Daily Market Report: January 26, 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 26, 2021
Big Tech Leads Shares Higher as the USD Firms
The Nasdaq closed at record highs on Monday, as Apple led further strength in technology ahead of a busy week of market-moving earnings from Big Tech. The Dow Jones Industrial Average fell 0.12%, or 37 points, although it had been down more than 300 points intraday. The S&P 500 was up 0.38%, while the Nasdaq Composite gained 0.69%.
The NASDAQ 100 RSI calls for further strength.
Long positions above 13,275.00 with targets at 13,560.00 & 13,740.00 in extension.
Below 13,275.00, look for further downside with 13,140.00 & 13,010.00 as targets.
Apple rose 2.27%, or 3.16 points, to trade at 142.23 at the close.
The RSI remains above its neutrality area at 50.
As long as 140.4 is support look for 146.4.
Below 140.4, expect 138.4 and 137.2.
After falling some $10 to a session low of $1,846.30, February Gold futures on New York’s Comex settled at $1,855.20.
The RSI is mixed.
Short positions below 1,860.00 with targets at 1,847.00 & 1,837.00 in extension.
Above 1,860.00, look for further upside with 1,867.00 & 1,875.00 as targets.
U.S. Crude futures were up a further 0.9% at $52.80 a barrel.
The RSI is bullish and calls for further advance.
Long positions above 52.20, with targets at 53.25 & 53.70 in extension.
Below 52.20, look for further downside with 51.90 & 51.45 as targets.
The EUR/USD pair fell slightly to 1.2115, as a change in the market’s sentiment fueled demand for the greenback.
A break below 1.2130 would trigger a drop towards 1.2115.
Short positions below 1.2160, with targets at 1.2130 & 1.2115 in extension.
Above 1.2160, look for further upside with 1.2175 & 1.2190 as targets.
The GBP/USD pair is posting modest daily losses this Tuesday, trading by the end of the American session around 1.3660.
As long as the resistance at 1.3700 is not surpassed, the risk of the break below 1.3650 remains high.
Short positions below 1.3700 with targets at 1.3650 & 1.3635 in extension.
Above 1.3700, look for further upside with 1.3720 & 1.3740 as targets.
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