Daily Market Report: January 27, 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 27, 2021

Stocks Take a Breather as the USD Resumes Weakness

U.S. Stock Market

Last: 3,849

Pivot: 3,815

Review:

U.S. stocks were slightly higher after the close on Tuesday, as gains in the Consumer Services, Technology and Consumer Goods sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average added 0.17%, while the S&P 500 index climbed 0.12%, and the NASDAQ Composite index added a muted 0.12%.

Technical comment:

The S&P 500 RSI is mixed to bullish.

Preference scenario:

Long positions above 3,815.00 with targets at 3,870.00 & 3,900.00 in extension.

Alternative scenario:

Below 3,815.00, look for further downside with 3,785.00 & 3,750.00 as targets.

Resistance 3,870 3,900 4,020
Support 3,815 3,785 3,750
Stocks Take a Breather as the USD Resumes Weakness
Tesla (TSLA)

Last: 886.5

Pivot: 864.4

Review:

Tesla rose 1.31% to trade above 886 at the end of the trading session.

Technical comment:

The RSI remains above 50.

Preference scenario:

As long as 864.4 is support look for 934.6.

Alternative scenario:

The downside breakout of 864.4 would call for 838.2 and 822.4.

Resistance 934.6 350.4 966
Support 864.4 838.2 822.4
Stocks Take a Breather as the USD Resumes Weakness
Gold

Last: 1,849

Pivot: 1,857

Review:

Gold contracts for February delivery on New York’s COMEX settled at $1,850.90.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

Short positions below 1,857.00 with targets at 1,844.00 & 1,837.00 in extension.

Alternative scenario:

Above 1,857.00, look for further upside with 1,868.00 & 1,875.00 as targets.

Resistance 1,857 1,868 1,875
Support 1,844 1,837 1,828
Stocks Take a Breather as the USD Resumes Weakness
Oil

Last: 52.69

Pivot: 52.40

Review:

Crude Oil WTI Futures, the U.S. benchmark for oil, fell slightly - settling down 11 cents at $52.69 per barrel.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 52.40, with targets at 53.25 & 53.55 in extension.

Alternative scenario:

Below 52.40, look for further downside with 52.10 & 51.80 as targets.

Resistance 53.25 53.55 53.70
Support 52.40 52.10 51.80
Stocks Take a Breather as the USD Resumes Weakness
EUR/USD

Last: 1.2162

Pivot: 1.2145

Review:

A better market for the Euro sent the EUR/USD pair to a daily high of 1.2175.

Technical comment:

Technically the RSI is slightly above its neutrality area at 50.

Preference scenario:

Long positions above 1.2145 with targets at 1.2175 & 1.2190 in extension.

Alternative scenario:

Below 1.2145, look for further downside with 1.2125 & 1.2110 as targets.

Resistance 1.2175 1.2190 1.2220
Support 1.2145 1.2125 1.2110
Stocks Take a Breather as the USD Resumes Weakness
GBP/USD

Last: 1.3742

Pivot: 1.3720

Review:

The GBP/USD pair peaked at 1.3744, flirting with the yearly high and holding nearby as the day came to an end.

Technical comment:

The break above 1.3720 is a positive signal that has opened a path to 1.3760.

Preference scenario:

Long positions above 1.3720 with targets at 1.3760 & 1.3780 in extension.

Alternative scenario:

Below 1.3720, look for further downside with 1.3700 & 1.3675 as targets.

Resistance 1.3760 1.3780 1.3800
Support 1.3720 1.3700 1.3675
Stocks Take a Breather as the USD Resumes Weakness

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