Navigating Market Peaks: Insights and Strategies for Today's Opportunities

Market Wrap - Stocks, Bonds, Commodities

Here are today's directional views from the global research desks of Trading Central! These are starting points for your research to identify opportunities that make sense for you.

Friday saw record-high closes for all major U.S. stock indexes, with the Dow Jones rising 395 points (+1.05%) to 37,863, the S&P 500 up 58 points (+1.23%) to 4,839, and the Nasdaq 100 up 331 points (+1.95%) to 17,314.

• Leading sectors were Semiconductors, Banks, and Media.

• Notable stock performances include Nvidia (NVDA), Meta Platforms (META), and Microsoft (MSFT) closing at record highs.

• In contrast, iRobot (IRBT) plunged 26.93% on concerns of the EU blocking its acquisition by Amazon.

• U.S. 10-year Treasury yield slightly eased to 4.130%.

Forex Market Wrap:

• The U.S. dollar softened against major currencies, with the dollar index retreating to 103.24.

• Key movements include EUR/USD climbing to 1.0895 and USD/JPY remaining little changed at 148.14.

• GBP/USD remained flat at 1.2704, and AUD/USD rose to 0.6597.

• Bitcoin lacked upward momentum, hovering around $41,600.

GBP/USD Intraday Analysis:

• Pivot: 1.2680

• Preference: Long positions above 1.2680 with targets at 1.2735 & 1.2750.

• Alternative scenario: Below 1.2680, look for further downside with targets at 1.2660 & 1.2645.

• Comment: RSI is bullish, signaling further upside.

USD/JPY Intraday Analysis:

• Pivot: 148.30

• Preference: Short positions below 148.30 with targets at 147.60 & 147.30.

• Alternative scenario: Above 148.30, look for further upside with targets at 148.50 & 148.80.

• Comment: Risk of breaking below 147.60 remains high as long as resistance at 148.30 is not surpassed.

EUR/USD Intraday Analysis:

• Pivot: 1.0875

• Preference: Long positions above 1.0875 with targets at 1.0920 & 1.0935.

• Alternative scenario: Below 1.0875, look for further downside with targets at 1.0860 & 1.0845.

• Comment: RSI is above neutrality area at 50, supporting further upside.

Dow Jones (CME) Intraday Analysis:

• Pivot: 37880.00

• Preference: Long positions above 37880.00 with targets at 38310.00 & 38430.00.

• Alternative scenario: Below 37880.00, look for further downside with targets at 37670.00 & 37530.00.

• Comment: Next resistances at 38310.00 and 38430.00.

Please note that due to market volatility, some key levels may have already been reached, and scenarios played out.