Daily Market Report: April 8, 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.
April 8, 2021
Stocks Steady as Fed Reconfirms Easy Policy
US stocks finished mixed as gains in the Technology, Oil & Gas and Financials sectors led shares higher, while losses in the Basic Materials, Consumer Goods and Healthcare sectors led shares lower. The Dow Jones rose by 0.05%, the S&P 500 rose by 0.15% and the NASDAQ lost 0.07% from its value.
The NASDAQ 100 RSI is mixed with a bullish bias.
Long positions above 13,420.00, with targets at 13,700.00 & 13,850.00 in extension.
Below 13,420.00, look for further downside with 13,260.00 & 13,080.00 as targets.
Amazon (AMZN) shares rose by 1.72% on data showing positive signs for e-commerce sales.
The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Amazon is trading above both its 20 and 50-period moving average (respectively at 3,260.21 and 3,221.99).
The upside prevails as long as 3,260.50 is support.
Below 3,260.50, expect 3,233.25 and 3,217.00.
Gold fell by 0.38%, closing at around $1,739.00, just below the resistance line at $1,740.00.
The RSI is mixed to bullish.
Long positions above 1,729.00 with targets at 1,746.00 & 1,752.00 in extension.
Below 1,729.00 look for further downside with 1,721.00 & 1,710.00 as targets.
Oil prices bounced by 0.51% as a better than expected Crude Oil Inventories report came in at -3.5M vs. the -2M forecast.
The RSI is mixed to bullish.
Long positions above 58.65, with targets at 60.00 & 60.90 in extension.
Below 58.65, look for further downside with 58.10 & 57.65 as targets.
The EUR/USD exchange rate fell slightly, by 0.02%, after the Final Services PMI in Europe came in positive at 49.6.
The RSI calls for a drop.
Short positions below 1.1895, with targets at 1.1850 & 1.1830 in extension.
Above 1.1895, look for further upside with 1.1915 & 1.1930 as targets.
The GBP/USD currency pair fell yesterday by 0.59% as the British Final Services PMI came in less than expected at 56.3 vs. 56.8 forecast by economists.
The RSI advocates for further decline.
Short positions below 1.3790, with targets at 1.3705 & 1.3680 in extension.
Above 1.3790, look for further upside with 1.3815 & 1.3840 as targets.
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