Daily Review for September 03, 2021
Japan’s Prime Minister, Yoshihide Suga, resigned for re-election. The Nikkei 225 is currently up 2.31%.
The market expects the creation of at least 750,000 new non-farm jobs. A 5.2% unemployment rate is also expected in the United States.
Gold remains sideways, awaiting higher trading volume ahead of NFP.
Bitcoin remains near USD$50,000. Bulls are looking for USD$51,500. Options expire today.
Indices in Europe remain sideways, awaiting the NFP in the US.
Nasdaq 100 is sideways. The technology sector has been a strong performer during the pandemic. Traders are looking for 16,000 points.
| GOLD +0.19% |
| The market expects at least 750,000 new non-farm jobs to be created in the United States. In July, the U.S. economy created 943,000 new jobs. The economic sectors, mainly the financial sector, have shown significant growth during the economic recovery. In this sense, companies have demanded more capital, and in turn have had a need for more human capital. Therefore, the market expects an interesting reading for the NFP. At the same time, an unemployment rate of 5.2% is expected. Gold, as a safe haven asset, is currently up 0.19% and is trading at USD$1,814 per Troy ounce. |
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| Support 1: 1,812.95 Support 2: 1,811.55 Support 3: 1,810.70 Resistance 1: 1,815.20 Resistance 2: 1,816.05 Resistance 3: 1,817.45 Pivot Point: 1,813.80 |
| Price is above the 200-day moving average. Sideways movement ahead of the NFP result. Gold is at resistance 1, at a point where Bulls could look for USD$1,822 or Bears could look for USD$1,800. |
| BITCOIN +0.15% |
| Bitcoin options expire today. At the moment, the price of the cryptocurrency is up 0.15% and is trading at USD$49,531. During the Asian session, Bitcoin reached USD$50,000. However, after traders took profits, the price corrected to support 1. From there it rebounded to the actual level. The new target for traders is USD$51,000. If it is reached, the USD$50,000 level would be the support, with which Bitcoin could confirm the uptrend. |
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| Support 1: 49,344.1 Support 2: 49,209.3 Support 3: 49,023.4 Resistance 1: 49,664.7 Resistance 2: 49,850.7 Resistance 3: 49,985.4 Pivot Point: 49,530.0 |
| Expected trading range between USD$49,023 and USD$49,985. Pivot point for trend change at USD$49,530. RSI neutral. The Ichimoku Cloud projects sideways movement. If the Bulls manage to overcome resistance 1, the price could climb to USD$51,400. |
| EUROSTOXX 50 -0.05% |
| European markets are mixed, awaiting the NFP data and the unemployment rate in the United States. Meanwhile, the Eurostoxx 50 is down 0.05% and is trading at 4,230. Traders are also waiting for the Euro Zone retail sales data, which allows them to analyze market demand. They are also aware of the composite and services PMI data. |
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| Support 1: 4,217 Support 2: 4,199 Support 3: 4,186 Resistance 1: 4,234 Resistance 2: 4,247 Resistance 3: 4,253 Pivot Point: 4,223 |
| Price is above the 200-day moving average. Expected trading range between 4,186 and 4,253. Pivot point for trend change at 4,223. RSI neutral. Sideways movement before setting trend. The index maintains the bullish channel. |
| NASDAQ 100 +0.04% |
| The ADP Non-Farm Employment Change data did not convince the market, coming in at 347,000 over the 613,000 expected by the market. This could give a signal on NFP. If the data is lower than expected, the FED could analyze tapering again and test the current level of interest rates. Meanwhile, Nasdaq 100 is up 0.04% and is trading at 15,613. If the NFP and the unemployment rate exceed market expectations, the index could reach 16,000 points. The technology sector has performed well during the pandemic. |
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| Support 1: 15,615.5 Support 2: 15,612.0 Support 3: 15,607.8 Resistance 1: 15,623.2 Resistance 2: 15,627.4 Resistance 3: 15,630.9 Pivot Point: 15,619.7 |
| The price is above the 200-day moving average. The index is between resistance 1 and the pivot point. Possible sideways movement before the NFP data. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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