Daily Market Report: October 23, 2020
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.
October 23, 2020
Tesla reports Electric results, Gold & Oil – not so much
Last: 3,453
Pivot: 3,415
Review:
U.S. stocks were higher after the close on Thursday, as gains in the Oil & Gas, Telecoms and Healthcare sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 0.54%, while the S&P 500 index climbed 0.52%, and the NASDAQ Composite index added 0.19%.
Technical comment:
The S&P 500 RSI is bullish and calls for further upside.
Preference scenario:
Long positions above 3415.00 with targets at 3480.00 & 3515.00 in extension.
Alternative scenario:
Below 3415.00 look for further downside with 3370.00 & 3325.00 as targets.
| Resistance | 3,480 | 3,515 | 3,550 |
| Support | 3,415 | 3,370 | 3,325 |
Last: 425.79
Pivot: 435.2
Review:
Tesla Inc. (NASDAQ:TSLA) eased from session highs to trade up 2% after the electric automaker said it was on track to 500,000 deliveries this year, and reported quarterly results that beat on both the top and bottom lines.
Technical comment:
The RSI is below its neutrality area at 50.
Preference scenario:
Under pressure below 435.2.
Alternative scenario:
Above 435.2, look for 441.2 and 445.
| Resistance | 435.2 | 441.2 | 445 |
| Support | 414.4 | 410.8 | 407.2 |
Last: 1,904.19
Review:
Spot Gold, which reflects real-time trades in bullion, was down $20.10, or 1%, at $1,904.49 by 3:53.
Technical comment:
The upward potential is likely to be limited by the resistance at 1908.25.
Preference scenario:
Short positions below 1908.25 with targets at 1894.25 & 1888.75 in extension.
Alternative scenario:
Above 1908.25 look for further upside with 1914.25 & 1920.25 as targets.
| Resistance | 1,908.25 | 1,914.25 | 1,920.25 |
| Support | 1,894.25 | 1,888.75 | 1,882.25 |
Last: 40.59
Pivot: 40.45
Review:
The Oil market came under pressure yesterday, and this has continued in early morning trading in Asia, with WTI breaking below US$40/bbl.
Technical comment:
The immediate trend is still aiming upwards, but the momentum is weak.
Preference scenario:
Long positions above 40.45 with targets at 41.00 & 41.20 in extension.
Alternative scenario:
Below 40.45 look for further downside with 40.00 & 39.70 as targets.
| Resistance | 41 | 41.2 | 41.55 |
| Support | 40.45 | 40 | 39.7 |
Last: 1.1808
Pivot: 1.1840
Review:
The greenback got to recover some ground this Thursday, appreciating against most of its major rivals. The EUR/USD pair fell to 1.1810 ahead of Wall Street closing.
Technical comment:
The RSI is bearish and calls for further downside.
Preference scenario:
Short positions below 1.1840 with targets at 1.1790 & 1.1760 in extension.
Alternative scenario:
Above 1.1840 look for further upside with 1.1865 & 1.1880 as targets.
| Resistance | 1.1840 | 1.1865 | 1.1880 |
| Support | 1.1790 | 1.1760 | 1.1740 |
Last: 1.3070
Pivot: 1.3120
Review:
GBP/USD is currently trading at 1.3092 and is down some 0.36% at the time of writing on Brexit woes.
Technical comment:
The RSI advocates for further downside.
Preference scenario:
Short positions below 1.3120 with targets at 1.3040 & 1.3010 in extension.
Alternative scenario:
Above 1.3120 look for further upside with 1.3150 & 1.3175 as targets.
| Resistance | 1.3120 | 1.3150 | 1.3175 |
| Support | 1.3040 | 1.3010 | 1.2790 |
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