Daily Market Report: October 22, 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.

October 22, 2021

Oil price tumbles; S&P 500 hits record highs

US Stock Market

Last: 15,473

Pivot: 15,320

Review:

The S&P 500 closed at record highs Thursday, as gains in big tech and a Tesla-fueled climb in consumer discretionary sparked an intraday turnaround on Wall Street. The S&P 500 rose 0.3% to close at a record high of 4,549.78 eclipsing the previous record of 4,536.95, the Dow Jones Industrial Average slipped 0.02%, or 6 points, and the Nasdaq Composite added 0.6%.

Technical comment:

The next resistances are at 15560.00 and then at 15675.00.

Preference scenario:

A buy opportunity could arise if the price moves above 15320.00, with targets at 15560.00 and 15675.00 in extension.

Alternative scenario:

Should there be a price breakout below 15320.00, look for a further downside with 15230.00 and 15065.00 as targets.

Resistance 15,560 15,675 15,740
Support 15,320 15,230 15,065
Oil price tumbles; S&P 500 hits record highs
USD/CAD

Last: 1.2368

Pivot: 1.234

Review:

USD/CAD rebound stalls below the 1.2400 level.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

For taking long positions above 1.2340, traders could look for targets at 1.2385 and 1.2410 in extension.

Alternative scenario:

In the case of a negative downard path below 1.2340, look for a further downside with 1.2310 and 1.2290 as targets.

Resistance 1.2385 1.241 1.243
Support 1.234 1.231 1.229
Oil price tumbles; S&P 500 hits record highs
Gold

Last: 1,785.3

Pivot: 1,775

Review:

Gold futures ended with a loss on Thursday, easing back after posting gains in each of the last two trading sessions.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

If the price advances past 1775.00, search for the next targets at 1794.00 and 1800.00 in extension.

Alternative scenario:

In the event of a price depreciation below 1775.00, look for a further downside with 1770.00 and 1765.00 as targets.

Resistance 1,794 1,800 1,810
Support 1,775 1,770 1,765
Oil price tumbles; S&P 500 hits record highs
Oil

Last: 82.34

Pivot: 83.2

Review:

Oil tumbled on Thursday as a forecast for a warm US winter put the brakes on a rally that drove prices to a three-year high above $86.

Technical comment:

The RSI is mixed with a bearish bias.

Preference scenario:

A chance to sell could come at a price level below 83.20, with targets at 81.50 and 80.80 in extension.

Alternative scenario:

If the price climbs upwards above 83.20, look for a further upside with 83.95 and 84.50 as targets.

Resistance 83.2 83.95 84.5
Support 81.5 80.8 79.9
Oil price tumbles; S&P 500 hits record highs
EUR/USD

Last: 1.1624

Pivot: 1.165

Review:

EUR/USD is trading around 1.1624 and between the 1.1620 mark.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

For short positions below the 1.1650 mark, look for targets at 1.1610 and 1.1590 in extension.

Alternative scenario:

In the case of an upside breakout above 1.1650, look for further upside with 1.1670 and 1.1690 as targets.

Resistance 1.165 1.167 1.169
Support 1.161 1.159 1.157
Oil price tumbles; S&P 500 hits record highs
GBP/USD

Last: 1.3792

Pivot: 1.3815

Review:

GBP/USD pair inched down 0.05% to 1.3817.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

In the event of a price fall below 1.3815, with targets at 1.3760 and 1.3740 in extension.

Alternative scenario:

If the price rises above 1.3815, traders could look for a further upside with 1.3835 and 1.3855 as targets.

Resistance 1.3815 1.3835 1.3855
Support 1.376 1.374 1.372
Oil price tumbles; S&P 500 hits record highs

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