Financial Markets & Stock Market Technical Analysis

Financial Markets & Stock Market Technical Analysis | Capital Street Fx

January 20, 2021

Asian shares climbed to a record high on Wednesday. The Shanghai composite is up 0.15% at 3,570.99. Overall, the Singapore MSCI down 0.34% at 340.45. Over in Hong Kong, the Hang Seng Index up 0.61% to 29,795. In Japan, the Nikkei 225 down 0.73% at 28,460, while the Topix index is down 0.70% at 1843.5. South Korea’s Kospi up 0.40% to 3105.04. Australia S&P/ASX 200 up 0.49% at 6775.6.

European equities Tuesday closing. The DAX futures contract in Germany traded 0.24% down at 13815.06, CAC 40 futures down 0.33% at 5598.6 and the UK 100 futures contract in the U.K. down 0.02% at 6,735.1.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.38% at 30930.5 the S&P 500 up 0.81% to 3798.9 and the Nasdaq 100 up 0.07% at 13053.7, NYSE closes at 14987.34 up 0.63%.

In the Forex market, GBPUSD up 0.22% at 1.36518. The USDJPY down 0.13% at 103.762. The USDCHF down 0.01% at 0.88799. EURUSD up 0.10% at 1.21411, EUR/GBP down 0.02% at 0.88927. The USD/CNY down 0.14% at 6.4686, at the time of writing.

In the commodity market U.S. Gold futures up 0.49% at $1,849.00. Elsewhere, Silver futures up 0.78% to $25.391 per ounce, Platinum up 1.11% at $1096.61per ounce, and Palladium up 0.30% to $2,367.00.

Crude Oil up on Wednesday; Brent crude oil up 0.59% to $56.17 barrel while U.S. West Texas Intermediate (CLc1) is up 0.33% at $52.37.

In the Cryptocurrency Markets, BTCUSD at 35446.73 down 1.29%, Ethereum at 1367.76 down 0.14%, Litecoin at 151.18 down 0.47%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

GENERAL MOTORS up 9.746% at $54.84, ETSY Inc. up 8.262% at $221.31, TARGET Corp. down 3.409% to $188.16, MICRON TECHNOLOGIES up 5.922% to $85.60, QUALCOMM Inc. up 4.252% to $163.77, FACEBOOK up 3.875% at $261.1.

Economic news:

US: Janet Yellen’s nomination for Treasury secretary could be approved by the Senate as soon as Thursday, senators indicated during her confirmation hearing.

Ron Wyden, the ranking Democrat on the Senate Finance Committee, said he hoped the full chamber could vote on Thursday, given that Democrats and Republicans agreed to have written follow-up questions ready for Yellen by the close of business on Wednesday.

Republican Senator Michael Crapo responded that he would discuss the timing with outgoing committee chair Chuck Grassley. “We will work with members on our side to work expeditiously,” Crapo said.

Eurozone: The European Union is arming itself with a new ability to impose punitive tariffs on the United States and other trading rivals that refuse to resolve disputes after Washington’s paralysis of the World Trade Organization.

A day before Joe Biden becomes U.S. president, the European Parliament voted 653 to 10 on Tuesday for the enforcement law, which is likely to enter force by early March.

The law is designed to protect the bloc’s interest in cases normally be handled by the WTO. Luxembourg lawmaker Christophe Hansen said it should deter others from deploying “Trump-era tactics”.

“The day after we vote on this amendment a new U.S. president takes office. Together we can find solutions to bridge our differences and together we can bring the WTO back to speed,” he told parliament late on Monday.

The WTO’s Appellate Body, which has acted as a supreme court for international disputes, was left with too few adjudicators to make rulings in December 2019 after U.S. President Donald Trump’s administration blocked new appointments.

Important Data: UK CPI (YoY) (Dec) today at 2:00 this time estimated 0.5%, previously which was 0.3%. German PPI (MoM) (Dec) today at 2:00 this time estimated 0.3%, previously which was 0.2%. EURO ZONE CPI (YoY) (Dec) today at 5:00 this time estimated -0.3%, previously which was -0.3%. CANADA Core CPI (MoM) (Dec) today at 8:30 previously which was 0.2%.

TECHNICAL SUMMARY

GBPUSD