Daily Review for April 9, 2021
The FED and the ECB engage with the market and decide to execute a monetary policy strategy adaptive to market swings.
S&P 500 makes new all-time highs, and Bulls raise a new target at 4,200.
JP Morgan CEO seeks participation in the regulatory frame of the cryptocurrency market.
Bulls mark a new target for Bitcoin at 65.000 for the near term.
DAX 30 enters sideways on concerns about the pace of vaccination in Europe.
Biden’s infrastructure plan could reach approval before August 2021.
| S&P 500 +0.02% |
| Index at all-time highs. Actual trading price is 4,090 points. Bond yields have started to decline. The fear and greed index is at 60 out of 100 points, which is at greed level. Equity market rally has been supported by the FED and the ECB’s backing for the stock market. US vaccination good pace has also helped the market momentum. |
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| Support 1: 4,085.70 Support 2: 4,081.78 Support 3: 4,076.44 Resistance 1: 4,094.96 Resistance 2: 4,100.30 Resistance 3: 4,104.22 Pivot Point: 4,091.04 |
| Price is above the 125-day moving average. Index is trading above the top of the Bollinger band. It maintains the bullish formation. Trading range between 4,076 and 4,104. Pivot point at 4,091.04. |
| BITCOIN +1.43% |
| Bitcoin continues to consolidate. The price has managed to hold between the range of 57,503 and 58,524. Bulls continue to increase buying volume, aiming for the price to break above the 60,000 resistance. Yesterday Jamie Dimon, CEO of JP Morgan announced that its bank seeks to accompany the regulators in the development of the regulation frame for the cryptocurrency market. |
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| Support 1: 57,843.4 Support 2: 57,730.0 Support 3: 57,503.1 Resistance 1: 58,183.7 Resistance 2: 58,410.6 Resistance 3: 58,524.0 Pivot Point: 58,070.3 |
| Rebound from the 55,539 area. Upward channel. If the momentum continues, the next target for the Bulls is the 65.000 area. Pivot point at 58,070. |
| DAX 30 -0,29% |
| Market opens mixed in Europe, due to investors’ profit taking on the equity rally seen yesterday. At the moment the DAX 30 is down 0.29% and is trading at 15,188 points. In Europe, the market sentiment on Wall Street is holding up. However, the issue of greatest concern is covid-19. The pace of vaccination is not going at the desired level and the German industrial production index decreased by 1.6% in February 2021, which indicates that the level of vaccine purchases is low. |
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| Support 1: 15,207.0 Support 2: 15,197.5 Support 3: 15,190.0 Resistance 1: 15,224.0 Resistance 2: 15,231.5 Resistance 3: 15,241.0 Pivot Point: 15,214.5 |
| Sideway trend at the Ichimoku cloud. Price broke the support at 15,200. Actual trading between support 1 and resistance 1. If the Bulls gain momentum the price could go up to 15,347. If the trend is bearish, the price could head towards 15,043. |
| GOLD -0.63% |
| During the Asian session, gold price reached USD$1,757. During the European opening, the price retreated to the current level of USD$1,745. During the last two weeks, gold has managed to recover price levels after the important fall at the 1,700 support. The tendency is due to the decrease in bond yields and portfolios hedging. |
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| Support 1: 1,747.75 Support 2: 1,746.35 Support 3: 1,744.75 Resistance 1: 1,750.75 Resistance 2: 1,752.35 Resistance 3: 1,753.75 Pivot Point: 1,749.35 |
| Price is above the Ichimoku cloud. Possible rebound towards the 1,756 area. Bulls maintain the outlook towards 1,800. RSI witnessed a rapid decline from the overbought zone. It is currently near 30, indicating oversold level. Pivot point at 1,749. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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