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
Last: 13,580
Pivot: 13,350
Review:
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%.
Technical comment:
The NASDAQ 100 RSI is mixed with a bullish bias.
Preference scenario:
Long positions above 13,350.00, with targets at 14,120.00 & 14,650.00 in extension.
Alternative scenario:
Below 13,350.00, look for further downside with 12,830.00 & 12,200.00 as targets.
Resistance | 14,120 | 14,650 | 15,000 |
Support | 13,350 | 12,830 | 12,200 |

Last: 105.49
Pivot: 105.65
Review:
The USD/JPY pair fell slightly on Friday, for a third consecutive day, as it trimmed half of its weekly gain.
Technical comment:
As long as the resistance at 105.65 is not surpassed, the risk of the break below 105.35 remains high.
Preference scenario:
Short positions below 105.65, with targets at 105.35 & 105.20 in extension.
Alternative scenario:
Above 105.65, look for further upside with 105.75 & 105.90 as targets.
Resistance | 105.65 | 105.75 | 105.90 |
Support | 105.35 | 105.20 | 105 |

Last: 1,789.19
Pivot: 1,784
Review:
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.
Technical comment:
The RSI calls for a bounce.
Preference scenario:
Long positions above 1,774.00, with targets at 1,793.00 & 1,805.00 in extension.
Alternative scenario:
Below 1,774.00, look for further downside with 1,760.00 & 1,750.00 as targets.
Resistance | 1,793 | 1,805 | 1,814 |
Support | 1,774 | 1,760 | 1,750 |

Last: 59.83
Pivot: 58.60
Review:
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.
Technical comment:
The RSI calls for a bounce.
Preference scenario:
Long positions above 58.60, with targets at 60.30 & 61.25 in extension.
Alternative scenario:
Below 58.60, look for further downside with 57.90 & 57.25 as targets.
Resistance | 60.30 | 61.25 | 61.70 |
Support | 58.60 | 57.90 | 57.25 |

Last: 1.2128
Pivot: 1.2105
Review:
The EUR/USD exchange rate peaked early on Friday at 1.2144, the highest level since last Tuesday.
Technical comment:
The RSI calls for a new up leg.
Preference scenario:
Long positions above 1.2105, with targets at 1.2145 & 1.2170 in extension.
Alternative scenario:
Below 1.2105, look for further downside with 1.2080 & 1.2060 as targets.
Resistance | 1.2145 | 1.2170 | 1.2190 |
Support | 1.2105 | 1.2080 | 1.2060 |

Last: 1.4043
Pivot: 1.4000
Review:
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.
Technical comment:
The RSI is bullish and calls for further advance.
Preference scenario:
Long positions above 1.4000, with targets at 1.4065 & 1.4095 in extension.
Alternative scenario:
Below 1.4000, look for further downside with 1.3975 & 1.3950 as targets.
Resistance | 1.4065 | 1.4095 | 1.4115 |
Support | 1.4000 | 1.3975 | 1.3950 |

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