Daily Market Report: December 1, 2021

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

US stocks lower; Oil rises

US Stock Market

Last: 4,566.48

Pivot: 4,634

Review:

US stocks were lower after the close on Tuesday, as losses in the telecoms, utilities and basic materials sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average lost 1.86% to hit a new 1-month low, while the S&P 500 index lost 1.90%, and the NASDAQ Composite index fell 1.55%.

Technical comment:

The S&P 500 RSI is below its neutrality area at 50%.

Preference scenario:

For short positions below 4634.00, the next targets are found at 4524.00 and 4496.00 in extension.

Alternative scenario:

If the price moves above 4634.00, look for a further upside with 4702.00 and 4743.00 as targets.

Resistance 4 4 4
Support 4 4 4
US stocks lower; Oil rises
USD/JPY

Last: 113.41

Pivot: 113

Review:

The US dollar is testing significant support against the Japanese yen in the form of the ¥112.50 level.

Technical comment:

The RSI is bullish and calls for a further upside.

Preference scenario:

A buy opportunity could arise if the price surpasses 113.00, with targets at 113.60 and 113.95 in extension.

Alternative scenario:

In the event of a downside breakout below 113.00, look for a further downside with 112.60 and 112.30 as targets.

Resistance 113.6 113.95 114.3
Support 113 112.6 112.3
US stocks lower; Oil rises
Gold

Last: 1,779.68

Pivot: 1,787

Review:

Spot gold was steady at $1,773.29 an ounce.

Technical comment:

Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Preference scenario:

If the price declines below 1787.00, look for new targets at 1769.00 and 1758.00 in extension.

Alternative scenario:

Should the price rise above 1787.00, look for a further upside with 1798.00 and 1809.00 as targets.

Resistance 1,787 1,798 1,809
Support 1,769 1,758 1,750
US stocks lower; Oil rises
Oil

Last: 67.55

Pivot: 66.2

Review:

US West Texas Intermediate (WTI) crude futures rose 78 cents, or 1.2%, to $66.96 a barrel.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

For long positions above 66.20, the next targets could be found at 69.10 and 71.20 in extension.

Alternative scenario:

In the event of a price drop below 66.20, look for a further downside with 64.45 and 63.00 as targets.

Resistance 69.1 71.2 72.9
Support 66.2 64.45 63
US stocks lower; Oil rises
EUR/USD

Last: 1.1322

Pivot: 1.129

Review:

EURUSD is already running into resistance, so quickly after rebounding off the lows around 1.12 late last week.

Technical comment:

The RSI lacks downward momentum.

Preference scenario:

In the scenario where the price increases above 1.1290, fresh targets are at 1.1345 and 1.1380 in extension.

Alternative scenario:

If the price experiences a slide below 1.1290, look for a further downside with 1.1260 and 1.1235 as targets.

Resistance 1.1345 1.138 1.14
Support 1.129 1.126 1.1235
US stocks lower; Oil rises
GBP/USD

Last: 1.3302

Pivot: 1.326

Review:

The GBP/USD pair caught fresh bids during the early European session and shot to the 1.3365-70 area, or a near one-week high in the last hour.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Should the rate move upwards beyond 1.3260, look for the next targets at 1.3330 and 1.3365 in extension.

Alternative scenario:

For short positions below 1.3260, look for a further downside with 1.3225 and 1.3195 as targets.

Resistance 1.333 1.3365 1.34
Support 1.326 1.3225 1.3195
US stocks lower; Oil rises

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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