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

U.S. Stock Market

Last: 13,483

Pivot: 13,275

Review:

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%.

Technical comment:

The NASDAQ 100 RSI calls for further strength.

Preference scenario:

Long positions above 13,275.00 with targets at 13,560.00 & 13,740.00 in extension.

Alternative scenario:

Below 13,275.00, look for further downside with 13,140.00 & 13,010.00 as targets.

Resistance 13,560 13,740 13,850
Support 13,275 13,140 13,010
Big Tech Leads Shares Higher as the USD Firms
Apple (AAPL)

Last: 142.80

Pivot: 140.40

Review:

Apple rose 2.27%, or 3.16 points, to trade at 142.23 at the close.

Technical comment:

The RSI remains above its neutrality area at 50.

Preference scenario:

As long as 140.4 is support look for 146.4.

Alternative scenario:

Below 140.4, expect 138.4 and 137.2.

Resistance 146.40 147.60 148.80
Support 140.40 138.40 137.20
Big Tech Leads Shares Higher as the USD Firms
Gold

Last: 1,855

Pivot: 1,860

Review:

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.

Technical comment:

The RSI is mixed.

Preference scenario:

Short positions below 1,860.00 with targets at 1,847.00 & 1,837.00 in extension.

Alternative scenario:

Above 1,860.00, look for further upside with 1,867.00 & 1,875.00 as targets.

Resistance 1,860 1,867 1,875
Support 1,847 1,837 1,827
Big Tech Leads Shares Higher as the USD Firms
Oil

Last: 52.88

Pivot: 52.20

Review:

U.S. Crude futures were up a further 0.9% at $52.80 a barrel.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 52.20, with targets at 53.25 & 53.70 in extension.

Alternative scenario:

Below 52.20, look for further downside with 51.90 & 51.45 as targets.

Resistance 53.25 53.70 53.95
Support 52.20 51.90 51.45
Big Tech Leads Shares Higher as the USD Firms
EUR/USD

Last: 1.2142

Pivot: 1.2160

Review:

The EUR/USD pair fell slightly to 1.2115, as a change in the market’s sentiment fueled demand for the greenback.

Technical comment:

A break below 1.2130 would trigger a drop towards 1.2115.

Preference scenario:

Short positions below 1.2160, with targets at 1.2130 & 1.2115 in extension.

Alternative scenario:

Above 1.2160, look for further upside with 1.2175 & 1.2190 as targets.

Resistance 1.2160 1.2175 1.2190
Support 1.2130 1.2115 1.2100
Big Tech Leads Shares Higher as the USD Firms
GBP/USD

Last: 1.3676

Pivot: 1.3700

Review:

The GBP/USD pair is posting modest daily losses this Tuesday, trading by the end of the American session around 1.3660.

Technical comment:

As long as the resistance at 1.3700 is not surpassed, the risk of the break below 1.3650 remains high.

Preference scenario:

Short positions below 1.3700 with targets at 1.3650 & 1.3635 in extension.

Alternative scenario:

Above 1.3700, look for further upside with 1.3720 & 1.3740 as targets.

Resistance 1.3700 1.3720 1.3740
Support 1.3650 1.3635 1.3620
Big Tech Leads Shares Higher as the USD Firms

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.

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