Daily Review for July 08, 2021
Traders continue analizing the FOMC minutes. Divided opinions among FED members.
The market is aware of the ECB statement on monetary policy. No major changes in the strategy are expected.
Crypto market is correcting. Long-term investors begin to replace short-term investors.
Crude oil continues to correct. Today the market expects a drawdown of at least 4 million barrels. If they are met, the price could regain the USD$73 per barrel area.
| S&P500 -0.22% |
| Yesterday, the FOMC minutes were presented. Divided opinions among FED members on the economic situation were present. At the market close, US index futures closed in positive territory, mainly the S&P500 with a rise of 0.34%. At the moment, the index is down 0.22% and is trading at 4,358. At the moment, the FED continues to revise economic projections before tapering. |
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| Support 1: 4,340.20 Support 2: 4,338.79 Support 3: 4,337.70 Resistance 1: 4,342.70 Resistance 2: 4,343.79 Resistance 3: 4,345.20 Pivot Point: 4,341.29 |
| The index is currently between the pivot point and resistance 1 at 4,342.70. Possible trend reversal. Trading range between 4,337 and 4,345. Pivot point at 4,341.29. RSI neutral. |
| DAX 30 -0.32% |
| The benchmark index of the German Stock Exchange is currently down 0.32% and is trading at 15,649. Today, the ECB will communicate its monetary policy strategy. No major changes are expected. Traders continue to review the performance of the DAX 30. Meanwhile, investors continue to show interest in German bonds. |
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| Support 1: 15,652.0 Support 2: 15,641.0 Support 3: 15,635.5 Resistance 1: 15,668.5 Resistance 2: 15,674.0 Resistance 3: 15,685.0 Pivot Point: 15,657.5 |
| Price is between the pivot point and resistance 1. The Ichimoku Cloud projects price movement above 15,618. Trading range between 15,635 and 15,685. Pivot point at 15,657. RSI neutral. |
| BITCOIN -4.70% |
| The crypto market is correcting at the moment. Bitcoin is down 4.70%, and is trading at 33,316. Traders are aware of GBTC, which can define the short-term trend of Bitcoin and the crypto market because of its high correlation. Analysts see interest from long-term investors. Therefore, they are buying significant volumes from retail investors, who have liquidity pressure in the short term. |
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| Support 1: 32,921.4 Support 2: 32,815.7 Support 3: 32,604.4 Resistance 1: 33,238.4 Resistance 2: 33,449.7 Resistance 3: 33,555.4 Pivot Point: 33,132.7 |
| The price declined towards the 32,844 level, before bouncing towards the current level of 33,383. Expected trading range between 32,604 and 33,555. Pivot point at 33,132. Neutral RSI moving out of the oversold zone. |
| CRUDE OIL -0.42% |
| The price of crude oil continues to correct. It is currently down 0.42% and is trading at USD$71.89 per barrel. Traders continue to sell the commodity due to the lack of alignment of the OPEC+ strategy. Today, we will have the IEA crude oil inventories report, where the market expects a reduction of at least 4 million barrels. Depending on this, the market could see a major price correction or a possible rebound towards resistance 1 and 2. |
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| Support 1: 71.89 Support 2: 71.80 Support 3: 71.66 Resistance 1: 72.12 Resistance 2: 72.26 Resistance 3: 72.35 Pivot Point: 72.03 |
| Price is at support 1 at 71.89. Trading range between 71.66 and 72.35. Pivot point at 72.03. Neutral RSI approaching the oversold zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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