Daily review for December 09, 2021
Stock indexes are mixed globally. Main upward movements are occurring in the Chinese indices. The main corrections are in Japan, TecDAX and IBEX35.
Traders continue to buy gold and silver. The focus of analysis is on inflation and the Fed’s tapering stance. Analysts expect 2 interest rate hikes by 2022.
WTI is trading above USD$70 per barrel. Pfizer’s announcement of its vaccine protection on Omicron has pushed energy commodity prices higher.
Crypto industry CEO`s and the SEC discussed the importance of generating a pro-market regulatory framework for the industry.
| NASDAQ 100 -0.08% |
| According to WHO, the Omicron variant is milder, but more infectious. On the other hand, Pfizer and Biontech announced that the third dose of the vaccine boosts and protects against Omicron. In this sense, the market is more relaxed. The Nasdaq 100 is currently down 0.08%, and trading at 16,385. The VIX is currently at -0.94%. Japanese stock indices are correcting due to profit taking after the rally. Traders are watching the US jobless claims report. |
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| Support 1: 16,371.3 Support 2: 16,363.2 Support 3: 16,357.8 Resistance 1: 16,384.8 Resistance 2: 16,390.2 Resistance 3: 16,398.3 Pivot Point: 16,376.7 |
| The price is at a double top at 16,419. If the Bulls manage to overcome this resistance, the next target is 16,640. Trading range between 16,357 and 16,398. Pivot point for trend change at 16,376. RSI neutral. |
| GOLD +0.07% |
| The yield curve is flattening, so investors are more interested in equities than in fixed income. Markets are calmer, although geopolitical tensions continue. There is still a chance that Russia will invade Ukraine, which could generate volatility in the markets. Traders remain in gold, silver and other metals. The other turning point is inflation. If inflation continues to rise, the Fed will act more quickly on tapering. The market expects two interest rate hikes by 2022. At the moment gold is up 0.07% and is trading at USD$1,786 per Troy ounce. |
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| Support 1: 1,783.69 Support 2: 1,782.72 Support 3: 1,780.84 Resistance 1: 1,786.54 Resistance 2: 1,788.42 Resistance 3: 1,789.39 Pivot Point: 1,785.57 |
| The price is between the pivot point and resistance 1. Expected trading range between USD$1,780 and USD$1,789. Pivot point for trend change at USD$1,785. RSI neutral. If the bullish channel is maintained, the price could climb towards USD$1,794. |
| WTI +0.61% |
| The price of WTI and energy commodities continued to rise, boosted by Pfizer’s announcements on the efficacy of its vaccine on Omicron. In the US, crude oil inventories decreased by 240,000 barrels. WTI is currently up 0.61% and is trading at USD$72.75 per barrel. Traders are evaluating the behavior of energy demand for the end of the year and the beginning of 2022. Depending on this and the behavior of the weather, prices could maintain or correct. They are also keeping an eye on geopolitical tensions, which usually pushes crude oil prices upwards. |
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| Support 1: 72.87 Support 2: 72.80 Support 3: 72.69 Resistance 1: 73.05 Resistance 2: 73.16 Resistance 3: 73.23 Pivot Point: 72.98 |
| The price is above the 200-day moving average. Trading range between USD$72.69 and USD$73.23. Pivot point for trend change at USD$72.98. RSI neutral. Bulls are looking for USD$75.53 per barrel. |
| BITCOIN -1.02% |
| The SEC and leading industry CEOs met to discuss Digital Assets and the future of finance. The CEOs announced that the SEC should concentrate its efforts on creating a regulatory framework that allows the industry to act, but not create barriers that restrict the unknown. The four key points of the meeting were: Exchanges, stable cryptocurrency offerings, regulation, and the position of the current federal regulation. On the other hand, traders are keeping an eye on the expiration of USD$1.1 billion in Bitcoin options; the current trading price is at USD$49,623. |
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| Support 1: 49,475.3 Support 2: 48,870.6 Support 3: 48,468.2 Resistance 1: 50,482.4 Resistance 2: 50,884.8 Resistance 3: 51,489.5 Pivot Point: 49,877.7 |
| Sideways movement. The price is at the pivot point, where a trend change could occur. Bitcoin however is below the 200-day moving average, which is a bearish signal. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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