Here are today's directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!
 
 
  Twitter   LinkedIn   Instagram   FaceBook  
 
 
Newsletter Header
 
DAILY MARKET NEWSLETTER
December 9, 2022
 
   
  Market Commentary  
 
 
On Thursday, U.S. stocks finally printed some green. The S&P 500 gained 29.59pts (+0.75%) to 3963 breaking an 8-day losing streak. the Nasdaq 100 rose 140.11pts (+1.22%) to 11637 and the Dow Jones Industrial Average jumped 183.56pts (+0.55%) to 33781.

Shares in the Semiconductors & Semiconductor Equipment (+3.11%), Consumer Services (+1.7%), and Consumer Durables & Apparel (+1.58%) sectors rose while shares in the Telecommunication Services (-1.19%), Energy (-0.47%), and Automobiles & Components (-0.4%) sectors underperformed the most during the trading session.

On the U.S. equity front, The U.S. Federal Trade Commission (FTC) filed a complaint, seeking to stop the purchase of video game maker Activision Blizzard (ATVI), which slipped 1.54% to $74.76, by Microsoft (MSFT), which rose 1.24% to $247.4 on the news. 

Baidu (BIDU), the Chinese technology company, rose 5.02% to $120.33. Alibaba (BABA), the e-commerce giant, jumped 6.61% to $94.17 and JD.com (JD), the Chinese e-commerce company, rose 3.28% to $60.37 as China moves away from its zero COVID policy. Semiconductor stocks such as Nvidia (NVDA), jumped 6.51% to $171.69, NXP Semiconductor (NXPI), gained 4.59% to $171.47 and Marvell Technology (MRVL), rose 3.19% to $41.7 on the news. 

Tesla (TSLA), the electric-vehicle maker, fell 0.34% to $173.44 after a report surfaced suggesting the company plans to shorten production shifts in Shanghai and delay new hiring due to weaker demand. 

The VIX index fell 0.44pt (-1.94%) to 22.24.

The US 10-year yield jumped 6.9bps to 3.486%.

On the U.S. economic data front, Initial Jobless Claims rose to 230,000 but below the 240,000 estimate. Continuing claims have risen every week since the last week of September, reaching 1.67 million in the week ended November 26th, above the revised 1.609 million from the prior week suggesting it is becoming more difficult to find a job.

European stocks were mostly lower at the close. The Dax 40 closed up only 0.02%, while the CAC 40 dipped 0.20% and the FTSE 100 slipped 0.23%.

After the close of Wall Street, WTI Crude Future (JAN 23) was about flat to $71.65. The contract was below its 20D MA (@ $79.95) and below its 50D MA (@ $83.24).

Gold was up $3.1 to $1789.4. The precious metal was above its 20D MA (@ $1766) and above its 50D MA (@ $1708).

Copper Future (MAR 23) on Comex was up 2c to 388.05c/lb. The contract was above its 20D MA (@ 374.31c) and above its 50D MA (@ 356.77c).

Market Wrap: FOREX

The U.S. dollar index declined 0.31pt to 104.79.

EUR/USD jumped 51pips to 1.0557.

GBP/USD rose 35pips to 1.2238.

USD/JPY was flat at 136.62.

AUD/USD gained 47pips to 0.6772.

USD/CHF dropped 48pips to 0.936 and the USD/CAD fell 70pips to 1.3583.

Bitcoin traded higher to 17192 while Ethereum rose 46.1 dollars to 1278.

AFTER HOURS

Costco Wholesale (COST) slid in after-hours trading after first-quarter revenue came in less than expected as consumers cut back on discretionary items. 
 
 
  Economic Calendar    
 
Time Event Forecast Importance
 
10:50
JP
PPI YoY (Nov)
8.7%
High
 
 
10:50
JP
PPI MoM (Nov)
0.5%
High
 
 
10:50
JP
BSI Large Manufacturing QoQ (Q4)
1.2%
Low
 
 
12:30
AU
ANZ Job Advertisements MoM (Oct)
-1.2%
Low
 
 
12:30
AU
ANZ Job Advertisements MoM (Nov)
-2%
Low
 
 
17:00
JP
Machine Tool Orders YoY (Nov)
1.5%
Low
 
 
     
 
Bitcoin / USD   Ether / USD   NZD/USD  
 
 
 
 
  Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
 
 
     
 
Bitcoin / Dollar intraday: the upside prevails as long as 16560 is support
 
Our pivot point stands at 16560.
 
Our preference:
The upside prevails as long as 16560 is support.
 
Alternative scenario:
Below 16560, expect 16190 and 15980.
 
Comment:
The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 16826 and 16826).
 
Analyst Views Chart
 
Deposit Now
 
 
 
 
 
Ether / Dollar intraday: the upside prevails as long as 1213 is support
 
Our pivot point stands at 1213.
 
Our preference:
The upside prevails as long as 1213 is support.
 
Alternative scenario:
The downside breakout of 1213 would call for 1174 and 1151.
 
Comment:
The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1235 and 1232).
 
Analyst Views Chart
 
Deposit Now
 
 
 
 
 
NZD/USD intraday: the upside prevails as long as 0.6339 is support
 
Our pivot point stands at 0.6339.
 
Our preference:
The upside prevails as long as 0.6339 is support.
 
Alternative scenario:
Below 0.6339, expect 0.6295 and 0.6270.
 
Comment:
The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.6367 and 0.6358).
 
Analyst Views Chart
 
Deposit Now
 
 
Banner Ad
     
 
 
TRADING CENTRAL Terms and conditions

The information provided does not constitute, in any way, a solicitation or inducement to buy or sell securities and similar products. Comments and analysis reflect the views of TRADING CENTRAL at any given time and are subject to change at any time. Moreover, they can not constitute a commitment or guarantee on the part of TRADING CENTRAL. The recipient acknowledges and agrees that by their very nature any investment in a financial instrument is of a random nature and therefore any such investment constitutes a risky investment for which the recipient is solely responsible. It is specified that the past performance of a financial product does not prejudge in any way their future performance. The foreign exchange market and financial derivatives such as futures, CFDs (Contracts for Difference), warrants, turbos or certificates involve a high degree of risk. They require a good level of financial knowledge and experience. TRADING CENTRAL recommends the consultation of a financial professional who would have a perfect knowledge of the financial and patrimonial situation of the recipient of this message and would be able to verify that the financial products mentioned are adapted to the said situation and the financial objectives pursued. TRADING CENTRAL recommends reading the "risk factors" section of the prospectus for any financial product mentioned.

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

TRADING CENTRAL is governed by the code of conduct of the association ANACOFI-CIF, association approved by the Financial Markets Authority and registered with ORIAS under number 17005458.

In the United States, TRADING CENTRAL AMERICAS, INC. is a Registered Investment Adviser (RIA) with the U.S. Securities and Exchange Commission (SEC) under IARD/CRD number 801-67210. Services are provided in the United States by TRADING Central Americas, Inc. TRADING Central will provide a copy of its most recent written disclosure statement without charge upon written request. Notwithstanding the foregoing paragraphs, nothing herein shall constitute a waiver or limitation of any U.S. person's rights under relevant U.S. federal or state laws.

In Asia, TRADING CENTRAL ASIA LTD has received a license (number AWI815) from the Hong Kong-based Securities and Futures Commission (SFC) to conduct “Type 4” and “Type 5” regulated activities (Advising on Securities and Futures).

TRADING CENTRAL recommends that you read the legal and regulatory information and warnings about the information provided by visiting the following link : terms_of_use_web_sites_en.pdf

Headquarters of the publisher : TRADING CENTRAL SA, 11 bis rue Scribe, 75009 Paris
RCS : PARIS B 423 512 607 VAT N° FR 174 235 12607
 
 
 
 
Client Logo
 
Asia Capital Markets
Trading Central