Daily Market Report: April 29, 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 29, 2021

Stocks Pull Back From Highs Despite Strong Earnings

U.S Stock Market

Last: 4.00

Pivot: 4.00

Review:

US stocks were lower after the close on Wednesday, as losses in the Technology, Healthcare, and Consumer Goods sectors pushed shares downwards. At the close in NYSE, the Dow Jones Industrial Average fell 0.48%, the S&P 500 index declined by 0.08%, and the NASDAQ Composite index lost 0.28%.

Technical comment:

The S&P 500 RSI is mixed to bullish.

Preference scenario:

Long positions above 4,167.00, with targets at 4,209.50 & 4,225.00 in extension.

Alternative scenario:

Below 4,167.00, look for further downside with 4,155.00 & 4,118.00 as targets.

Resistance 4.00 4.00 4.00
Support 4.00 4.00 4.00
Stocks Pull Back From Highs Despite Strong Earnings
USD/CAD

Last: 1.2302

Pivot: 1.2350

Review:

The USD/CAD currency pair spent the first half fluctuating in a relatively tight range around 1.2400 but came under strong bearish pressure during the American trading hours. The couple, which touched its lowest level since February 2018 at 1.2328, finished the session at 1.2302.

Technical comment:

The immediate trend remains down, and the momentum is strong.

Preference scenario:

Short positions below 1.2350, with targets at 1.2280 & 1.2240 in extension.

Alternative scenario:

Above 1.2350, look for further upside with 1.2380 & 1.2415 as targets.

Resistance 1.2350 1.2380 1.2415
Support 1.2280 1.2240 1.2200
Stocks Pull Back From Highs Despite Strong Earnings
Gold

Last: 1.00

Pivot: 1.00

Review:

Gold settled unsurprisingly higher ahead of the Federal Reserve’s Wednesday rate decision after moving mainly in the $1,760 to $1,775 band.

Technical comment:

The RSI advocates for further advance.

Preference scenario:

Long positions above 1,771.00, with targets at 1,796.00 & 1,802.00 in extension.

Alternative scenario:

Below 1,771.00, look for further downside with 1,762.00 & 1,753.00 as targets.

Resistance 1.00 1.00 1.00
Support 1.00 1.00 1.00
Stocks Pull Back From Highs Despite Strong Earnings
Oil

Last: 63.73

Pivot: 63.30

Review:

Oil prices rose about 2% on Wednesday, helped by bullish US inventory and a Goldman Sachs (NYSE: GS) forecast for $80 a barrel within the next six months. This news comes even as the third- largest crude importer, India, remained devastated by one of the world’s worst COVID-19 outbreaks.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 63.30, with targets at 64.50 & 65.20 in extension.

Alternative scenario:

Below 63.30, look for further downside with 62.70 & 62.15 as targets.

Resistance 64.50 65.20 65.70
Support 63.30 62.70 62.15
Stocks Pull Back From Highs Despite Strong Earnings
EUR/USD

Last: 1.2133

Pivot: 1.2100

Review:

Morgan Stanley’s latest EUR/USD forecast highlights the upside risk to the exchange rate despite being neutral on the Euro as it spiked in late trade.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Long positions above 1.2100, with targets at 1.2160 & 1.2180 in extension.

Alternative scenario:

Below 1.2100, look for further downside with 1.2080 & 1.2060 as targets.

Resistance 1.2160 1.2180 1.2200
Support 1.2100 1.2080 1.2060
Stocks Pull Back From Highs Despite Strong Earnings
GBP/USD

Last: 1.3950

Pivot: 1.3920

Review:

The GBP/USD was pressured as the US dollar firmed following the Federal Reserve's interest rate decision and accompanying statement. However, the market is flippant, and from a low of 1.3860, the GBP/USD is currently trading back above 1.3950.

Technical comment:

The RSI advocates for further advance.

Preference scenario:

Long positions above 1.3920, with targets at 1.3980 & 1.4000 in extension.

Alternative scenario:

Below 1.3920, look for further downside with 1.3900 & 1.3880 as targets.

Resistance 1.3980 1.4000 1.4020
Support 1.3920 1.3900 1.3880
Stocks Pull Back From Highs Despite Strong Earnings

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