Daily Review for July 13, 2021
Germany’s monthly CPI for June 2021 continues at 0.4%, maintaining market expectations.
The market is aware of the inflation data from France and the United States.
Traders are aware of corporate results from JPM, Pepsico and Goldman Sachs. Possible movement at the Dow Jones and S&P500.
Allocation to technology stocks continues. Investors forecast good results for Q2 2021.
Crude oil starts to trend sideways above USD$74 per barrel. OPEC+ indecision and Delta variant begin to pressure the market.
Due to investors interest in hedging portfolios during the corporate results season, Gold manages to stay above USD$1,800 per Troy ounce.
| DAX 30 +0.01% |
| Traders are keeping an eye on Germany’s CPI data, where analysts expect a 0.4% figure for the month of June 2021. Similarly, France’s CPI is expected to be 0.2% for June 2021. Meanwhile, the market in Europe is presenting mixed movements. The DAX 30 is up 0.01% and is trading at 15,779. In Europe, covid vaccination continue in an attempt to mitigate the spread of the Delta variant. |
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| Support 1: 15,781.4 Support 2: 15,777.7 Support 3: 15,773.9 Resistance 1: 15,788.9 Resistance 2: 15,792.7 Resistance 3: 15,796.4 Pivot Point: 15,785.2 |
| Price is at resistance 1. Ichimoku cloud projects the trading range between 15,547 and 15,728. Pivot point at 15,785. RSI in overbought zone. Possible pullback to pivot point or support 1. |
| NASDAQ 100 +0.08% |
| In the United States, the market is paying close attention to the inflation data. Today we will have the report, where economists expect a 4% in an annual basis and a 0.4% for June 2021. The Nasdaq 100 index is up 0.08% and is trading at 14,881. The interest in technology companies continues, so traders are defining strategies to trade the corporate results of Q2 2021. |
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| Support 1: 14,878.66 Support 2: 14,876.33 Support 3: 14,874.16 Resistance 1: 14,883.16 Resistance 2: 14,885.33 Resistance 3: 14,887.66 Pivot Point: 14,880.83 |
| The index is above resistance 1. Bulls are forecasting the price towards 15,000. Trading range between 14,874 and 14,887. Pivot point at 14,880. RSI neutral, moving out of the overbought zone. Price continues above the 200-day moving average. |
| CRUDE OIL +0.24% |
| Crude oil price is starting to feel pressure due to the lack of OPEC+ coordination and the increase in the number of Delta variant cases. At the moment the price of crude oil is up 0.24% and is trading at USD$74.46 per barrel. OPEC+ decided to postpone the decision on production increase. However, the market perceived this as a sign of disarticulation of the cartel’s strategy, with which the price dropped to USD$72. |
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| Support 1: 74.17 Support 2: 74.13 Support 3: 74.06 Resistance 1: 74.28 Resistance 2: 74.35 Resistance 3: 74.39 Pivot Point: 74.24 |
| The price is showing a sideways movement above the 73.75 level. Trading range between 74.06 and 74.39. RSI neutral. The price is slightly above the 200-day moving average. |
| GOLD +0.24% |
| Today the market will have inflation data in Europe and the United States. Investors have started buying gold as a strategy to hedge against the volatility that could be caused by the CPI results. The ECB and the FED continue to evaluate the inflation level in order to make monetary policy decisions. They are also evaluating the implementation of new instruments that could create economic growth while maintaining a controlled level of inflation. Gold is currently up 0.24% and is trading at USD$1,808 per Troy ounce. |
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| Support 1: 1,798 Support 2: 1,788 Support 3: 1,788 Resistance 1: 1,808 Resistance 2: 1,817 Resistance 3: 1,827 Pivot Point: 1,802 |
| Movements expected above the 1,810 level. Possible sideways movement towards 1,808. Expected trading range between 1,788 and 1,827. Pivot point at 1.802. RSI neutral. Price remains above the 200-day moving average. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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