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
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%.
The next resistances are at 15560.00 and then at 15675.00.
A buy opportunity could arise if the price moves above 15320.00, with targets at 15560.00 and 15675.00 in extension.
Should there be a price breakout below 15320.00, look for a further downside with 15230.00 and 15065.00 as targets.
USD/CAD rebound stalls below the 1.2400 level.
The RSI advocates for further upside.
For taking long positions above 1.2340, traders could look for targets at 1.2385 and 1.2410 in extension.
In the case of a negative downard path below 1.2340, look for a further downside with 1.2310 and 1.2290 as targets.
Gold futures ended with a loss on Thursday, easing back after posting gains in each of the last two trading sessions.
The RSI is bullish and calls for further upside.
If the price advances past 1775.00, search for the next targets at 1794.00 and 1800.00 in extension.
In the event of a price depreciation below 1775.00, look for a further downside with 1770.00 and 1765.00 as targets.
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.
The RSI is mixed with a bearish bias.
A chance to sell could come at a price level below 83.20, with targets at 81.50 and 80.80 in extension.
If the price climbs upwards above 83.20, look for a further upside with 83.95 and 84.50 as targets.
EUR/USD is trading around 1.1624 and between the 1.1620 mark.
The RSI is bearish and calls for further downside.
For short positions below the 1.1650 mark, look for targets at 1.1610 and 1.1590 in extension.
In the case of an upside breakout above 1.1650, look for further upside with 1.1670 and 1.1690 as targets.
GBP/USD pair inched down 0.05% to 1.3817.
The RSI advocates for further decline.
In the event of a price fall below 1.3815, with targets at 1.3760 and 1.3740 in extension.
If the price rises above 1.3815, traders could look for a further upside with 1.3835 and 1.3855 as targets.
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