Daily Market Report: March 1, 2021

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.

March 1, 2021

Stocks Close Mixed as Treasury Yields Back Off

U.S. Stock Market

Last: 12,960

Pivot: 12,755

Review:

U.S. stocks were mixed after the close on Friday, as gains in the Technology, Consumer Services and Industrials sectors led shares higher while losses in the Oil & Gas, Telecoms and Utilities sectors pressured the Dow lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.87%, while the S&P 500 index gained 0.16%, and the NASDAQ Composite index jumped 1.14%.

Technical comment:

The NASDAQ 100 RSI is mixed and calls for caution.

Preference scenario:

Long positions above 12,755.00, with targets at 13,440.00 & 13,880.00 in extension.

Alternative scenario:

Below 12,755.00, look for further downside with 12,200.00 & 11,700.00 as targets.

Resistance 13,440 13,880 14,650
Support 12,755 12,200 11,700
Stocks Close Mixed as Treasury Yields Back Off
USD/JPY

Last: 106.54

Pivot: 106.20

Review:

The USD/JPY currency pair inched down by 0.01% to close at 106.54.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

Long positions above 106.20, with targets at 106.70 & 107.00 in extension.

Alternative scenario:

Below 106.20, look for further downside with 106.00 & 105.80 as targets.

Resistance 106.70 107 107.20
Support 106.20 106 105.80
Stocks Close Mixed as Treasury Yields Back Off
Gold

Last: 1,743

Pivot: 1,726

Review:

Gold posted its worst monthly loss since 2016 as the yellow metal broke below its key mid-$1,700 support on Friday. This followed weakness in most other commodities and Wall Street’s Dow for a second straight day as investors re-evaluated their portfolio positioning.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Long positions above 1726.00, with targets at 1755.00 & 1770.00 in extension.

Alternative scenario:

Below 1,726.00, look for further downside with 1,717.00 & 1,706.00 as targets.

Resistance 1,755 1,770 1,783
Support 1,726 1,717 1,706
Stocks Close Mixed as Treasury Yields Back Off
OIl

Last: 62.81

Pivot: 62.05

Review:

Crude oil markets rose for a fourth straight month, despite a price drop Friday. Next week intensifies the challenge of keeping up with its phenomenal run as Saudi Arabia and Russia head into a contentious producer meeting with vastly different agendas.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Long positions above 62.05, with targets at 63.35 & 63.80 in extension.

Alternative scenario:

Below 62.05, look for further downside with 61.35 & 60.95 as targets.

Resistance 63.35 63.80 64.40
Support 62.05 61.35 60.95
Stocks Close Mixed as Treasury Yields Back Off
EUR/USD

Last: 1.2087

Pivot: 1.2110

Review:

The Euro/Dollar exchange rate gained 0.2% to 1.2091, after dropping 0.9% at the end of last week - its most since last April.

Technical comment:

The upward potential is likely to be limited by the resistance at 1.2110.

Preference scenario:

Short positions below 1.2110, with targets at 1.2060 & 1.2040 in extension.

Alternative scenario:

Above 1.2110, look for further upside with 1.2140 & 1.2160 as targets.

Resistance 1.2110 1.2140 1.2160
Support 1.2060 1.2040 1.2020
Stocks Close Mixed as Treasury Yields Back Off
GBP/USD

Last: 1.3977

Pivot: 1.3925

Review:

The GBP/USD currency pair was down 0.42% to 1.3954, before bouncing at the end of the session.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

Long positions above 1.3925, with targets at 1.4000 & 1.4045 in extension.

Alternative scenario:

Below 1.3925, look for further downside with 1.3885 & 1.3860 as targets.

Resistance 1.4000 1.4045 1.4085
Support 1.3925 1.3885 1.3860
Stocks Close Mixed as Treasury Yields Back Off

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