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Stock Market Breadth

22 October 2021

There is a lot of optimism in markets as investors feel good about the news that China ‘s biggest property company Evergrande will pay interest on its bond. Remember this particular company sent the markets in a major turmoil and investors were thinking that a default at this company could trigger another similar event like the financial crisis. Looking ahead to today’s UK’s economic figures, we should be well overdue for a significant rebound, despite UK consumers sucking petrol station forecourts dry due to completely unwarranted concerns about fuel shortages.

Demand is expected to stay considerable for some time to come, as drivers keep their fuel tanks at more elevated amounts than normal. Expectations for PMI readings are for a 0.3 percent increase, excluding gasoline, and a 0.6 percent increase including fuel, however one can’t help but believe that the fuel figure is a touch cautious.

As for commodities, gold is edging higher today and it is set for a second weekly gain, as a weaker dollar gave some relief from higher US government rates and increasing concerns that central banks will begin to ease economic assistance. US crude oil is on track for a 0.5 percent gain for the week, remaining close to a seven-year high set earlier in the week. Investors are focused on low crude stockpiles at the key Cushing storage facility in Oklahoma.

Dow Jones Futures Today

The Dow Jones futures saw a gigantic rally this month, and it defies all the odds of a major sell off this week. The Dow’s price is once again near its all-time high and most of the recent move is mainly fuelled due to better than expected earnings results. From a technical price perspective, the price has formed a double top pattern now, and if it fails to break above the previous high, we could certainly see a pull back. It is also important to keep in mind that the 50-day SMA has dropped below the 100-day SMA on the daily time frame, which is a bearish sign. In addition to this the RSI is in the overbought area which also suggests that the price may see a decent pullback especially if the bulls fail to push the price above the previous all-time high. The near-term support is at 35,057, while the resistance is at 35,510.    

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