Daily Market Report: April 9, 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 9, 2021
Investor Optimism Carries Stocks to Fresh Records
U.S. stocks finished in the green as the S&P 500 closed at all-time highs for the second straight day. The Dow Jones rose by 0.17%, the S&P 500 gained 0.42%, and the NASDAQ added 1.03% to its value.
The RSI is bullish and calls for further upside.
Long positions above 4,065.00, with targets at 4,113.00 & 4,145.00 in extension.
Below 4,065.00, look for further downside with 4,035.00 & 3,995.00 as targets.
Southwest Airlines (LUV) shares fell by 0.06%, although the company announced that it would recall over 2,700 flight attendants for its increasingly busy summer schedule.
The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is above its 20 and 50-day moving average (respectively at 60.581 and 55.460). Finally, Southwest Airlines has crossed above its upper daily Bollinger band at 64.01.
The upside prevails as long as 60.10 remains support.
The downside breakout of 60.10 would call for 56.10 and 53.80 as targets.
Gold rose by 1.04%, breaching the resistance of $1,750, while another run-up in US bond yields and the Dollar could indeed threaten to change the bullish momentum.
The RSI is mixed with a bullish bias.
Long positions above 1,745.00, with targets at 1,760.00 & 1,766.00 in extension.
Below 1,745.00, look for further downside with 1,740.00 & 1,734.00 as targets.
Oil prices slightly rose by 0.08% as southeast Asia Looks to increase offshore oil production in the near future.
A support base at 58.80 has formed and has allowed for a temporary stabilisation.
Long positions above 58.80, with targets at 60.00 & 60.90 in extension.
Below 58.80, look for further downside with 58.10 & 57.65 as targets.
The EUR/USD exchange rate rose by 0.40%, despite the PPI report coming less than expected at 0.5%.
The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50-period moving average (respectively at 1.1901 and 1.1883).
The upside prevails as long as 1.1886 is support.
Below 1.1886, expect 1.1855 and 1.1837 as targets.
The GBP/USD currency pair rose by 0.02% after the Construction PMI came in with solid results, reported at 61.7 vs. 55.0 forecasted.
The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50-period moving average (respectively at 1.3744 and 1.3745).
The downside prevails as long as 1.3757 is resistance.
The upside breakout of 1.3757 would call for 1.3790 and 1.3810 in extension.
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