US equities closed flat to lower on the day after selling pressure at the open and early in the day was met with an intraday drift higher to claw back into neutral territory. Global equity markets were lower across the board with the exception of Vietnam, Greece, and New Zealand. Bond weakness continued after today’s jobs data and the dollar continues to move lower. Bias in the major indices continues to be neutral/higher as we are above the 8 day.
Leaders on the day included regional banks (KRE), retail (XRT), transports (IYT), financials (XLF), industrials (XLI), and utilities (XLU).
Laggards on the day included gold miners (GDX), steel names (SLX), coal stocks (KOL), gaming stocks (BJK), social stocks (SOCL).
In the commodity space silver eas down on the day, needs to hold 20.50 to remain bullish.
Copper was down 4% at 3.08 support at 3.
Crude oil back above the 8 day as it saw follow through off yesterday’s hammer at support. Next resistance at 103, 105.
Wheat futures broke above the 200 day EMA and touched resistance intraday at 665.
Platinum and palladium both modestly higher on the day as the 8 day provides further momentum to the upside. Overbought though.
Cocoa futures moving higher above the 8 day. Needs a close above 2985 to test the recent highs 3002.
Cotton pushed up to the top of its range in the mid 93s but put in a topping tail closing on the low of the day under 91.
Soybean oil hit resistance near 45 and printed a long legged doji. Trend now neutral/higher above the moving averages.
Soybeans continued higher up 1.5% next target is a gap fill up to 1485.
Soybean meal finally caught a bid and closed back above 455 after retesting the prior breakout area in the past two weeks. Bias neutral/higher going into next week. Needs to clear 460 with some volume to test the intraday highs of 473.
Sugar continued lower to test the 8 day on the back of negative momentum divergences. Support that needs to hold is the 200 day EMA around 17.11
Most currencies had a volatile day from the macro data, but held in the general direction of this week’s breakouts. See if they can hold their upper levels and build a base next week.