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Market Update: EUR reprieve, Firm stocks, Weaker oil
EURUSD: Getting a repieve while above 1.12 that would need to break 1.1250 (Friday’s close) and 1.1261 (Monday’s high) to neutralize the risk and then 1.1289 to make this more than just a bounce off the low. Support at 1.1220 blocks a return to 1.12. High so far at 1.1247.
US500: Stocks supported by the dip in oil but 7800 remains an obstacle to exposing the 7818 record high.
XBRUSD: No matter which Brent market you trade, $100 will stay pivotal in eventually setting its tone (futures last at $98.61)
COMING UP: Data: Australian Westpac Consumer Confidence (Oct), German Factory Orders (Aug), EU Retail Sales (Aug), US ADP Employment Change Weekly, Atlanta Fed GDP (Q3). Events: EIA STEO. Speakers: BoE’s Mann; ECB’s Zigman, Elderson, Cipollone; Fed’s Williams, Bowman, Schmid. Supply: Japan, UK, Germany, US.
Newsquawk US Market Wrap: Stocks rally across the board while long-end yields advance higher
SNAPSHOT: Equities up, Treasuries down, Crude down, Dollar up, Gold
NAS100 (NASDAQ) 4 HOUR: Unchartered waters
This time a new record intra-day high seems set to be accompanied by a new record closing high. This leaves 31K as pivotal and needing to become support for a new leg into unchartered territory where the next pivotal level is 32K.
If not, support is below the market at 30584-30725 (on this CFD chart).
US500 (SP500) 4 HOUR: Record high on the radar?
The break of an 8-day pattern that has seen 7700 print each day sent a bullish signal that now requires a firm break of 7785 (high 7794) and then see it become support to put the record 7818 high on the radar.
On the downside, keeps a bid pointed at 7800 as long as 7750-55 holds as support.
XAUUSD vs. BTCUSD
XAUUSD paying some notice to higher US yields but so far able to hold a test of 4124, the obstacle to the 4110 low. Upside would need to regain 4170+ to shift the current risk from the low back to 4200.
BTCUSD: Seemed to take a hit from this headline: US CFTC Chairman says today the CFTC is proposing its first round of regulations for crypto markets Via WSJ (followed last week’s boost from SEC rulings).
Finding the 87K area tough again and now dependent on 84460 holding to keep current risk pointed higher although 85K may be more important in keeping a bid.
ISM Services PMI: Small headline miss, Prices up, Employment Up
US ISM Services Employment (Sep) 50.1 vs Exp. 48.8 (Prev. 47.8)Market Update: EUR crosses
Worth noting is the FX market is having more trouble absorbing the USD buy side of EUR crosses, both when it was selling off earlier and then a modest bounce a short while ago (e.g. USDJPY bounced above 158).
Next key focus is on the ISM Services PMI, with special attention on the prices paid copmponent.
US PRE-MARKET MOVERS: Mag-7, TSM/INTC, WDC/STX, PTC, VST, AMPX, CHRW/RXO, INSM
ES flat NQ -0.2% RTY -0.2%
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