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

U.S. Stock Market

Last: 3,884

Pivot: 3,914

Review:

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%.

Technical comment:

The S&P 500 RSI is bearish and calls for further decline.

Preference scenario:

Short positions below 3,914.00, with targets at 3,875.00 & 3,842.00 in extension.

Alternative scenario:

Above 3,914.00, look for further upside with 3,933.00 & 3,950.00 as targets.

Resistance 3,914 3,933 3,950
Support 3,875 3,842 3,816
Big Tech Takes a Big Hit as the Dow Trades Steady
USD/CAD

Last: 1.2603

Pivot: 1.2855

Review:

USD/CAD exchange rate continues its attempts to settle below the support at 1.2590.

Technical comment:

The RSI shows downside momentum.

Preference scenario:

Short positions below 1.2855, with targets at 1.2460 & 1.2300 in extension.

Alternative scenario:

Above 1.2855, look for further upside with 1.2980 & 1.3100 as targets.

Resistance 1.2855 1.2980 1.3100
Support 1.2460 1.2300 1.2170
Big Tech Takes a Big Hit as the Dow Trades Steady
Gold

Last: 1,808.21

Pivot: 1,795

Review:

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.

Technical comment:

The immediate trend remains up and the momentum is strong.

Preference scenario:

Long positions above 1,795.00, with targets at 1,814.00 & 1,826.00 in extension.

Alternative scenario:

Below 1,795.00, look for further downside with 1,789.00 & 1,783.00 as targets.

Resistance 1,814 1,826 1,837
Support 1,795 1,789 1,783
Big Tech Takes a Big Hit as the Dow Trades Steady
Oil

Last: 61.52

Pivot: 60.85

Review:

US crude futures continued their climb, settling up $2.34, or 4.0%, at $61.55 a barrel.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Long positions above 60.85, with targets at 62.25 & 62.85 in extension.

Alternative scenario:

Below 60.85, look for further downside with 60.30 & 59.65 as targets.

Resistance 62.26 62.85 63.80
Support 60.85 60.30 59.65
Big Tech Takes a Big Hit as the Dow Trades Steady
EUR/USD

Last: 1.2152

Pivot: 1.2126

Review:

The EUR/USD currency pair traded as high as 1.2169 during the session.

Technical comment:

The RSI is above 50.

Preference scenario:

As long as 1.2126 remains support, look for 1.2205 in extension.

Alternative scenario:

Below 1.2126, expect 1.2096 and 1.2078.

Resistance 1.2188 1.2205 1.2223
Support 1.2126 1.2096 1.2078
GBP/USD

Last: 1.4062

Pivot: 1.4036

Review:

The GBP/USD pair jumped to a fresh multi-year high of 1.4085 before falling off slightly to close at 1.4062.

Technical comment:

The RSI is above its neutrality area at 50.

Preference scenario:

As long as 1.4036 is support, look for 1.4115.

Alternative scenario:

The downside breakout of 1.4036 would call for 1.4006 and 1.3988 in extension.

Resistance 1.4097 1.4115 1.4133
Support 1.4036 1.4006 1.3988
Big Tech Takes a Big Hit as the Dow Trades Steady

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