Daily Market Report: October 30, 2020

Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.

October 30, 2020

A European Bloodbath, U.S Success And Poor iPhone Sales

U.S. Stock Market

Last: 3,324

Pivot: 3,268

Review:

U.S. stocks finished high as gains in the Oil & Gas; Basic Materials and Technology sectors led shares higher. The Dow Jones rose by 0.52%, the S&P 500 rose by 1.19% and the NASDAQ added 1.64% to its value.

Technical comment:

The S&P 500 RSI advocates for further upside.

Preference scenario:

Long positions above 3268.00 with targets at 3367.00 & 3425.00 in extension.

Alternative scenario:

Below 3268.00, look for further downside with 3240.00 & 3210.00 as targets.

Resistance 3,367 3,345 3,365
Support 3,268 3,240 3,210
A European Bloodbath, U.S Success And Poor iPhone Sales
Apple (AAPL)

Last: 116.34

Pivot: 114.6

Review:

Apple shares rose by 3.71%, but fell around 4% on after-market session after the company announced that iPhone sales were weaker than expected.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Apple is above its 20 and 50 period MA (respectively at 114.32 and 114.67).

Preference scenario:

The upside prevails as long as 114.6 is support.

Alternative scenario:

The downside breakout of 114.6 would call for 112.6 and 111.4.

Resistance 120.20 1,211.40 122.60
Support 114.60 112.60 111.40
A European Bloodbath, U.S Success And Poor iPhone Sales
Gold

Last: 1,870.12

Pivot: 1,877.50

Review:

Gold fell by 0.48%, after the dollar rose ahead of the election next week.

Technical comment:

The RSI is mixed with a bearish bias.

Preference scenario:

Short positions below 1877.50 with targets at 1859.00 & 1852.00 in extension.

Alternative scenario:

Above 1877.50, look for further upside with 1884.00 & 1890.00 as targets.

Resistance 1,877.50 1,884 1,890
Support 1,859 1,852 1,845.75
A European Bloodbath, U.S Success And Poor iPhone Sales
Oil

Last: 36.35

Pivot: 35.20

Review:

Oil prices fell by 3.34% as the market continued to reel from fears of another global ramp-up in coronavirus cases, which could lead to a low demand for oil in the next few weeks.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

Long positions above 35.20 with targets at 36.55 & 37.10 in extension.

Alternative scenario:

Below 35.20, look for further downside with 34.45 & 33.85 as targets.

Resistance 36.55 37.10 37.75
Support 35.20 34.45 33.85
A European Bloodbath, U.S Success And Poor iPhone Sales
EUR/USD

Last: 1.1673

Pivot: 1.1715

Review:

The EUR/USD fell yesterday by 0.59% after the ECB left the interest rate unchanged at 0.0%.

Technical comment:

As long as 1.1715 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

Short positions below 1.1715 with targets at 1.1615 & 1.1590 in extension.

Alternative scenario:

Above 1.1715, look for further upside with 1.1740 & 1.1760 as targets.

Resistance 1.1715 1.1740 1.1760
Support 1.1615 1.1590 1.1565
A European Bloodbath, U.S Success And Poor iPhone Sales
GBP/USD

Last: 1.2927

Pivot: 1.2950

Review:

The GBP/USD fell by 0.37%, while the negotiation between Europe and U.K regarding Brexit trading agreement continues.

Technical comment:

The RSI is mixed with a bearish bias.

Preference scenario:

Short positions below 1.2950 with targets at 1.2880 & 1.2845 in extension.

Alternative scenario:

Above 1.2950 look for further upside with 1.2980 & 1.3025 as targets.

Resistance 1.2950 1.2980 1.3025
Support 1.2880 1.2845 1.2810
A European Bloodbath, U.S Success And Poor iPhone Sales

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