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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 Brief
November 24, 2022

 
 
 
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!
 
 

 

EUR/USD  

GBP/USD  

USD/JPY  

USD/CHF  

EUR/JPY  

Hang Seng (HKFE)  

IBEX (MEFF)  

Dow Jones (CME)  

S&P 500 (CME)  

Dax (Eurex)  

IBEX (MEFF)  

Gold  

Crude Oil (WTI)  

 
 
  Market Wrap: Stocks, Bonds, Commodities  
 
 
On Wednesday, U.S. stocks advanced as minutes of the Federal Reserve’s latest policy meeting showed slower interest-rate hikes. The Dow Jones Industrial Average rose 95 points (+0.28%) to 34,194, the S&P 500 climbed 23 points (+0.59%) to 4,027, and the Nasdaq 100 was up 113 points (+0.97%) to 11,838.

A “substantial majority” of Fed officials agreed it would likely soon be appropriate to slow the pace of interest rate hikes, said the central bank’s meeting minutes. Meanwhile, the latest number of initial jobless claims rose to 240,000 (vs 228,000 expected).

Due to Thanksgiving holidays, U.S. markets are close today (November 24) and will trade half-day on Friday (November 25).

The U.S. 10-year Treasury yield dropped 6.9 basis points to 3.687%.

Automobiles (+5.83%), media (+1.52%), and semiconductors (+1.23%) sectors led the market higher, while energy (-1.16%), telecom services (-0.35%), and pharmaceuticals, biotechnology & life sciences (-0.13%) sectors underperformed the market.

Tesla (TSLA) jumped 7.82% after the stock was upgraded to “neutral” from “sell” at Citi, and Morgan Stanley pointed out that investors are having an opportunity to buy the stock at a bargain price.

Deere & Co (DE) gained 5.03% as the agricultural and construction equipment maker posted better-than-expected quarterly earnings and coming-year earnings guidance.

HP Inc (HPQ) rose 1.80% after the computers provider unveiled better-than-expected quarterly earnings and announced plans to cut up to 6,000 jobs or about 12% of its global workforce.

Nordstrom (JWN) fell 4.24% and Autodesk (ADSK) slid 5.66%, as both companies issued lower-than-expected operations guidance.

U.S. data showed that durable goods orders rose 1.0% on month in October (vs +0.3% expected). The number of U.S. new home sales climbed to an annualized rate of 632,000 units (vs 580,000 unites expected).

And the S&P Global U.S. manufacturing purchasing managers index fell to 47.6 in November (vs 50.1 expected).

European stocks also closed higher. The DAX 40 edged up 0.04%, the CAC 40 rose 0.32%, and the FTSE 100 gained 0.17%.

U.S. WTI crude futures dropped $3.50 (-4.33%) to $77.42 a barrel. The U.S. Energy Department reported that the latest crude-oil stockpiles fell 3.690 million barrels (vs -1.055 million barrels expected).

Gold price added $9 to $1,749 an ounce.

 
 
  Market Wrap: Forex  
 
 
The U.S. dollar dropped across the board as Treasury yields retreated. The dollar index fell to 106.10.

EUR/USD rose 92 pips to 1.0396. In Europe, the S&P Global manufacturing purchasing managers index posted at 47.3 for the Eurozone for November (vs 45.7 expected), 46.7 for Germany (vs 45.4 expected), and 49.1 for France (vs 46.8 expected).

GBP/USD jumped 176 pips (+1.48%) to 1.2062. In the U.K., the S&P Global manufacturing PMI posted at 46.2 for November (vs 45.6 expected).

USD/JPY slid 170 pips (-1.20%) to 139.53.

AUD/USD increased 87 pips to 0.6736.

NZD/USD advanced 90 pips (+1.47%) to 0.6244. New Zealand’s central bank increased its key interest rate by a record 75 basis points to 4.25%, and signaled further tightening going forward.

USD/CHF declined 96 pips to 0.9423, and USD/CAD was down 25 pips to 1.3349.

Bitcoin gained a further 2% to $16,500.

 
 
  Morning Trading  
 
 
In Asian trading hours, USD/JPY extended its decline to 138.80. This morning, the Jibun Bank Japan manufacturing PMI dropped to a contraction reading of 49.4 for November (vs 50.8 expected).

EUR/USD advanced further to 1.0432 and GBP/USD climbed to 1.2095.

Gold price rose to $1,755 an ounce.

Bitcoin held gains at $16,675.

 
 
  Expected Today  
 
 
Germany’s November Ifo business climate index is expected at 83.7.

France’s November business confidence index is estimated at 101.

 
 
  Indices  
 
 
Last Close %1D %YTD
 
Dax
14,427.59
+0.04%
-9.20%
 
 
FTSE 100
7,465.24
+0.17%
+1.10%
 
 
S&P 500
4,027.26
+0.59%
-15.50%
 
 
Dow Jones
34,194.06
+0.28%
-5.90%
 
 
Nasdaq 100
11,838.71
+0.97%
-27.50%
 
 
Nikkei 225
28,448.58
+1.18%
-1.20%
 
 

     
  Today’s Economic Events  
 
  Economic Calendar    
 
Time Event Forecast Importance
 
01:30
JP
Jibun Bank Manufacturing PMI Flash (Nov)
50.8
Medium
 
 
01:30
JP
Jibun Bank Services PMI Flash (Nov)
53
Medium
 
 
08:45
FR
Business Confidence (Nov)
101
Medium
 
 
10:00
DE
Ifo Business Climate (Nov)
83.7
High
 
 
12:00
GB
CBI Industrial Trends Orders (Nov)
-8
Medium
 
 
13:30
EA
ECB Monetary Policy Meeting Accounts
Medium
 
 
14:45
GB
BoE L Mann Speech
Medium
 
 

     
  The Analyst Views  
 

 

EUR/USD Intraday: the bias remains bullish.
 
Pivot:
1.0400
 
Our preference:
Long positions above 1.0400 with targets at 1.0455 & 1.0480 in extension.
 
Alternative scenario:
Below 1.0400 look for further downside with 1.0380 & 1.0350 as targets.
 
Comment:
The RSI is mixed to bullish.
 
Analyst Views Chart
 
 
 
 

 

GBP/USD Intraday: the upside prevails.
 
Pivot:
1.2050
 
Our preference:
Long positions above 1.2050 with targets at 1.2140 & 1.2180 in extension.
 
Alternative scenario:
Below 1.2050 look for further downside with 1.2015 & 1.1980 as targets.
 
Comment:
The RSI is mixed to bullish.
 
Analyst Views Chart
 
 
 
 

 

USD/JPY Intraday: under pressure.
 
Pivot:
139.20
 
Our preference:
Short positions below 139.20 with targets at 138.50 & 137.95 in extension.
 
Alternative scenario:
Above 139.20 look for further upside with 139.60 & 140.00 as targets.
 
Comment:
The RSI lacks upward momentum.
 
Analyst Views Chart
 
 
 
 

 

USD/CHF Intraday: the downside prevails.
 
Pivot:
0.9430
 
Our preference:
Short positions below 0.9430 with targets at 0.9355 & 0.9330 in extension.
 
Alternative scenario:
Above 0.9430 look for further upside with 0.9460 & 0.9490 as targets.
 
Comment:
The RSI is mixed to bearish.
 
Analyst Views Chart
 
 
 
 

 

EUR/JPY intraday: rebound towards 146.13
 
144.23 is our pivot point.
 
Our preference:
Rebound towards 146.13.
 
Alternative scenario:
The downside breakout of 144.23 would call for 143.54 and 143.13.
 
Comment:
The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 144.98 and 145.39).
 
Analyst Views Chart
 
 
 
 

 

Hang Seng (HKFE)‎ Intraday: key resistance at 17750.00.
 
Pivot:
17750.00
 
Our preference:
Short positions below 17750.00 with targets at 17430.00 & 17300.00 in extension.
 
Alternative scenario:
Above 17750.00 look for further upside with 17880.00 & 18100.00 as targets.
 
Comment:
As long as 17750.00 is resistance, look for choppy price action with a bearish bias.
 
Analyst Views Chart
 
 
 
 

 

IBEX (MEFF)‎ (Z2)‎ Intraday: the upside prevails.
 
Pivot:
8242.00
 
Our preference:
Long positions above 8242.00 with targets at 8385.00 & 8451.00 in extension.
 
Alternative scenario:
Below 8242.00 look for further downside with 8181.00 & 8130.00 as targets.
 
Comment:
Investors have to remain cautious since these levels may trigger profit taking.
 
Analyst Views Chart
 
 
 
 

 

Dow Jones (CME)‎ (Z2)‎ Intraday: intraday support around 34020.00.
 
Pivot:
34020.00
 
Our preference:
Long positions above 34020.00 with targets at 34370.00 & 34520.00 in extension.
 
Alternative scenario:
Below 34020.00 look for further downside with 33820.00 & 33730.00 as targets.
 
Comment:
The next resistances are at 34370.00 and then at 34520.00.
 
Analyst Views Chart
 
 
 
 

 

S&P 500 (CME)‎ (Z2)‎ Intraday: further advance.
 
Pivot:
4005.00
 
Our preference:
Long positions above 4005.00 with targets at 4050.00 & 4080.00 in extension.
 
Alternative scenario:
Below 4005.00 look for further downside with 3990.00 & 3971.00 as targets.
 
Comment:
The RSI is bullish and calls for further advance.
 
Analyst Views Chart
 
 
 
 

 

Dax (Eurex)‎ Intraday: intraday support around 14340.00.
 
Pivot:
14340.00
 
Our preference:
Long positions above 14340.00 with targets at 14500.00 & 14580.00 in extension.
 
Alternative scenario:
Below 14340.00 look for further downside with 14282.00 & 14220.00 as targets.
 
Comment:
The RSI lacks momentum.
 
Analyst Views Chart
 
 
 
 

 

Gold Intraday: bullish bias above 1742.00.
 
Pivot:
1742.00
 
Our preference:
Long positions above 1742.00 with targets at 1767.00 & 1776.00 in extension.
 
Alternative scenario:
Below 1742.00 look for further downside with 1732.00 & 1725.00 as targets.
 
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Analyst Views Chart
 
 
 
 

 

Crude Oil (WTI)‎ (F3)‎ Intraday: look for 75.30.
 
Pivot:
79.10
 
Our preference:
Short positions below 79.10 with targets at 76.25 & 75.30 in extension.
 
Alternative scenario:
Above 79.10 look for further upside with 79.90 & 80.60 as targets.
 
Comment:
The RSI has just struck against its neutrality area at 50% and is reversing down.
 
Analyst Views Chart
 
 

 
 

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