I will have a T/P level at 15390.

September FTSE

This morning the FTSE traded lower to my second buy level at 7050 for a now 7080 average long position, I will leave my 7015 stop unchanged while lowering my T/P level to 7095.If I am stopped out of this position I will be a more aggressive buyer from 6900/6960 with a 6855 stop. If I am taken long a second time I will have a T/P level at 7005.

Dow Rolling Contract

My Dow plan worked well with the market trading lower to my 34900 buy level before rallying to a rebound high of 34175. This move higher enabled me to cover this position at my 35020 T/P level and I am now flat. The Dow has strong support from 34500/34650 where I will be an aggressive buyer with a 34385 ‘’Closing Stop’’. If I am taken long I will have a T/P level at 34850.

December NASDAQ

I have now rolled to the December Contract which trades at a small 6 point Discount to the September Contract. The NASDAQ has strong support from 15390/15490 where I will be an aggressive buyer with a 15295 tight ‘’Closing Stop’’. If I am taken long I will have a T/P level at 15570.

December BUND

I am still flat the Bund with the market again trading in a narrow session yesterday. We have strong support from 170.40/170.90 where I will be a buyer with a 169.85 stop. If I am taken long I will have a T/P level at 171.30.

Gold Rolling Contract

Thankfully, Gold rallied to my 1801 T/P level as outlined in yesterday’s Daily Commentary and I am now flat. Gold has strong support from 1755/1770 where I will again be a buyer with a 1743 stop. If I am taken long I will have a T/P level at 1781.

Silver Rolling Contract

No Change. I am still long at 24.25. I will continue to add to this trade at 23.65 while leaving my 23.25 stop unchanged. I will also leave my T/P level unchanged at 24.45.

 

Please Note:

Gemma and I travelled to Rome yesterday as our oldest Daughter Laura is getting married in Umbria tomorrow. As we have not seen Rachel for two years I am taking next week off to spend time with the family. My next Daily Commentary will be on Monday September 20. Any of the above calls that are not hit today and get executed next week, I will send an updated email to my Platinum Members..