Daily Market Report: January 14, 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.

January 14, 2021

Markets Mixed in Expectation of Biden’s Aid Package

U.S. Stock Market

Last: 12,881.27

Pivot: 13,020

Review:

U.S. stocks finished mixed with defensive sectors leading gains, while Oil & Gas and Industrials sectors leading shares lower. The Dow Jones fell by 0.03%, the S&P 500 rose by 0.23% and the NASDAQ added 0.43% to its value.

Technical comment:

The NASDAQ 100 RSI calls for a new downleg.

Preference scenario:

Short positions below 13,020.00 with targets at 12,780.00 & 12,600.00 in extension.

Alternative scenario:

Above 13,020.00, look for further upside with 13,110.00 & 13,280.00 as targets.

Resistance 13,020 13,110 13,280
Support 12,780 12,600 12,510
Markets Mixed in Expectation of Biden’s Aid Package
Tesla (TSLA)

Last: 856.1

Pivot: 842.6

Review:

Tesla shares rose by 0.59%, while the U.S. asked the company to recall 158K vehicles for touchscreen failures.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Tesla is above its 20 and 50 period moving average (respectively at 848.63 and 849.09).

Preference scenario:

The upside prevails as long as 842.6 is support.

Alternative scenario:

The downside breakout of 842.6 would call for 829.8 and 822.4.

Resistance 880.8 888.4 896
Support 842.6 829.8 822.4
Markets Mixed in Expectation of Biden’s Aid Package
Gold

Last: 1,853.54

Pivot: 1,847

Review:

Gold slightly fell by 0.39%, but keeps levels above 1,800 as the greenback falls continue.

Technical comment:

Intraday technical indicators are mixed and call for caution.

Preference scenario:

Long positions above 1847.00 with targets at 1863.75 & 1877.00 in extension.

Alternative scenario:

Below 1847.00, look for further downside with 1837.00 & 1829.00 as targets.

Resistance 1,863.75 1,877 1,890
Support 1,847 1,837 1,829
Markets Mixed in Expectation of Biden’s Aid Package
Oil

Last: 52.76

Pivot: 53.40

Review:

Oil prices fell by 0.86% as Crude Oil Inventories came as expected at -3.2M.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 53.40 with targets at 52.50 & 52.00 in extension.

Alternative scenario:

Above 53.40, look for further upside with 53.90 & 54.35 as targets.

Resistance 53.40 53.90 54.35
Support 52.50 52.00 51.50
Markets Mixed in Expectation of Biden’s Aid Package
EUR/USD

Last: 1.2159

Pivot: 1.2180

Review:

The EUR/USD fell yesterday by 0.37% as Italian Industrial Production came less than expected at -1.4% vs. -0.4% forecast.

Technical comment:

As long as the resistance at 1.2180 is not surpassed, the risk of the break below 1.2135 remains high.

Preference scenario:

Short positions below 1.2180 with targets at 1.2135 & 1.2115 in extension.

Alternative scenario:

Above 1.2180, look for further upside with 1.2200 & 1.2220 as targets.

Resistance 1.2180 1.2200 1.2220
Support 1.2135 1.2115 1.2100
Markets Mixed in Expectation of Biden’s Aid Package
GBP/USD

Last: 1.3642

Pivot: 1.3665

Review:

The GBP/USD fell by 0.11% on negative Rates Speculation in the market.

Technical comment:

The upward potential is likely to be limited by the resistance at 1.3665.

Preference scenario:

Short positions below 1.3665 with targets at 1.3610 & 1.3575 in extension.

Alternative scenario:

Above 1.3665, look for further upside with 1.3700 & 1.3725 as targets.

Resistance 1.3665 1.3700 1.3725
Support 1.3610 1.3575 1.3535

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