Daily Review for September 16, 2021
Traders are paying close attention to macroeconomic data in the United States.
Retail sales exceeded analysts’ expectations, who were expecting a figure of -0.8% for the month of August.
The energy market continues to rally. Energy commodity prices continue to trend higher. The main factor is the effect of the Tropical Storm Nicholas in the Gulf Coast, and speculative positions for the winter.
Cryptos remain in an uptrend. Bitcoin is approaching USD$50,000.
Traders are keeping an eye on Bitcoin options expiration.
| DAX 30 -0.18% |
| The market in Europe remains in negative territory. Traders in Europe are paying attention to the statements of Christine Lagarde as ECB President. The Bank’s main objective is economic recovery. However, the inflationary level in Europe has made the ECB react. Investors are aware for a possible announcement on the start of tapering in Europe. Meanwhile, the DAX 30 is down 0.18% and is trading at 15,639. |
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| Support 1: 15,619.5 Support 2: 15,607.5 Support 3: 15,597.5 Resistance 1: 15,641.5 Resistance 2: 15,651.5 Resistance 3: 15,663.5 Pivot Point: 15,629.5 |
| The index is below the 200-day moving average. Expected trading range between 15,597 and 15,663. Pivot point at 15,629. RSI neutral. The price is at support 1, where a double bottom could be formed. Therefore, possible rebound towards 15,732. |
| BITCOIN +2.12% |
| The crypto market continues to rise. Bitcoin is currently up 2.12% and is trading at USD$48,056. More and more companies from different economic sectors are interested in the use of digital means of payment, including cryptos. The Bulls maintain their positions and are looking for the price to exceed USD$50,000 to start liquidating part of the portfolio. This Friday, USD$810 million of options on Bitcoin expire. |
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| Support 1: 47,988.0 Support 2: 47,876.2 Support 3: 47,689.8 Resistance 1: 48,286.2 Resistance 2: 48,472.6 Resistance 3: 48,584.4 Pivot Point: 48,174.4 |
| Bullish channel. The price continues above the 200-day moving average. The Ichimoku cloud projects movement towards USD$47,488. Expected trading range between USD$47,689 and USD$48,584. Pivot point for trend change at USD$48,174. RSI neutral. |
| CRUDE OIL +0.04% |
| Commodity prices in the energy segment continue to rise. Crude oil is currently up 0.04% and is trading at USD$72.64 per barrel. The energy market continues to show higher rallies. Analysts see energy inflation in Europe. In the United States, tropical storm Nicholas continues. Oil inventories in the US decreased by 6.4 million barrels. |
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| Support 1: 72,47 Support 2: 72,19 Support 3: 72,04 Resistance 1: 72,90 Resistance 2: 73,05 Resistance 3: 73,33 Pivot Point: 72,62 |
| The price is above the 200-day moving average. Expected trading range between USD$72.04 and USD$73.33. Pivot point for trend change at USD$72.62. RSI neutral. |
| DOW JONES +0.07% |
| Wall Street is paying close attention to U.S. economic data. On the one hand, retail sales, which is an indicator of market demand, rose 1.8%. At the same time, unemployment claims rose to 332,000. The Fed’s manufacturing index came in at 30.7, improving the market’s supply outlook. Businessmen are watching business inventory data as an indicator of the economy’s performance. At the moment the Dow Jones is up 0.07% and is trading at 34,839.20. |
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| Support 1: 34,755.6 Support 2: 34,736.0 Support 3: 34,703.7 Resistencia 1: 34,807.5 Resistance 2: 34,839.8 Resistance 3: 34,859.4 Pivot Point: 34,787.9 |
| The index is below the 200-day moving average. Decline zone. Expected trading range between 34,703 and 34,859. Pivot point at 34,787. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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