Daily Market Report: April 12, 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 12, 2021

Dow, S&P 500 Hit New Records But Futures Point Down

U.S Stock Market: Dow Jones

Last: 33.00

Pivot: 32.00

Review:

US stocks were higher after the close on Friday, as gains in the Healthcare, Industrials and Consumer Services sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average gained 0.89% to hit a new all-time high, while the S&P 500 index jumped 0.77% and the NASDAQ Composite index climbed by 0.51% or 71 points.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

Long positions above 32,000.00, with targets at 34,100.00 & 34,750.00 in extension.

Alternative scenario:

Below 32,000.00, look for further downside with 30,880.00 & 29,850.00 as targets.

Resistance 34.00 34.00 37.00
Support 32.00 30.00 29.00
Dow, S&P 500 Hit New Records But Futures Point Down
USD/CAD

Last: 1.2530

Pivot: 1.2660

Review:

The USD/CAD currency pair traded slightly lower, closing at 1.2530.

Technical comment:

Technically, the RSI is below its neutrality area at 50.

Preference scenario:

Short positions below 1.2660, with targets at 1.2460 & 1.2360 in extension.

Alternative scenario:

Above 1.2660, look for further upside with 1.2745 & 1.2855 as targets.

Resistance 1.2660 1.2745 1.2855
Support 1.2460 1.2360 1.2220
Dow, S&P 500 Hit New Records But Futures Point Down
Gold

Last: 1.00

Pivot: 1.00

Review:

Gold prices slid on Friday but still ended the week up by 1%. The yellow metal emerged partially victorious from its fencing duel with US bond yields and the Dollar, which were both sluggish throughout most of the week due to mixed readings on inflation.

Technical comment:

A break below 1,675.00 would trigger a drop towards 1,570.00.

Preference scenario:

Short positions below 1,835.00, with targets at 1,675.00 & 1,570.00 in extension.

Alternative scenario:

Above 1,835.00, look for further upside with 1,960.00 & 2,075.00 as targets.

Resistance 1,835.00 1,960.00 2,075.00
Support 1,675.00 1,570.00 1,450.00
Dow, S&P 500 Hit New Records But Futures Point Down
Oil

Last: 59.37

Pivot: 63.10

Review:

Oil prices fell by as much as 3.5% over the week as concerns over summer fuel demand offset news that Europe appeared to be finally turning the corner on its Covid-19 vaccine crisis.

Technical comment:

As long as 63.10 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

Short positions below 63.10, with targets at 57.30 & 53.40 in extension.

Alternative scenario:

Above 63.10, look for further upside with 67.80 & 72.30 as targets.

Resistance 63.10 67.80 72.30
Support 57.30 53.40 51.40
Dow, S&P 500 Hit New Records But Futures Point Down
EUR/USD

Last: 1.1898

Pivot: 1.1950

Review:

EUR/USD exchange rate traded slightly lower on Friday, after a warning from Australia's central bank regarding excessive global lending risk.

Technical comment:

The upward potential is likely to be limited by the resistance at 1.1950.

Preference scenario:

Short positions below 1.1950, with targets at 1.1815 & 1.1700 in extension.

Alternative scenario:

Above 1.1950, look for further upside with 1.2030 & 1.2130 as targets.

Resistance 1.1950 1.2030 1.2130
Support 1.1815 1.1700 1.1600
Dow, S&P 500 Hit New Records But Futures Point Down
GBP/USD

Last: 1.3705

Pivot: 1.4000

Review:

The GBP/USD currency pair traded lower, with the sterling hurt by growing concerns about Britain's reliance on AstraZeneca (NASDAQ: AZN)'s vaccine to continue its (so-far) successful vaccination program.

Technical comment:

The RSI shows downside momentum.

Preference scenario:

Short positions below 1.4000, with targets at 1.3450 & 1.3260 in extension.

Alternative scenario:

Above 1.4000, look for further upside with 1.4240 & 1.4370 as targets.

Resistance 1.4000 1.4240 1.4370
Support 1.3450 1.3260 1.3070
Dow, S&P 500 Hit New Records But Futures Point Down

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