[Video] WTI Closes Below $70, Silver Fails to Break Key Resistance
Matt Simpson August 5, 2021 2:46 AM
After three-day of selling, WTI shows the potential for a bounce yet it may struggle to rally back above $70 in the current environment.
Alongside WTI we also look at spot silver prices, as a bearish hammer has formed at a key resistance cluster. Take note that the US dollar and tomorrow’s Nonfarm payroll report will likely make their mark on silver and WTI, one way or another. We then look at NZD/JPY as it shows the potential to break higher, should appetite for risk allow.
S&P 500: Market Internals
S&P 500: 4402.66 (-0.46%), 04 August 2021
- Communication Services (0.2339%) was the strongest sector and Energy (-2.9%) was the weakest
- 9 out of the 11 sectors traded lower on the S&P 500
- 121 (23.96%) stocks advanced and 383 (75.84%) declined
- 81.58% of stocks closed above their 200-day average
- 63.37% of stocks closed above their 50-day average
- 54.85% of stocks closed above their 20-day average
- + 10.7% - Paycom Software Inc (PAYC.N)
- + 8.63% - DaVita Inc (DVA.N)
- + 8.42% - Moderna Inc (MRNA.OQ)
- -8.92% - General Motors Co (GM.N)
- -8.86% - Lumen Technologies Inc (LUMN.N)
- -8.84% - Unum Group (UNM.N)
How to trade with FOREX.com
Follow these easy steps to start trading with FOREX.com today:
- Open a Forex.com account, or log-in if you’re already a customer.
- Search for the pair you want to trade in our award-winning platform.
- Choose your position and size, and your stop and limit levels.
- Place the trade.
Disclaimer: StoneX Financial Ltd (trading as "Forex.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, Forex.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by Forex.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although Forex.com is not specifically prevented from dealing before providing this material, Forex.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
For further details see our full non-independent research disclaimer and quarterly summary.