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. 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%.
The S&P 500 RSI is mixed to bullish.
Long positions above 3,815.00 with targets at 3,870.00 & 3,900.00 in extension.
Below 3,815.00, look for further downside with 3,785.00 & 3,750.00 as targets.
Tesla rose 1.31% to trade above 886 at the end of the trading session.
The RSI remains above 50.
As long as 864.4 is support look for 934.6.
The downside breakout of 864.4 would call for 838.2 and 822.4.
Gold contracts for February delivery on New York’s COMEX settled at $1,850.90.
The RSI is bearish and calls for further decline.
Short positions below 1,857.00 with targets at 1,844.00 & 1,837.00 in extension.
Above 1,857.00, look for further upside with 1,868.00 & 1,875.00 as targets.
Crude Oil WTI Futures, the U.S. benchmark for oil, fell slightly - settling down 11 cents at $52.69 per barrel.
The RSI is mixed with a bullish bias.
Long positions above 52.40, with targets at 53.25 & 53.55 in extension.
Below 52.40, look for further downside with 52.10 & 51.80 as targets.
A better market for the Euro sent the EUR/USD pair to a daily high of 1.2175.
Technically the RSI is slightly above its neutrality area at 50.
Long positions above 1.2145 with targets at 1.2175 & 1.2190 in extension.
Below 1.2145, look for further downside with 1.2125 & 1.2110 as targets.
The GBP/USD pair peaked at 1.3744, flirting with the yearly high and holding nearby as the day came to an end.
The break above 1.3720 is a positive signal that has opened a path to 1.3760.
Long positions above 1.3720 with targets at 1.3760 & 1.3780 in extension.
Below 1.3720, look for further downside with 1.3700 & 1.3675 as targets.
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