- This topic has 28,268 replies, 54 voices, and was last updated 1 hour, 46 minutes ago by .
-
AUTO TARIFF CONCENSSIONS ARE NOT A CHANGE IN POLICY FOR FOREIGN CAR IMPORTS.
US Stocks Gain Slight Traction
US stocks gained some traction on Tuesday, extending the period where equities track price developments in the Treasury market after pessimistic economic data and corporate signals supported wages of incoming rate cuts.
The S&P 500 and the Nasdaq were higher, and the Dow gained 200 points.
Job openings in the US were at 7.19 million in March, lower than expected, while the CB sentiment survey pointed to a surge in pessimism.
Markets moved to price 100bps in cuts by the Fed for the year, compared to the central bank’s 50bps signal last month.
Honeywell and Pfizer jumped more than 5% and 4% each on strong earnings, and software companies were higher across the board.
Still, trade and economic policy uncertainty drove UPS to refrain from giving a full-year outlook, pressuring their shares by 2%.
Also, GM sank 4% after it cancelled its share buyback and pulled its outlook due to the possibility of tariffs.
Likewise, tariff concerns drove the US to post its largest trade cap on record.
DJI Index Technicals
Another juicy S&P 500 target goes by the wayside as this 6,700 call is thrown into trash
HSBC slashes its S&P target to 5,600
Another one bites the dust – a Wall Street S&P 500 target, that is.
Falling in line with actions seen by other big banks this year as tariff concerns bite, HSBC on Tuesday slashed its target for the U.S. equity-market benchmark SPX to 5,600 from 6,700, based on a forecast for slower U.S. growth, sticky inflation and falling bond yields.
And they advise clients to play defence in a market that will flip-flop between recession and stagflation fears until clearer tariff and economic signals emerge.
The market will oscillate between those two scenarios till tariff turmoil eases, the Federal Reserve cuts interest rates and/or inflationary pressures don’t materialize, said Nicole Inui, HSBC’s head of equity strategy for the Americas, and analyst Preethkar R., in a note.
DAX –Ger30
Dax going strong today so far…
Supports: 22.250, 22.050 & 21.600
Resistances: 22.500, 22.700 & 22.950
Dax has not only fully recovered from previous sharp dive to 19K , but if manages to cross above 22.700 might achieve even bigger gains then prior to the fall.
Sharp tests of supports must be watched for, but this is now Buyers heaven.
US OPEN
US equity futures & USD modestly firmer with focus on reports of Trump easing auto tariff impact, Canada’s Liberals win election
Good morning USA traders, hope your day is off to a great start! Here are the top 6 things you need to know for today’s market.
6 Things You Need to Know
• US President Trump is expected to soften the impact of his automotive tariffs, according to WSJ citing sources.
• European bourses are mixed, whilst US equity futures trade incrementally higher, ahead of a slew of earnings.
• USD attempts to claw back some of Monday’s losses, CHF & JPY lags whilst the Loonie fares better post-election.
• Canada’s ruling Liberals, led by Mark Carney, won the national election but will need to form a minority government.
• Fixed benchmarks are relatively contained into a packed US session.
• Crude complex is on the backfoot, continuing recent losses, while base metals diverge.
GBPUSD 4 OUR CHART – Sticky zone
At this time of day I like to focus on what I call the flavor of the day, which is the currency outperforming (or underperforming) but other than a flat USDCAD, there is nothing that stands out.
In GBPUSD, 1.34-1.35 is l;ikely to be a sticky zone where 1.3450 will dictate whether it can go after the upper end.
On the downside, key support is not until 1.3233-63 so it would take a big move to negate the current leg up. Using shorter term charts, supports are at 1.3393 (intra-day low) and 1.3330.
XAUUSD 4 HOUR CHART – Gold Trapped for now
Bulls will not give up the current battle unless 3250-60 is firmly broken while on the other side, a move above 3370 would be needed to put 3500 back on the radar.
This leaves 3260-3350/70 as the current range where 3300 seems to be pivotal in setting the tone.
Using my platform as a HREATMAP shows …
… the dollar trading a firmer but still down on the week as yesterday’s sell-off has not followed through.
USDCAD is about unchanged after a choppy overnight session following the Canadian elections where a Liberal win with a minority government as seen as the least desirable outcomne.
GOLD is down after not following through on yesterday’s rebound
Stocks are up a touch
The Trump administration said it plans to announce measures as early as Tuesday to ease the impact of tariffs on imported cars and car parts to give automakers more time to relocate production to the United States.(NYT)
Looking ahead
US data: Trade balance, JOLTS (job openings), Consumer Confidence
Watch for Bessent and Lutnick headlines but what it is what Trump says that carries more weight with markets.
Month end on Wednesday.
GME – GameStop Corporation Daily
It has been long time that I even looked at this one ….
And what do we have here – looks to me as yet another “ Come Kitty Kitty, come” situation
Resistance is at 28.00 now
Failure at it would send GME to 22.35 at first, and then it is all on 18.65 to hold …or not …
My distaste for this stock aside – let’s be professional…
If Kitty stock surmounts 28.00 and holds onto winnings, it should test 30.50, and whatever the result on it, the situation would turn Bullish for GME.
Is it because of that Crypto deal company did , or there are some other fundamental reasons behind it, this time it looks natural and not Viral Franzy based…
- You must be logged in to reply to this topic.