Daily Market Report: March 4, 2021

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March 4, 2021

Stocks Falter Again as Bond Yields Apply Pressure

U.S. Stock Market

Last: 3,835.38

Pivot: 3,870

Review:

U.S. stocks were lower after the close on Wednesday, as losses across the Technology, Healthcare and Consumer Services sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.39%, while the S&P 500 index fell 1.31%, and the NASDAQ Composite index collapsed 2.70%.

Technical comment:

The S&P 500 RSI advocates for further decline.

Preference scenario:

Short positions below 3,870.00, with targets at 3,821.00 & 3,790.00 in extension.

Alternative scenario:

Above 3,870.00, look for further upside with 3,895.00 & 3,914.00 as targets.

Resistance 3,870 3,895 3,914
Support 3,821 3,790 3,767
Stocks Falter Again as Bond Yields Apply Pressure
USD/JPY

Last: 106.98

Pivot: 106.80

Review:

The USD/JPY exchange rate has been moving sideways in the 106.90’s for the last few hours of the session as it continued to flirt with the 107.00 level.

Technical comment:

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

Preference scenario:

Long positions above 106.80, with targets at 107.15 & 107.30 in extension.

Alternative scenario:

Below 106.80, look for further downside with 106.65 & 106.50 as targets.

Resistance 107.15 107.30 107.40
Support 106.80 106.65 106.50
Stocks Falter Again as Bond Yields Apply Pressure
Gold

Last: 1,710

Pivot: 1,726

Review:

Gold believers are unable to shake off their misery yet, with the yellow metal suffering its sixth setback in seven days after futures very briefly broke below the key $1,700 support level on Wednesday.

Technical comment:

As long as the resistance at 1,726.00 is not surpassed, the risk of the break below 1,702.00 remains high.

Preference scenario:

Short positions below 1,726.00, with targets at 1,702.00 & 1,687.00 in extension.

Alternative scenario:

Above 1,726.00, look for further upside with 1,740.00 & 1,751.00 as targets.

Resistance 1,726 1,740 1,751
Support 1,702 1,687 1,672
Stocks Falter Again as Bond Yields Apply Pressure
Oil

Last: 60.89

Pivot: 60.20

Review:

New York-traded West Texas Intermediate, the benchmark for US crude, settled up $1.53, or 2.6%, at $61.28 per barrel.

Technical comment:

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

Preference scenario:

Long positions above 60.20, with targets at 61.55 & 62.00 in extension.

Alternative scenario:

Below 60.20, look for further downside with 59.70 & 59.25 as targets.

Resistance 61.55 62 62.40
Support 60.20 59.70 59.25
Stocks Falter Again as Bond Yields Apply Pressure
EUR/USD

Last: 1.2059

Pivot: 1.2080

Review:

The EUR/USD currency pair edged lower after hitting an intraday high of 1.2112.

Technical comment:

A break below 1.2040 would trigger a drop towards 1.2020.

Preference scenario:

Short positions below 1.2080, with targets at 1.2040 & 1.2020 in extension.

Alternative scenario:

Above 1.2080, look for further upside with 1.2110 & 1.2140 as targets.

Resistance 1.2080 1.2110 1.2140
Support 1.2040 1.2020 1.1990
Stocks Falter Again as Bond Yields Apply Pressure
GBP/USD

Last: 1.3940

Pivot: 1.3965

Review:

The GBP/USD exchange rate ended the day as it started it, just below the 1.396-7 price zone.

Technical comment:

A break below 1.3910 would trigger a drop towards 1.3885.

Preference scenario:

Short positions below 1.3965, with targets at 1.3910 & 1.3885 in extension.

Alternative scenario:

Above 1.3965, look for further upside with 1.4000 & 1.4030 as targets.

Resistance 1.3965 1.4000 1.4030
Support 1.3910 1.3885 1.3855
Stocks Falter Again as Bond Yields Apply Pressure

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