Daily Review for July 30, 2021
Nasdaq 100 corrected from all-time highs as Amazon failed to beat the market’s operating income expectations. Nikola’s problems also put pressure on technology stocks.
Traders are analyzing inflation and GDP data in the Euro Zone. Positive results are expected as a result of the economic recovery efforts and the opening of the sectors for the summer.
Bitcoin remains sideways at the USD$40,000 level. The market is waiting for fundamental events to set the trend. Bulls are looking to break above the current price level, seeking USD$44,000.
Good performance of the gold price during the week. At this moment the price corrects, which could generate buying interest to hedge against the expected volatility in Nasdaq 100.
The market is expecting the IPO of Robinhood, which will be listed on Nasdaq.
| NASDAQ 100 -1.43% |
| Amazon failed to exceed the market’s operating revenue expectations, reaching USD$113.08 Billion vs USD$115.33 Billion expected. At the moment, the Nasdaq 100 is down 1.43% and is trading at 14,826 points. On the other hand, Amazon shares closed with a 0.84% drop and in the pre market, it is falling 7.47%. According to the company, the decline in sales was due to lower retail demand due to the pandemic. The index could therefore continue to be under pressure today, due to the contagion effect and correction of the technology companies. Nikola is also pressured by the sentencing of the company’s founder. |
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| Support 1: 14,848.4 Support 2: 14,843.9 Support 3: 14,838.9 Resistance 1: 14,857.9 Resistance 2: 14,862.9 Resistance 3: 14,867.4 Pivot Point: 14,853.4 |
| The price is below the 200-day moving average. The index is marking a double bottom at 14,825. Expected trading range between 14,838 and 14,853. Pivot point for trend change at 14,853. RSI in oversold zone, so the price could look for 14,959 before defining trend. |
| DAX 30 -0.51% |
| Traders are aware on macroeconomic data in Europe. Today we will have inflation reports from France, Italy and the Euro Zone. We will also have GDP data from France, Spain, Germany and the Euro Zone. The market is expecting positive data, driven by the economic recovery and the opening of the countries during the summer. At the moment the DAX 30 is correcting 0.51% and is trading at 15,512. The TecDAX remains sideways, while traders analyze whether or not it will follows the Nasdaq 100. |
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| Support 1: 15,477.9 Support 2: 15,459.7 Support 3: 15,438.4 Resistance 1: 15,517.4 Resistance 2: 15,538.7 Resistance 3: 15,556.9 Pivot Point: 15,499.2 |
| The price is near the level of the 200-day moving average at 15,516. Expected trading range between 15,438 and 15,556. Pivot point at 15,499. RSI neutral. The price could reach the support at 15,451. After that the double bottom could push the price to 15,575. |
| BITCOIN -0.66% |
| Bitcoin price is correcting 0.66% and is currently trading at USD$39,630. The crypto market has been in a recovery phase for a few days now, with Bitcoin reaching the USD$40,000 level. In the corporate world, according to Elon Musk, Tesla currently holds 42,069 Bitcoins. For the moment the crypto price remains sideways, waiting to break or correct above the actual level. |
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| Support 1: 39,638.2 Support 2: 39,552.1 Support 3: 39,458.8 Resistance 1: 39,817.7 Resistance 2: 39,911.1 Resistance 3: 39,997.2 Pivot Point: 39,731.6 |
| Sideways movement. The price is above the 200-day moving average. RSI neutral. Expected trading range between 39,458 and 39,997. Pivot point at 39,731. If the Bulls manage to gain momentum, price would look for the 42,000 to 44,000 area. |
| GOLD -0.27% |
| The price of gold has performed well during the course of the week, rising from USD$1,796 to USD$1,829 per Troy ounce. At the moment, the metal is correcting 0.27%, trading at USD$1,826. Traders could start buying at this level, due to the possible correction that could be generated in the Nasdaq 100 as a result of Amazon and Nikola. Possible hedging of portfolios at the current price level. |
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| Support 1: 1,826.51 Support 2: 1,826.13 Support 3: 1,825.61 Resistance 1: 1,827.41 Resistance 2: 1,827.93 Resistance 3: 1,828.31 Pivot Point: 1,827.03 |
| Price is above the 200-day moving average. The Ichimoku cloud forecasts the price between a range of 1,813 and 1,826. Pivot point for trend change at 1,827. RSI Neutral moving out of the overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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