EURGBP TECHS: Trend Needle Points North
Oct-30 19:00
* RES 4: 0.8865 1.764 proj of the Sep 15 - 25 - Oct 8 price swing * RES 3: 0.8848 1.618 proj of the ...
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COMMODITIES: Crude Falls Amid Oversupply Concerns, Gold Hits Fresh Record High
Sep-30 18:57
- Crude has fallen further today ahead of Sunday’s OPEC meeting, amid conflicting reports on the size of a potential hike. Crude pared some losses after an OPEC statement rejected reports that the group is considering a 500k b/d increase.
- WTI Nov 25 is down by 1.5% at $62.5/bbl.
- The bloc’s retort came after a report from Bloomberg had suggested that OPEC is discussing fast tracking its latest round of supply hikes in three monthly instalments of about 500k b/d, while Reuters sources said it was around 411k b/d.
- The pullback in WTI futures refocuses attention on key support at $60.85, the Aug 13 low. A break of this level would reinstate the downtrend, with next support below there at $57.50, the May 30 low.
- Meanwhile, spot gold printed a new record high at $3,871/oz earlier today, before paring gains, with the yellow metal currently up by 0.4% at $3,849.
- The move comes ahead of a potential US government shutdown, which President Trump has said will probably occur.
- The trend condition in gold is unchanged, and a bull cycle remains in play. Today’s fresh cycle high confirms a resumption of the primary uptrend, with MA studies in a bull-mode position, highlighting a dominant uptrend.
- Sights are on $3,909.4 next, a Fibonacci projection. On the downside, support to watch lies at $3,681.6, the 20-day EMA. A pullback would be considered corrective.
US STOCKS: Late Equities Roundup: Off Lows, Narrow Ranges Ahead Likely Shutdown
Sep-30 18:46
- Stocks continue to drift near steady (SPX eminis) to mildly negative late Tuesday, apprehension over a looming US government shutdown at midnight tonight keeping trading accounts at bay. Currently, the DJIA trades down 25.04 points (-0.05%) at 46284.74, S&P E-Minis up 6.5 points (0.1%) at 6719.5, Nasdaq down 0.8 points (0%) at 22588.13.
- Energy, Financial and Consumer Discretionary sector shares continued to lead decliners in the second half.
- Oil and gas stocks weaker as crude prices retreat even after OPEC issued a statement rejecting reports of production increases: Schlumberger -3.30%, Occidental Petroleum -2.91%, Halliburton -2.68%, Marathon Petroleum -2.53% and Phillips 66 -2.33%.
- A mix of financial services and travel related shares weighed on Financial and Consumer Discretionary sectors: Capital One Financial -5.83%, KKR & Co -5.57%, Apollo Global Management -5.53% and Blackstone -4.98%; MGM Resorts Int -6.21%, Expedia Group -3.40%, Las Vegas Sands -3.19% and Wynn Resorts -3.13%.
- On the positive side, Health Care and Information Technology sector shares led gainers. Pfizer climbed over 6% after headlines reported the pharmaceutical maker will get a three year grace period from Trump's drug tariffs. Merck & Co gained +4.85% and IQVIA Holdings +4.70%.
- Dell Technologies +3.71%, NVIDIA +2.51% and Super Micro Computer +2.91% supported the Tech sector.
US TSY OPTIONS: Nov'25 5Y Calls
Sep-30 18:31
- appr 12,000 FVX5 110 calls, 7.0-7.5 ref 109-07, total volume over 23,100
