Daily Market Report: September 13, 2021
Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.
September 13, 2021
U.S. Stocks and Gold Reach New Lows as Oil Climbs Up
U.S. stocks were lower after the close on Friday, as losses in the Utilities, Technology and Healthcare sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.78% to hit a new 1-month low, while the S&P 500 index fell 0.77%, and the NASDAQ Composite index lost 0.87%.
The S&P 500 RSI is bullish and calls for further advance.
Long positions above 4445.00 with targets at 4546.00 & 4610.00 in extension.
Below 4445.00, look for further downside with 4365.00 & 4295.00 as targets.
The US dollar has been stuck in a pattern against the Japanese yen for the last several weeks, reaching above the ¥110 level before pulling back to form a shooting star.
The RSI has just landed on its neutrality area at 50% and is turning up.
Long positions above 109.75 with targets at 110.00 & 110.15 in extension.
Below 109.75, look for further downside with 109.60 & 109.45 as targets.
Gold closed down $7.90 to settle at $1,792.10 an ounce. This is the largest decline since July 29. The week ended with a drop of 2.3%.
The RSI calls for a new downleg.
Short positions below 1797.00 with targets at 1781.00 & 1775.00 in extension.
Above 1797.00, look for further upside with 1804.00 & 1810.00 as targets.
New York-traded West Texas Intermediate, the benchmark for U.S. oil, settled at $69.72 per barrel, up $1.58, or 2.3%. For the week, WTI rose 0.6%.
The RSI is bullish and calls for further upside.
Long positions above 69.20 with targets at 70.60 & 71.00 in extension.
Below 69.20, look for further downside with 68.60 & 68.20 as targets.
The EUR/USD pair gave up this week and finished it around 1.1830 after failing to move beyond the 1.1900 threshold following a tepid US employment report.
The RSI calls for a new downleg.
Short positions below 1.1830 with targets at 1.1800 & 1.1785 in extension.
Above 1.1830, look for further upside with 1.1850 & 1.1865 as targets.
GBP/USD is trading at 1.3838 in the open today, holding in a tight range between 1.3831 and 1.3851.
The RSI advocates for further downside.
Short positions below 1.3860 with targets at 1.3810 & 1.3790 in extension.
Above 1.3860, look for further upside with 1.3875 & 1.3890 as targets.
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