Morning Jumpstart Macro View 26/10/21

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  • SPI200 (Dec) overnight futures up 14 pts to 7438
  • SP500 up 21.58 pts to 4566.48
  • NASDAQ Composite up 136.51 pts to 15226.71
  • Dow Jones up 64.13 pts to 35741.15
  • FTSE100 up 18.27 pts to 7222.82
  • DAX30 up 56.25 pts to 15599.23
  • GOLD futures US session (Dec) up $11.60 to $1807.90 an ounce
  • COPPER futures US session (Comex Dec) up $0.0295 to $4.5275 a pound
  • OIL futures US Session (Nymex Dec) down $0.28 to $83.48 a barrel
  • CRB Index up 2.91 pts to 240.58
  • AUDUSD trading at 0.7493
  • EURUSD trading at 1.1610
  • GBPUSD trading at 1.3768
  • USDJPY trading at 113.7300
  • USD Index US Session (ICE Dec) up 0.187 to 93.812

US indexes end the session higher on the back of positive expectations for earnings this week. Bulls were out to play as traders gear up for one of the heaviest earnings week with major tech companies lined up to release results. Facebook was out after market and beat earnings although missed revenue targets…the market was unperturbed and spiked price after hours to add to the sessions gains. Later this week we will see Apple, Microsoft and Alphabet (Google) report…so expecting to see Nasdaq push into new all time highs and continue the momentum up. Tesla broke through the $1 Trillion market cap on news that car rental firm Hertz placed an order for 100,000 cars. Bond prices also supported bulls as yields again edged lower. The DOW closed up 0.18% while the broader SP500 ended up 0.47% and the Nasdaq closed up 0.90% for the session. In Europe, major Indexes were also higher ending with minor gains as a rally into banks and commodity linked stocks offset losses into industrial stocks. Traders are cautious ahead of the ECB Monetary Policy Statement later in the week as bond yields pressure higher.

The USD Index bulls fought back overnight as price ramped up off support around 93.500. The move up broke through 93.780 which was the anchor to the downtrend so expecting to see bulls get active again and focus on interest rate rises and higher inflation. The EURUSD took a hit off 1.1664 highs as the USD rallied off lows. Price slammed down through support around 1.1620 to squeeze out any bulls between the two levels. Bears will be trying to hold price below 1.1620 to continue to pressure price lower and for now, they look in a good position to do it. The GBPUSD held up well above the 1.3740 support area even under the pressure of a rising USD. Although this is a good sign for bulls, price continues to be capped at lower levels, most recent being at 1.3791 which is holding the action down. The AUDUSD rallied along with the risk on tone into share markets through the Asian and European sessions. Problem is that the rally failed again into the 0.7507 resistance zone. Expecting to see some buyers squeezed out of the action today if the 0.7507 level continues to hold. The USDJPY edged higher as expected to clear out some buyers from Fridays move down. Price was well contained even as the USD rallied and the trend down remains in tact. If the dollar continues to move up, then expecting to see a flush up through 113.900.

SPOT GOLD showed strength yesterday with bulls pushing prices back up to highs and resistance around 1807. The strength was a surprise considering the move up in the USD so bulls will be getting excited that this may finally be the start of a trend move up. Expecting the current momentum to be enough to push price into the 1825 area. Crude Oil was moving higher through Asian and European trade before being smacked back down into the US close giving up $1.60 on the drop. Traders may be getting concerned into inventories data tonight and simply took the opportunity to lock in some gains into an extended market. Weighing on the market were concerns that Iran may lift supply ahead of talks with the EU. Copper was supported on expectations for more buying from China after data showed a drop in inventories. Price action is still not convincing enough to drag in a lot of bulls for a spike higher as the USD weighed on the action.

Cryptocurrencies were again mixed through European and US trade with the bulk of the action being in Bitcoin and Ethereum while others were more contained. Bitcoin saw a slow grind higher all session and is currently trading at $62731.00 up 3.40% while Ethereum is trading at $4196.40 up 3.78% and Ripple is at $1.09085 up 1.79%.

The ASX200 had a few swings and roundabouts for traders yesterday but the bulls managed to come out on top as the Index ended the day up 25.5 points to 7441. Prices did end lower off session highs with the Energy, Gold and Resources sectors leading the gains. Rising stocks outnumbered declining ones by 731 to 670 and 374 ended unchanged.

The ASX200 is expected to open up 15 points as the SPI200 continues the push higher and hold higher levels.


JPY BOJ Core CPI 4pm

USD Consumer Confidence and New Home Sales 1am


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