Daily Market Report: May 3, 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.
May 3, 2021
Stocks Take a Breather from Recent Rally
US stocks finished lower on Friday as losses in the Oil & Gas, Technology and Basic Materials sectors led shares downwards. The Dow Jones fell by 0.54%, the S&P 500 dropped by 0.72%, and the NASDAQ lost 0.85% from its value.
The S&P 500 RSI is mixed with a bullish bias.
Long positions above 4,030.00, with targets at 4,270.00 & 4,385.00 in extension.
Below 4,030.00, look for further downside with 3,950.00 & 3,855.00 as targets.
Apple (AAPL) shares fell by 1.51% even after announcing a better than expected earnings report for Q2.
The RSI calls for a new up leg.
Long positions above 127.00, with targets at 137.80 & 145.00 in extension.
Below 127.00, look for further downside with 116.00 & 112.00 as targets.
Gold fell by 0.24% on Friday after another spike in the 10-year US Treasury yield pressured on the precious metal.
As long as 1,772.00 is resistance, look for choppy price action with a bearish bias.
Short positions below 1,772.00, with targets at 1,760.50 & 1,757.50 in extension.
Above 1,772.00, look for further upside with 1,777.50 & 1,780.50 as targets.
Oil prices fell sharply, by 2.35%, as the increase in COVID-19 cases in India weighs on demand.
The RSI is bullish and calls for further advance.
Long positions above 57.30, with targets at 67.20 & 72.30 in extension.
Below 57.30, look for further downside with 53.40 & 50.90 as targets.
The EUR/USD exchange rate fell by 0.86% after the German preliminary GDP came less than expected at -1.7% vs. -1.5% forecast.
The break below 1.2055 is a negative signal that has opened a path to 1.1990.
Short positions below 1.2055, with targets at 1.1990 & 1.1960 in extension.
Above 1.2055, look for further upside with 1.2075 & 1.2100 as targets.
The GBP/USD currency pair fell by 0.96%, although the UK’s Nationwide HPI report came with a positive result on Friday.
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Long positions above 1.3670, with targets at 1.4010 & 1.4240 in extension.
Below 1.3670, look for further downside with 1.3450 & 1.3260 as targets.
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.
Trade with a Licenced Broker
Licenced by CySEC
Our EU client portal, operated by CrowdTech Ltd. under CySEC Regulation, license number 202/13.
Licenced by ASIC
Our Australian client portal, operated by Sirius Financial Markets Pty Ltd. under ASIC regulation, license number 439907.
Our global client portal, operated by ST Services Ltd.