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
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 |
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 |
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 |
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 |
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 |
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 |
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