Daily Market Report: February 23, 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 23, 2021
Big Tech Takes a Big Hit as the Dow Trades Steady
US stocks were mixed after the close on Monday, as gains in the Oil & Gas, Financials and Basic Materials sectors pushed shares higher while losses in the Technology, Utilities and Consumer Goods sectors led shares sharply lower. At the close in NYSE, the Dow Jones Industrial Average added 0.32%, the S&P 500 index lost 0.48%, and the NASDAQ Composite index declined a notable 2.01%.
The S&P 500 RSI is bearish and calls for further decline.
Short positions below 3,914.00, with targets at 3,875.00 & 3,842.00 in extension.
Above 3,914.00, look for further upside with 3,933.00 & 3,950.00 as targets.
USD/CAD exchange rate continues its attempts to settle below the support at 1.2590.
The RSI shows downside momentum.
Short positions below 1.2855, with targets at 1.2460 & 1.2300 in extension.
Above 1.2855, look for further upside with 1.2980 & 1.3100 as targets.
Gold for April delivery settled up $31, or 1.7%, at $1,808.40 per ounce. Last week, the precious metal tumbled 2.5%, touching just below $1,760, its lowest since last June.
The immediate trend remains up and the momentum is strong.
Long positions above 1,795.00, with targets at 1,814.00 & 1,826.00 in extension.
Below 1,795.00, look for further downside with 1,789.00 & 1,783.00 as targets.
US crude futures continued their climb, settling up $2.34, or 4.0%, at $61.55 a barrel.
The RSI is bullish and calls for further upside.
Long positions above 60.85, with targets at 62.25 & 62.85 in extension.
Below 60.85, look for further downside with 60.30 & 59.65 as targets.
The EUR/USD currency pair traded as high as 1.2169 during the session.
The RSI is above 50.
As long as 1.2126 remains support, look for 1.2205 in extension.
Below 1.2126, expect 1.2096 and 1.2078.
The GBP/USD pair jumped to a fresh multi-year high of 1.4085 before falling off slightly to close at 1.4062.
The RSI is above its neutrality area at 50.
As long as 1.4036 is support, look for 1.4115.
The downside breakout of 1.4036 would call for 1.4006 and 1.3988 in extension.
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