Daily Market Report: April 2, 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.

April 2, 2021

Stocks Jump as S&P 500 Closes Above 4,000 for the First Time

U.S. Stock Market

Last: 4,012

Pivot: 3,980

Review:

US stocks were higher after the close on Thursday, as gains in the Oil & Gas, Technology and Financials sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average gained 0.52%, while the S&P 500 index climbed 1.18%, and the NASDAQ Composite index lifted 1.76%.

Technical comment:

The S&P 500 RSI is bullish and calls for further upside.

Preference scenario:

Long positions above 3,980.00, with targets at 4,025.00 & 4,050.00 in extension.

Alternative scenario:

Below 3,980.00, look for further downside with 3,954.00 & 3,921.00 as targets.

Resistance 4,025 4,050 4,200
Support 3,980 3,954 3,921
Stocks Jump as S&P 500 Closes Above 4,000 for the First Time
Apple (AAPL)

Last: 122.53

Pivot: 121.60

Review:

Apple (NASDAQ: AAPL) shares were up 1%, closing at 122.53 on slight weakness.

Technical comment:

The RSI is above 50.

Preference scenario:

As long as 121.60 remains support, look for 125.00.

Alternative scenario:

Below 121.60, expect 120.40 and 119.60 as targets.

Resistance 125 125.60 126.40
Support 121.60 120.40 119.60
Stocks Jump as S&P 500 Closes Above 4,000 for the First Time
Gold

Last: 1,727

Pivot: 1,718

Review:

Spot gold was up $42.33, or 2.5%, to trade at $1,727.59 as the precious metal bounced back from yesterday’s lows.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 1,718.00, with targets at 1,734.00 & 1,740.00 in extension.

Alternative scenario:

Below 1,718.00, look for further downside with 1,705.00 & 1,699.00 as targets.

Resistance 1,734 1,740 1,746
Support 1,718 1,705 1,699
Stocks Jump as S&P 500 Closes Above 4,000 for the First Time
Oil

Last: 61.27

Pivot: 60.50

Review:

US crude oil prices settled up 3.52% at $61.24 per barrel as volatile trading ensued throughout the session.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 60.50, with targets at 62.15 & 62.85 in extension.

Alternative scenario:

Below 60.50, look for further downside with 59.70 & 58.86 as targets.

Resistance 62.15 62.85 63.20
Support 60.50 59.70 58.86
Stocks Jump as S&P 500 Closes Above 4,000 for the First Time
EUR/USD

Last: 1.1773

Pivot: 1.1744

Review:

EUR/USD exchange rate was up by 0.38% to close at 1.1772.

Technical comment:

The RSI is above 50.

Preference scenario:

The upside prevails as long as 1.1744 remains support.

Alternative scenario:

Below 1.1744, expect 1.1713 and 1.1695 as targets.

Resistance 1.1811 1.1829 1.1848
Support 1.1744 1.1733 1.1695
Stocks Jump as S&P 500 Closes Above 4,000 for the First Time
GBP/USD

Last: 1.3832

Pivot: 1.3798

Review:

The GBP/USD currency pair jumped above 1.3800 and trades near a weekly high of 1.3846.

Technical comment:

The RSI is above its neutrality area at 50.

Preference scenario:

The upside prevails as long as 1.3798 is support.

Alternative scenario:

The downside breakout of 1.3798 would call for 1.3762 and 1.3741 as targets.

Resistance 1.3875 1.3897 1.3918
Support 1.3798 1.3762 1.3741
Stocks Jump as S&P 500 Closes Above 4,000 for the First Time

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