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. 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%.
The NASDAQ 100 RSI is mixed and calls for caution.
Long positions above 12,755.00, with targets at 13,440.00 & 13,880.00 in extension.
Below 12,755.00, look for further downside with 12,200.00 & 11,700.00 as targets.
The USD/JPY currency pair inched down by 0.01% to close at 106.54.
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Long positions above 106.20, with targets at 106.70 & 107.00 in extension.
Below 106.20, look for further downside with 106.00 & 105.80 as targets.
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.
The RSI calls for a rebound.
Long positions above 1726.00, with targets at 1755.00 & 1770.00 in extension.
Below 1,726.00, look for further downside with 1,717.00 & 1,706.00 as targets.
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.
The RSI calls for a rebound.
Long positions above 62.05, with targets at 63.35 & 63.80 in extension.
Below 62.05, look for further downside with 61.35 & 60.95 as targets.
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.
The upward potential is likely to be limited by the resistance at 1.2110.
Short positions below 1.2110, with targets at 1.2060 & 1.2040 in extension.
Above 1.2110, look for further upside with 1.2140 & 1.2160 as targets.
The GBP/USD currency pair was down 0.42% to 1.3954, before bouncing at the end of the session.
The RSI advocates for further upside.
Long positions above 1.3925, with targets at 1.4000 & 1.4045 in extension.
Below 1.3925, look for further downside with 1.3885 & 1.3860 as targets.
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