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.

U.S. Stocks and Gold Reach New Lows as Oil Climbs Up

US Stock Market

Last: 4

Pivot: 4

Review:

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%.

Technical comment:

The S&P 500 RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 4445.00 with targets at 4546.00 & 4610.00 in extension.

Alternative scenario:

Below 4445.00, look for further downside with 4365.00 & 4295.00 as targets.

Resistance 4 4 4
Support 4 4 4
U.S. Stocks and Gold Reach New Lows as Oil Climbs Up
USD/JPY

Last: 109.89

Pivot: 109.75

Review:

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.

Technical comment:

The RSI has just landed on its neutrality area at 50% and is turning up.

Preference scenario:

Long positions above 109.75 with targets at 110.00 & 110.15 in extension.

Alternative scenario:

Below 109.75, look for further downside with 109.60 & 109.45 as targets.

Resistance 110 110.15 110.3
Support 109.75 109.6 109.45
U.S. Stocks and Gold Reach New Lows as Oil Climbs Up
Gold

Last: 1,788.2

Pivot: 1,797

Review:

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%.

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

Short positions below 1797.00 with targets at 1781.00 & 1775.00 in extension.

Alternative scenario:

Above 1797.00, look for further upside with 1804.00 & 1810.00 as targets.

Resistance 1,797 1,804 1,810
Support 1,781 1,775 1,767
U.S. Stocks and Gold Reach New Lows as Oil Climbs Up
Oil

Last: 70

Pivot: 69.2

Review:

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%.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Long positions above 69.20 with targets at 70.60 & 71.00 in extension.

Alternative scenario:

Below 69.20, look for further downside with 68.60 & 68.20 as targets.

Resistance 70.6 71 71.4
Support 69.2 68.6 68.2
U.S. Stocks and Gold Reach New Lows as Oil Climbs Up
EUR/USD

Last: 1.1812

Pivot: 1.183

Review:

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.

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

Short positions below 1.1830 with targets at 1.1800 & 1.1785 in extension.

Alternative scenario:

Above 1.1830, look for further upside with 1.1850 & 1.1865 as targets.

Resistance 1.183 1.185 1.1865
Support 1.18 1.1785 1.177
U.S. Stocks and Gold Reach New Lows as Oil Climbs Up
GBP/USD

Last: 1.3838

Pivot: 1.386

Review:

GBP/USD is trading at 1.3838 in the open today, holding in a tight range between 1.3831 and 1.3851.

Technical comment:

The RSI advocates for further downside.

Preference scenario:

Short positions below 1.3860 with targets at 1.3810 & 1.3790 in extension.

Alternative scenario:

Above 1.3860, look for further upside with 1.3875 & 1.3890 as targets.

Resistance 1.386 1.3875 1.389
Support 1.381 1.379 1.377
U.S. Stocks and Gold Reach New Lows as Oil Climbs Up

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. 1Market 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. 1Market cannot be held liable for any information provided by Trading Central. 1Market 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 1Market, a third party or otherwise.

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