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
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%.
The S&P 500 RSI is bullish and calls for further upside.
Long positions above 3415.00 with targets at 3480.00 & 3515.00 in extension.
Below 3415.00 look for further downside with 3370.00 & 3325.00 as targets.
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.
The RSI is below its neutrality area at 50.
Under pressure below 435.2.
Above 435.2, look for 441.2 and 445.
Spot Gold, which reflects real-time trades in bullion, was down $20.10, or 1%, at $1,904.49 by 3:53.
The upward potential is likely to be limited by the resistance at 1908.25.
Short positions below 1908.25 with targets at 1894.25 & 1888.75 in extension.
Above 1908.25 look for further upside with 1914.25 & 1920.25 as targets.
The Oil market came under pressure yesterday, and this has continued in early morning trading in Asia, with WTI breaking below US$40/bbl.
The immediate trend is still aiming upwards, but the momentum is weak.
Long positions above 40.45 with targets at 41.00 & 41.20 in extension.
Below 40.45 look for further downside with 40.00 & 39.70 as targets.
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.
The RSI is bearish and calls for further downside.
Short positions below 1.1840 with targets at 1.1790 & 1.1760 in extension.
Above 1.1840 look for further upside with 1.1865 & 1.1880 as targets.
GBP/USD is currently trading at 1.3092 and is down some 0.36% at the time of writing on Brexit woes.
The RSI advocates for further downside.
Short positions below 1.3120 with targets at 1.3040 & 1.3010 in extension.
Above 1.3120 look for further upside with 1.3150 & 1.3175 as targets.
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