Daily Market Outlook, 24 November, 2021

Market Wrap: Stocks, Bonds, Commodities

The Nasdaq ended lower for the second straight session on Tuesday, while the S&P 500 rose, as rising Treasury yields prompted investors to sell Tesla and other Big Tech names and buy stocks with lower valuations.

The Dow Jones Industrial Average rose 0.55% to end at 35,813.8 points, while the S&P 500 gained 0.17% to 4,690.7. The Nasdaq Composite dropped 0.50% to 15,775.14.

MSCI’s index of Asia-Pacific stocks outside Japan is gained 0.10% to 811.85 levels. Australian index rise 0.78% to 7,410.60. Japanese Nikkei Index slumped 1.58% to 29,302.66.

European stocks were higher on Tuesday, with the Stoxx Europe 50 Index gaining 0.27% to 4,295.73, Germany’s DAX rose 0.05% to 15,945.30, and France’s CAC advances 0.35% to 7,069.30, and U.K.’s FTSE 100 added 0.36% to 7,293.75.

Benchmark 10-year U.S. Treasury rose as demand for safe assets grows again, today 10-year bond yields fell 1.75% to 1.636.

Oil prices rose to a one-week high on Tuesday after a move by the United States and other consumer nations to release tens of millions of barrels of oil from reserves to try to cool the market fell short of some expectations.

Spot Brent crude oil rose 0.40% to $82.64 per barrel. US West Texas Intermediate crude gained 0.50% to $78.88 a barrel.

The yellow metal gold gained 0.53% to 1793.20 dollars per ounce.

Market Wrap: Forex 

The dollar index held near 16-month highs on Tuesday after Federal Reserve Chair Jerome Powell was picked for a second term, reinforcing market expectations that U.S. interest rates will rise in 2022.

Today, the U.S. dollar index measures the greenback against a trade-weighted basket of six major currencies, which flat to 96.483.

The Euro US Dollar (EUR/USD) is a widely traded pair that isflat today. This left the pairing trading around $1.12460.

The Japanese yen rose against the U.S. dollar on Wednesday as the stock pushes higher. Today US/JPY is lost 0.17% to 114.900 level.

Another commodity-related currency slipped against the U.S dollar, AUD/USD down 0.06% to 0.72220, and NZD/USD fell 0.42% to 0.69170 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.12720

Preferable Price Action: Take Short positions Below pivot level with targets at 1.12230 & 1.11960 in extension.

Alternative Price Action: Above pivot looks for a further Upside to 1.13210 & 1.13450.

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 1.34080

Our pivot point is at 1.34080

Preferable Price Action: Sell positions below pivot with targets at 1.33530 & 1.33240 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.34640 & 1.34960.

Comment: Pair below its 55MA and RSI AT 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: Resistance at 115.170

Our pivot point is at 115.170

Preferable Price Action: Sell position Below pivot with the target at 114.680 and 114.310 in extension.

Alternative Price Action: The Upside breakout of the pivot would call for 115.680 and 116.090.

Comment: Price below 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 0.72300

Our pivot point is at 0.72300

Preferable Price Action:  Sell Positions below pivot with targets at 0.71960 & 0.71750 in extension.

Alternative Price Action: Above pivot looks for a further Upside with 0.72620 & 0.72820 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: Trend on the upside

Our pivot point is at 77.60

Preferable Price Action: Above pivots Buy Oil with 79.60 & 80.70 as targets.

Alternative Price Action: Sell crude Below pivot with targets at 75.70 and 74.80 in extension.

Comment: Crude is above its 55MA & 20MA and MACD in the 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


XAU/USD Intraday: Trend on the downside

Our pivot point is 1804.90

Preferable Price Action: Further downside to 1785.60 and 1775.90.

Alternative Price Action: If the price gives an upside breakout of a pivot, then the price extends to 1826.30 and 1838.30.

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: Support at 35,693.00

Our pivot point is 35,693.00

Preferable Price Action: Take Long positions above pivot with targets at 35,906.00 & 36,003.00.

Alternative Price Action: Below 35,693.00 looks for further Downside to 35,483.00 & 35,383.00.

Comment: Price above its 20MA & 55MA and RSI above 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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