Daily Market Report: April 9, 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 9, 2021

Investor Optimism Carries Stocks to Fresh Records

U.S. Stock Market

Last: 4,094.34

Pivot: 4,065

Review:

U.S. stocks finished in the green as the S&P 500 closed at all-time highs for the second straight day. The Dow Jones rose by 0.17%, the S&P 500 gained 0.42%, and the NASDAQ added 1.03% to its value.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Long positions above 4,065.00, with targets at 4,113.00 & 4,145.00 in extension.

Alternative scenario:

Below 4,065.00, look for further downside with 4,035.00 & 3,995.00 as targets.

Resistance 4,113 4,145 4,300
Support 4,065 4,035 3,995
Investor Optimism Carries Stocks to Fresh Records
U.S. Stock Market

Last: 63.46

Pivot: 60.10

Review:

Southwest Airlines (LUV) shares fell by 0.06%, although the company announced that it would recall over 2,700 flight attendants for its increasingly busy summer schedule.

Technical comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is above its 20 and 50-day moving average (respectively at 60.581 and 55.460). Finally, Southwest Airlines has crossed above its upper daily Bollinger band at 64.01.

Preference scenario:

The upside prevails as long as 60.10 remains support.

Alternative scenario:

The downside breakout of 60.10 would call for 56.10 and 53.80 as targets.

Resistance 71.90 74.30 76.80
Support 60.10 56.10 53.80
Investor Optimism Carries Stocks to Fresh Records
Gold

Last: 1,754

Pivot: 1,745

Review:

Gold rose by 1.04%, breaching the resistance of $1,750, while another run-up in US bond yields and the Dollar could indeed threaten to change the bullish momentum.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 1,745.00, with targets at 1,760.00 & 1,766.00 in extension.

Alternative scenario:

Below 1,745.00, look for further downside with 1,740.00 & 1,734.00 as targets.

Resistance 1,760 1,766 1,770
Support 1,745 1,740 1,734
Investor Optimism Carries Stocks to Fresh Records
Oil

Last: 59.77

Pivot: 58.80

Review:

Oil prices slightly rose by 0.08% as southeast Asia Looks to increase offshore oil production in the near future.

Technical comment:

A support base at 58.80 has formed and has allowed for a temporary stabilisation.

Preference scenario:

Long positions above 58.80, with targets at 60.00 & 60.90 in extension.

Alternative scenario:

Below 58.80, look for further downside with 58.10 & 57.65 as targets.

Resistance 60 60.90 61.50
Support 58.80 58.10 57.65
Investor Optimism Carries Stocks to Fresh Records
EUR/USD

Last: 1.1914

Pivot: 1.1886

Review:

The EUR/USD exchange rate rose by 0.40%, despite the PPI report coming less than expected at 0.5%.

Technical comment:

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50-period moving average (respectively at 1.1901 and 1.1883).

Preference scenario:

The upside prevails as long as 1.1886 is support.

Alternative scenario:

Below 1.1886, expect 1.1855 and 1.1837 as targets.

Resistance 1.1950 1.1969 1.1987
Support 1.1886 1.1855 1.1837
Investor Optimism Carries Stocks to Fresh Records
GBP/USD

Last: 1.3736

Pivot: 1.3757

Review:

The GBP/USD currency pair rose by 0.02% after the Construction PMI came in with solid results, reported at 61.7 vs. 55.0 forecasted.

Technical comment:

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50-period moving average (respectively at 1.3744 and 1.3745).

Preference scenario:

The downside prevails as long as 1.3757 is resistance.

Alternative scenario:

The upside breakout of 1.3757 would call for 1.3790 and 1.3810 in extension.

Resistance 1.3757 1.3790 1.3810
Support 1.3688 1.3668 1.3649
Investor Optimism Carries Stocks to Fresh Records

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.

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