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21 October 2020
E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Bullish News Will Fuel Rally to 11920.25 – 11997.75
December E-mini NASDAQ-100 Index futures rose on Tuesday after White House Chief of Staff Mark Meadows said that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have made “good progress” on stimulus talks, before adding that they “still have a ways to go” before an agreement is reached.
On Tuesday, December E-mini NASDAQ-100 Index futures settled at 11660.75, up 10.50 or +0.09%.
Following Pelosi and Mnuchin’s meeting on Tuesday, Meadows told CNBC’s “Closing Bell” that the two will talk again on Wednesday, and that he hopes to see “some kind of agreement before the weekend.”
In other technology-stock related news, a slew of companies reported quarterly earnings after the bell on Tuesday, most notably Netflix. Shares of the streaming giant slipped 5.7% after the company missed earnings estimates, and reported fewer-than-expected subscriber additions. On the other hand, shares of Snap jumped 24% after the company reported a surprise earnings beat.
Bullish Scenario
A sustained move over 11761.75 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to possibly extend into the minor retracement zone at 11920.25 to 11997.75.
Bearish Scenario
A sustained move under 11761.75 will signal the presence of sellers. If this generates enough downside momentum then look for the selling to possibly extend into 11591.25 to 11550.50.
https://www.investing.com/indices/nq-100-futures-streaming-chart
USD/CAD drops to six week low amid market optimism, eyes Canadian CPI, Retail Sales
USD/CAD battles 1.3100, down 0.23% intraday, while heading into Wednesday’s European open. In doing so, the loonie pair drops to a multi-day low as upbeat trading sentiment weighs on the US dollar. Also pleasing the bears could be the upbeat performance of oil prices, Canada’s biggest export item. However, further selling might catch a breather ahead of Canada’s September month Consumer Price Index (CPI) and New Housing Price Index data for September, as well as Retail Sales for August.
Global markets cheer US House Speaker Nancy Pelosi’s first in many days of praise to the coronavirus (COVID-19) relief package talks even if the policymakers miss the 48-hour deadline to the Tuesday night. Positive trading sentiment ignored signals from US Senate Majority Leader Mitch McConnell, shared by CNBC reporter Carl Quintanilla, which threw cold water on Mr. Trump’s increasingly urgent push to enact a new round of pandemic aid before Election Day, per the tweet.
That said, the USD/CAD trader may turn cautious ahead of the key economic figures. Forecasts suggest the headlines CPI YoY to grow by 0.4% versus 0.1% prior whereas Retail Sales may remain unchanged with 1.1% monthly growth. On the contrary, the New Housing Price Index is likely to ease from 0.5% previous readouts to 0.3% and may help the countertrend traders. Though, major attention will be given to how the US Congress members manage to break the stimulus deadlock.
Technical analysis
A clear break of an ascending trend line from September 01, at 1.3115 now, needs validation from a daily closing under 1.3100 to aim for the previous month’s low of 1.2994. Until then, the 61.8% Fibonacci retracement level of last month’s upside near 1.3160 can restrict USD/CAD pullback.
https://www.investing.com/charts/forex-charts
Gold Price Futures (GC) Technical Analysis – $1939.40 is Trigger Point for Acceleration into $1970.10
Gold futures edged higher on Tuesday as the dollar weakened and hopes for a U.S. coronavirus aid package ahead of the presidential election boosted bullion’s appeal as an inflation hedge.
U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin “continued to narrow their differences” on the stimulus package, Pelosi’s spokesman Drew Hammill said.
Bullish Scenario
A new fiscal stimulus deal will be bullish news. Overtaking $1917.40 will indicate the presence of buying. Taking out $1923.40 could trigger an acceleration to the upside with the next target the main top at $1939.40.
The main top at $1939.40 is another potential trigger point for an upside breakout. This could create the momentum needed to challenge the short-term 50% level at $1970.10.
Bearish Scenario
A sustained move under $1902.10 will signal the presence of sellers. This could lead to a labored break with potential downside targets coming in at $1889.70, $1885.00, $1880.00 and $1877.10. The latter is a potential trigger point for an acceleration to the downside.
https://www.investing.com/currencies/xau-usd-chart
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