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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.    

Stock Market Rally




Record-breaking but near-peak inflation in Britain
Record-breaking but near-peak inflation in Britain

UK consumer prices rose by 2.5% in April, the second-biggest monthly gain in the indicator’s history since 1988. Annual inflation jumped from 7% to 9%, unseen in the indicator’s history...

19 May 2022

GBPCHF on a strong footing
GBPCHF on a strong footing

GBPCHF is testing some key levels here at the 1.25 level and looking very interesting. Read below to find out more. The quid has a few factors working in its favour...

18 May 2022

Crypto Markets Slide as TerraUSD and Tether Breaks its Peg with the U.S. Dollar
Crypto Markets Slide as TerraUSD and Tether Breaks its Peg with the U.S. Dollar

Stablecoins have one job. To maintain their value at $1 per coin. That job failed after Tether (USDT), the most prominent "stablecoin" and integral part of the cryptocurrency ecosystem...

18 May 2022

The Impact of a Major Crypto Market Crash on the Indian Stock Market
The Impact of a Major Crypto Market Crash on the Indian Stock Market

Bitcoin and Ethereum are currently trading at their lowest levels. There are two major factors behind this week’s cryptocurrency crash. The first is rising interest rates around the world...

17 May 2022

European Stocks Stable After Extreme Slide Since 2020
European Stocks Stable After Extreme Slide Since 2020

European stocks and U.S. stock futures rose. Markets developed steadily after fears of global growth led to a sharp drop from the previous session. The Stoxx Europe 600 stock index added 1 percent...

13 May 2022

Dollar growth is a key market driver
Dollar growth is a key market driver

The euro steadied against the U.S. dollar on Wednesday on expectations that the European Central Bank will raise its benchmark interest rate in July for the first time...

13 May 2022

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