[Video] Are European bourses ready to pop higher?
Matt Simpson March 26, 2021 4:18 AM
Whilst global indices have corrected from their record highs, the DAX and STOXX have remained firm. So perhaps these are the places to look if sentiment improves.
We also take a look at copper prices which closed below $4.00 yesterday, and then reassess USD/JPY after its noteworthy bullish close.
- The US dollar index closed above its 200-day eMA, sending EUR/USD firmly beneath 1.1800 support. 93.20 is the next major resistance level for bulls to target (or 1.1747 for EUR/USD bears).
- Eli Lilly (LLY) produced a bullish inside candle, although remained beneath 184.00. If it holds as resistance, the bearish target around 176 remain in play, whilst a break above 184 takes it back inside it consolidation range and removes it from the watchlist (at least temporarily). Overall, it has had a good move lower from 192 when we originally covered it.
- Kraft Heinz (KHC) saw an initial break of its trendline support but then promptly reversed higher. Given the strength of the move against the bias this we’ll step aside. A break above 39.71 (year to date high) removes it from the watchlist completely. Until then the potential for it to carve out a top remains, albeit different to the one outlined in yesterday’s video.
S&P 500 (0.52%) 25 March 2021
- The index closed -1.87% below its 52-week high
- 403 (79.80%) stocks advanced and 101 (20.00%) declined
- Financials (1.575%) was the strongest sector and Communication Services (-0.33%) was the weakest
- 7 out of the 11 sectors outperformed the index
- 88.12% of stocks closed above their 200-day average
- 85.15% of stocks closed above their 50-day average
- 61.39% of stocks closed above their 20-day average
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.