Daily Market Outlook, 23 November, 2021

Market Wrap: Stocks, Bonds, Commodities

The S&P 500 ended lower and the Nasdaq tumbled deep into negative territory on Monday after both earlier hit record highs following the announcement of a second term for Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average ended slightly higher.

The Dow Jones Industrial Average rose 0.05% to end at 35,619.25 points, while the S&P 500 lost 0.32% to 4,682.94. The Nasdaq Composite dropped 1.26% to 15,854.76.

MSCI’s index of Asia-Pacific stocks outside Japan is fell 0.68% to 811.04 levels. Australian index rise 0.78% to 7,410.60. Japanese Nikkei Index closed today.

European stocks were lower on Tuesday, with the Stoxx Europe 50 Index down 1.06% to 4,292.67, Germany’s DAX lost 1.09% to 15,941.85, and France’s CAC slipped 0.84% to 7,045.56, and U.K.’s FTSE 100 fall 0.34% to 7,230.54.

Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields gained 0.98% to 1.641.

Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand.

Spot Brent crude oil lost 1.03% to $78.85 per barrel. US West Texas Intermediate crude fell 1.34% to $75.73 a barrel.

The yellow metal gold gained 0.05% to 1806.90 dollars per ounce.

Market Wrap: Forex 

The dollar was near a four-and-a-half-year top against the yen on Tuesday, after Federal Reserve Chair Jerome Powell was reappointed for a second term, emboldening bets on higher U.S. interest rates.

Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which flat to 95.722.

The Euro US Dollar (EUR/USD) is a widely traded pair that is gained 0.05% today. This left the pairing trading around $1.12360.

The Japanese yen fell against the U.S. dollar on Tuesday as the stock pushes higher. Today US/JPY is gained 0.14% to 115.010 level.

Another commodity-related currency slipped against the U.S dollar, AUD/USD down 0.11% to 0.72140, and NZD/USD fell 0.39% to 0.69270 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.12700

Preferable Price Action: Take Short positions Below pivot level with targets at 1.12220 & 1.11940 in extension.

Alternative Price Action: Above pivot looks for a further Upside to 1.13200 & 1.13460.

Comment: Pair below its 55MA & 20MA and RSI below 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


GBP/USD Intraday: Resistance at 1.34620

Our pivot point is at 1.34210

Preferable Price Action: Sell positions below pivot with targets at 1.34730 & 1.33480 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.34700 & 1.34950.

Comment: Pair below its 55MA and RSI below 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


USD/JPY Intraday: Support at 114.900

Our pivot point is at 114.900

Preferable Price Action: Buy position Above pivot with the target at 115.410 and 115.650 in extension.

Alternative Price Action: The Downside breakout of the pivot would call for 114.300 and 114.030.

Comment: Price above its 55MA & 20MA and MACD in positive territory.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


AUD/USD Intraday: Resistance at 0.72360

Our pivot point is at 0.72360

Preferable Price Action:  Sell Positions below pivot with targets at 0.72050 & 0.71870 in extension.

Alternative Price Action: Above pivot looks for a further Upside with 0.72640 & 0.72810 as targets.

Comment: Pair below its 55MA & 20MA and RSI below 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


CRUDEOIL Intraday: Resistance level at 76.70

Our pivot point is at 76.70

Preferable Price Action: Below pivots Sell Oil with 75.00 & 74.10 as targets.

Alternative Price Action: Buy crude Above pivot with targets at 78.50 and 79.30 in extension.

Comment: Crude is below its 55MA & 20MA and MACD in the negative territory.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


XAU/USD Intraday: Trend on the downside

Our pivot point is 1818.80

Preferable Price Action: Further downside to 1799.40 and 1789.00.

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1837.60 and 1849.00.

Comment: MACD in negative territory and price below its 20MA & 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced



Dow Jones Intraday: Trend on the downside

Our pivot point is 35,733.00

Preferable Price Action: Take Short positions below pivot with targets at 35,472.00 & 35,323.00.

Alternative Price Action: Above 35,824.00 looks for further upside to 36,026.00 & 36,181.00.

Comment: Price below its 20MA & 55MA and RSI below 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicates Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced

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