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!
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DAILY MARKET NEWSLETTER
December 6, 2021
 
 
 
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!
 
 
  Market Commentary  
 
 
On Friday, U.S. stocks closed in the red for the third time this week. The Dow Jones Industrial Average fell 59.71pts (-0.17%) to 34580, the S&P 500 lost 38.67pts (-0.84%) to 4538 and the Nasdaq 100 declined 278.72pts (-1.74%) to 15712.

Shares in the Telecommunication Services (+1.61%), Food, Beverage & Tobacco (+1.56%) and Household & Personal Products (+1.53%) sectors were the top performers while shares in the Automobiles & Components (-5.65%), Banks (-2.26%) and Software & Services (-1.95%) sectors under performed the most during the trade session.

On the U.S. Equity front, Marvell Technology (MRVL), developer and producer of semiconductors, rose 17.68% to $83.59 and outperformed the Nasdaq 100 following third quarter earnings and revenue results that were above expectations. Oppositely, Tesla (TSLA), the electric-vehicle maker, fell 6.42% to $1014.97 and underperformed the Nasdaq 100 after the CEO Elon Musk sold another block of company shares worth about 1.01 billion dollars, according to regulatory filings. Adobe (ADBE), a developer of software products, fell 8.24% to $616.53 and also underperformed the Nasdaq 100. Lastly, DiDi Global (DIDI), a Chinese vehicle for hire company, plunged 22.18% to $6.07 and lagged the S&P 500 after it announced plans to file for a delisting of shares from the U.S. and prepare a listing in Hong Kong. Lastly, Adobe (ADBE), a developer of software products, fell 8.24% to $616.53 and underperformed the Nasdaq 100.

On the U.S. economic data front, the unemployment rate for November was released at 4.2%, from 4.5% expected and 4.6% for October, while change in nonfarm payrolls for the same period was reported at 210k, vs 550k estimated and 531k in October. Also, factory orders in the U.S. rose by 1% in October, higher than the 0.5% expected, and durable goods orders decreased by less than expected, -0.4% vs -0.5% initially forecasted.

The U.S. 10-year Treasury Yield dropped 9.1bps to 1.353%.

European stocks closed lower. The DAX 40 fell 0.61%, the CAC 40 lost 0.44% and the FTSE 100 declined 0.10%.

After the close of Wall Street, WTI Crude Future (JAN 22) was about flat to $66.4. The contract was below its 20D MA (@ $75.57) and below its 50D MA (@ $77.67).

Gold was up $15.5 to $1784.2. The precious metal was below its 20D MA (@ $1819) and below its 50D MA (@ $1792).

Copper Future (MAR 22) on Comex was down 1.6c to 428.3c/lb. The contract was below its 20D MA (@ 435.01c) and below its 50D MA (@ 436.06c)."


Market Wrap: FOREX

The U.S. dollar was stable at 96.155.

EUR/USD rose 8pips to 1.1309. In Europe, the November Markit Services PMI was released at 55.9 vs 56.6 expected for the Eurozone, at 52.7 vs 53.4 expected for Germany and at 57.4 vs 58.2 expected for France. Also, retail sales in the Eurozone grew 0.2% in October, vs 0.3% expected. Separately, France's industrial production rose 0.9% in October, vs 0.6% expected.

GBP/USD slid 67pips to 1.3238. In the U.K., November's Markit Services PMI was posted at 58, against 58.6 initially estimated.

AUD/USD dropped 94pips to 0.7.

USD/JPY declined 32pips to 112.79.

USD/CHF fell 21pips to 0.9182 and USD/CAD rose 32pips to 1.2842.

Bitcoin traded lower to $53991 while Ethereum decreased to $4247.
 
 
  Economic Calendar    
 
Time Event Forecast Importance
 
11:00
AU
TD-MI Inflation Gauge MoM (Nov)
0.3%
Low
 
 
11:30
AU
ANZ Job Advertisements MoM (Nov)
1.1%
Low
 
 
21:30
US
LMI Logistics Managers Index Current (Nov)
Low
 
 
     
 
Bitcoin / Dollar   Ether / Dollar   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 RSI is oversold
 
Our pivot point is at 54560.
 
Our preference:
The downside prevails as long as 54560 is resistance.
 
Alternative scenario:
Above 54560, look for 56140 and 57080.
 
Comment:
The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 55596 and 56255).
 
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Ether / Dollar intraday: the RSI is oversold
 
4296 is our pivot point.
 
Our preference:
The downside prevails as long as 4296 is resistance.
 
Alternative scenario:
The upside breakout of 4296, would call for 4427 and 4506.
 
Comment:
The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4434 and 4499).
 
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NZD/USD intraday: the downside prevails as long as 0.6768 is resistance
 
Our pivot point is at 0.6768.
 
Our preference:
The downside prevails as long as 0.6768 is resistance.
 
Alternative scenario:
The upside breakout of 0.6768, would call for 0.6791 and 0.6805.
 
Comment:
The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.6765 and 0.6782).
 
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