Daily Market Report: May 4, 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 4, 2021
Stocks Start May on a Positive Note, Despite Tech Weakness
US stocks finished lower as gains in the Oil & Gas, Basic Materials and Healthcare sectors led shares higher, while losses in the Technology, Consumer Services and Consumer Goods sectors held shares back The Dow Jones rose by 0.70%, the S&P 500 gained 0.27%, and the NASDAQ lost 0.48% from its value.
The Nasdaq 100 RSI is bearish and calls for further downside.
Short positions below 13,950.00, with targets at 13,715.00 & 13,645.00 in extension.
Above 13,950.00, look for further upside with 14,070.00 & 14,150.00 as targets.
Pfizer (PFE) shares rose by 3.05% ahead of their earnings report, which is expected today before the market opens.
The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is above its 20 and 50-day moving averages (respectively at 37.81 and 36.12).
As long as 37.70 remains as support, look for 40.80 and 41.40 in extension.
The downside breakout of 37.70 would call for 36.60 and 36.00 as targets.
Gold rose by 1.34%, trading close to its significant resistance at $1,800.00 after a fall in US bond treasury yields.
The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. Prices could retrace in the short term. Gold is above its 20 and 50-period moving averages (respectively at 1,788.40 and 1,778.70).
As long as 1,786.50 remains as support, look for 1,803.00.
The downside breakout of 1,786.50 would call for 1,781.00 and 1,778.00 as targets.
Oil prices rose by 1.22% as hopes for a recovery in demand rise ahead of the major summer driving season in the US.
The RSI is bullish and calls for further upside.
Long positions above 63.95, with targets at 65.10 & 65.45 in extension.
Below 63.95, look for further downside with 63.30 & 63.00 as targets.
The EUR/USD exchange rate rose by 0.30% as German Retail Sales came out with a solid result of 7.7%.
The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50-period moving averages (respectively at 1.2058 and 1.2040).
As long as 1.2036 remains as support, look for 1.2119.
The downside breakout of 1.2036 would call for 1.2005 and 1.1986 as targets.
The GBP/USD currency pair rose by 0.60% after a sluggish trading session primarily due to the bank holiday in the UK.
The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50-period moving averages (respectively at 1.3899 and 1.3854).
As long as 1.3874 remains as support, look for 1.3981.
The downside breakout of 1.3874 would call for 1.3833 and 1.3810 as targets.
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