Daily Review for September 02, 2021
In Europe, the ESMA warned of a possible correction in the short term in the equity market, as a result of economic overheating.
The DAX 30 shows slight bearish movements, while a new market trend is being set. The indices in Europe are sideways.
OPEC+ decided to maintain its strategy of gradually increasing production. Inventories in the United States decreased by 7 million barrels. Possible increase in domestic production.
Moderna is looking for the FDA approval of its third dose. Nasdaq 100 seeks 16,000.
Bitcoin rises 5%. USD$655 million in options expire tomorrow. The Bulls are looking the USD$50,000 mark.
| DAX 30 -0.20% |
| The ESMA (European Securities and Markets Authority) warned of a possible correction in the markets in the short term. This is based on low interest rates, historical highs in equities, rising inflation and the increase in public and corporate debt. The DAX 30 is down 0.20% and is trading at 15,778. Traders continue to keep an eye on the German elections, and on macro data from Spain and the Euro Zone PPI. The ECB begins to analyze the withdrawal of economic stimulus. |
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| Support 1: 15,780.4 Support 2: 15,774.7 Support 3: 15,769.4 Resistance 1: 15,791.4 Resistance 2: 15,796.7 Resistance 3: 15,802.4 Pivot Point: 15,785.7 |
| The index is below the 200-day moving average. At this moment the price is above support 1 where it could mark a triple bottom, so the price could bounce towards the pivot point, and from there change trend towards resistance 1. Pivot point at 15,785. |
| CRUDE OIL -0.36% |
| OPEC+ decided to maintain the strategy of gradually increasing production. With this decision, the price corrected to USD$67.15 per barrel. On the other hand, according to the IEA, crude oil inventories in the United States decreased by 7 million barrels. This continues to generate an upward momentum in the price. Crude oil is currently down 0.36% and is trading at USD$68.36 per barrel. The United States could begin to replace the deficit increasing domestic production. |
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| Support 1: 68.20 Support 2: 68.11 Support 3: 68.00 Resistance 1: 68.40 Resistance 2: 68.51 Resistance 3: 68.60 Pivot Point: 68.31 |
| The price is above the 200-day moving average. If the trend changes, the price could reach resistance 1. At this point, buying volume should push the price above this upper limit. Pivot point at USD$68.31. RSI neutral. |
| NASDAQ 100 +0.03% |
| Moderna is in the process of obtaining FDA approval for the third dose. The company’s shares closed yesterday with an increase of 3.52%, reaching a value per share of USD$389.94. The Nasdaq 100 is currently up 0.03% and is trading at 15,615. Traders are concentrated today in the US trade balance and the new claims for unemployment benefits, which is an important data when analyzing the NFP. |
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| Support 1: 15,607.6 Support 2: 15,599.4 Support 3: 15,594.8 Resistance 1: 15,620.4 Resistance 2: 15,625.0 Resistance 3: 15,633.2 Pivot Point: 15,612.2 |
| Price is above the 200-day moving average. Expected trading range between 15,594 and 15,633. Pivot point at 15,612. RSI neutral. Bulls are looking for 16,000 points. |
| BITCOIN +5.20% |
| Bitcoin price is currently up 5.20%, and is trading at USD$49,777. Bulls continue their search for USD$50,000. Tomorrow, USD$655 million in Bitcoin options expire. Call options are the most likely to be exercised, if they were acquired below USD$47,000. Tomorrow is a major challenge for the Bulls to maintain upside momentum. If they succeed, the price could break above USD$50,000 over the weekend. |
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| Support 1: 49,310.7 Support 2: 49,176.9 Support 3: 48,986.7 Resistance 1: 49,634.7 Resistance 2: 49,824.9 Resistance 3: 49,958.7 Pivot Point: 49,500.9 |
| The price is above the 200-day moving average. It is currently trying to cross the resistance 2. If it does, the next target level is USD$5,520. Expected trading range between USD$48,986 and USD$49,958. Pivot point at USD$49,500. RSI in overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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