Daily Market Report: February 22, 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.
February 22, 2021
Stocks Close Flat as Bond Yields Remain in Focus
The Dow closed flat on Friday as investors ditched their bets on bond-proxy sectors of the market, such as utilities and consumer staples amid a sustained rise in long-term Government bond yields. Losses were kept in check by a surge in industrials and energy. The Dow Jones Industrial Average closed flat, after hitting a record intraday high of 31,647.53. The S&P 500 was down by 0.20%, while the Nasdaq Composite finished the day up almost 0.1%.
The NASDAQ 100 RSI is mixed with a bullish bias.
Long positions above 13,350.00, with targets at 14,120.00 & 14,650.00 in extension.
Below 13,350.00, look for further downside with 12,830.00 & 12,200.00 as targets.
The USD/JPY pair fell slightly on Friday, for a third consecutive day, as it trimmed half of its weekly gain.
As long as the resistance at 105.65 is not surpassed, the risk of the break below 105.35 remains high.
Short positions below 105.65, with targets at 105.35 & 105.20 in extension.
Above 105.65, look for further upside with 105.75 & 105.90 as targets.
The spot price of Gold last traded at $1784.13, up $8.38 or 0.5%. For the week, it rose 0.4%, a fresh sight as it was the precious metal’s first gain in six weeks.
The RSI calls for a bounce.
Long positions above 1,774.00, with targets at 1,793.00 & 1,805.00 in extension.
Below 1,774.00, look for further downside with 1,760.00 & 1,750.00 as targets.
New York-traded West Texas Intermediate crude, the key indicator for U.S. crude, last traded at 59.83 on Friday - down $1.27, or 2.1% from its high. For the week, WTI dropped by just 0.5%, breaking its run of consecutive gains.
The RSI calls for a bounce.
Long positions above 58.60, with targets at 60.30 & 61.25 in extension.
Below 58.60, look for further downside with 57.90 & 57.25 as targets.
The EUR/USD exchange rate peaked early on Friday at 1.2144, the highest level since last Tuesday.
The RSI calls for a new up leg.
Long positions above 1.2105, with targets at 1.2145 & 1.2170 in extension.
Below 1.2105, look for further downside with 1.2080 & 1.2060 as targets.
The GBP/USD currency pair hit 1.4043 last Friday, a level that was last seen in April 2018. The Pound finished the week with substantial gains, closing just above 1.4000.
The RSI is bullish and calls for further advance.
Long positions above 1.4000, with targets at 1.4065 & 1.4095 in extension.
Below 1.4000, look for further downside with 1.3975 & 1.3950 as targets.
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