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Market Analytics
9th | February | 2021
Profiting is Managing your Risk
www.enrichers.com.pk
Market Overview
Global stocks were level-headed to sweep upward on Tuesday in Asia trading in the wake of another
roaring records setting on Wall Street.
Japan's Nikkei 225 futures added 0.36%, e-mini futures for the S&P 500 gained 0.05% and Australian
S&P/ASX futures blossomed 0.12% in early trading. MSCI's broadest index of Asia-Pacific shares outside
Japan was last up 0.04% at 720.5.
Global markets trade execution signaled reflation trades around the globe, where stocks,
cryptocurrencies, oil and gold bid up while U.S. Treasury yields held near 11-month highs and the
dollar remained solid as stone.
Expectations have been building that inflation will pick up as governments and central banks continue
enormous spending and easy money policies until officials are convinced that their economies will
recuperate from the coronavirus pandemic.
Wall Street reached second to none by closing highs on Monday as the Nasdaq Composite gained
almost 1% and the S&P 500 and the Dow Jones Industrial Average added about 0.75%. Reflation due to
U.S. fiscal stimulus and optimistic vaccine reports remains the matter in hand for financial markets.
Cryptocurrency bitcoin make its way upward 20% on Monday to another record high of $45,000 after
endorsement from Tesla. Tesla (NASDAQ:TSLA) Inc to invest around $1.5 billion in the virtual currency
and expects to accept it as payment for its cars in the future.
The dollar index maintained equilibrium on Monday after stumbling at the end of last week on a
weaker-than-expected jobs report, and was last down a modest 0.04% at 90.964. Against the yen, the
dollar was flat at 105.22.
Spot gold hopped more than 0.37% on Monday to $1,837 an ounce as anticipation of a large U.S.
economic stimulus package strengthened its appeal as an inflation hedge.
Oil prices continue to move upward on Tuesday trading session. Oil edged higher more than 2% on
Monday to their highest levels over and above a year, with Brent threading its way to $60 a barrel.
8th February 2021 Price Range
Instruments Open High Low Close Range Change %Change
Crude Oil 57.06 58.14 57 57.97 1.14 0.91 1.59%
Gold Futures 1818.10 1840.6 1807.3 1834.2 33.3 16.1 0.88%
Silver Futures 27.20 27.7 26.93 27.575 0.77 0.375 1.37%
EUR/USD 1.2054 1.2076 1.2027 1.2065 0.0049 0.0011 0.09%
GBP/USD 1.3738 1.3751 1.3681 1.3746 0.007 0.0008 0.05%
USD/JPY 105.39 105.68 105.15 105.22 0.53 -0.17 -0.16%
NSDQ100 13623.75 13693 13596 13683 97 59.25 0.43%
Dow 30 31124.00 31297 31049 31268 248 144 0.46%
S&P 500 3889.00 3911.25 3885.5 3908 25.75 19 0.48%
KSE 100 46905.79 47074.16 46659.24 46721.87 414.92 -183.92 -0.39%
DXY 91.00 91.24 90.9 90.93 0.34 -0.07 -0.07%
Table 1: Price Ranges in Market 8th February, 2021 – Monday
Commodities
Crude Oil
Oil bulls dominate near $58.00, highest since January 2020,
in the midst of the initial Asian session on Tuesday. The
energy benchmark soared for the consecutive seventh day
amidst optimism on global energy demand in conjunction
with the fear of supply cuts. Bearing in mind Saudi Arabia’s
pledge to cut down on its output during February and
March, the global oil supplies are likely to be limited during
these months. Private oil inventory data from the American
Petroleum Institute (API), prior -4.261M, will be nuts and
bolts for investors.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
Crude Oil 55.42 56.56 57.27 57.70 58.41 58.84 59.98
GOLD
Gold was firm after the biggest two-day gain in a month as
investors look forward to more stimulus in the U.S. and the
possibility of higher consumer prices against a focus on Bitcoin
and stocks at a record. The yellow metal has edged higher to
kick off the week on Monday to not only show signs of might
but hopped above the 200 day EMA. In the wake of this market
is likely to see upward momentum. However, investors are
keeping a laser-focused eye on US dollar moves. Strengthening
in dollar might let gold suffer.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
Gold 1760.77 1794.07 1814.13 1827.37 1847.43 1860.67 1893.97
SILVER
Silver markets rallied slightly during the trading session on
Monday to persist the overall bullish momentum. The white
metal nudged higher to kick off the week on Monday, turned
around to plaster the crack, and then rallied over again. After
silver’s short squeeze mania ended the white metal gave back
97% of its squeeze -induced gains. On the contrary, bearing the
brunt of the market’s outrage. Maintaining the appropriate
level the white metal still has relative strength to emerge
buying opportunities. At press time, silver is trading at 27.567.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
Silver 25.86 26.63 27.10 27.40 27.87 28.17 28.94
Currencies
EUR/USD
The EUR/USD pair tainted in the 1.2050 price region. The
dollar attempted to gain strength ahead of Wall Street’s
opening but turned south as US Treasury yields soared after
hitting their highest levels. Equities placed humble gains,
earmarking fresh record highs, flagging constant encouraging
sentiments of markets. Germany published December
Industrial Production, which was down 1% YoY. Germany will
publish its December Trade Balance. The US will release the
January NFIB Business Optimism Index and JOLTS Job
Openings for December.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
EUR/USD 1.1958 1.2007 1.2036 1.2056 1.2085 1.2105 1.2154
GBP/USD
The GBP/USD pair nosed down to 1.3679 but coped to bounce
and post modest daily gains, holding near this year’s high at
1.3758. The wobbling in dollar’s demand majorly attributed to
higher US Treasury yields. The UK currency remains among the
best performers against the greenback, supported by the latest
BOE’s monetary policy decision, as the central bank poured
cold water on negative rates. Early on Tuesday, the UK will
report the January BRC Like-For-Like Retail Sales, seen
elevating 6% after gaining 4.8% in the previous month.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
GBP/USD 1.3586 1.3656 1.3701 1.3726 1.3771 1.3796 1.3866
USD/JPY
The USD/JPY pair recoiled from a daily high of 105.66, trading
in the red for most of the American session to rest the day
near a daily low at 105.14. Japan published mixed figures, as
the December Trade Balance surplus resulted in ¥965.1
billion, much better than the previous ¥616.1 billion. The
January Eco Watchers Survey for the current situation printed
at 51.2, whereas the outlook came in at 39.9, this last, missing
the market’s expectations. Japan will publish December Labor
Cash Earnings and January Money Supply this Tuesday.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
USD/JPY 104.29 104.82 105.02 105.35 105.55 105.88 106.41
US Stock Market
NASDAQ 100
The Nasdaq Composite bagged 131.35 points, or 0.95%, to
13,987.64. Walt Disney (NYSE:DIS) Co, Cisco Systems Inc
(NASDAQ:CSCO) and General Motors Co (NYSE:GM) were up
between 1.8% and 4.9% ahead of their earnings reports this
week. Tesla shares gained 1.3%, at the same time as
cryptocurrency miners Riot Blockchain (NASDAQ:RIOT) and
Marathon Patent Group inched higher 40.2% and 42.4%,
respectively. The Nasdaq Composite recorded 461 new highs
and 6 new lows.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
NASDAQ 100 13463.33 13560.33 13621.67 13657.33 13718.67 13754.33 13851.33
DOW JONES 30
The Dow added 237.52 points, or 0.76%, to 31,385.76.
Disney (NYSE:DIS), up 5%, was one the biggest contributors
to the higher move of the Dow Jones. The rally in Disney
comes just days ahead of its quarterly earnings report later
this week. The blue-chip index was also driven advanced by
a more than 4% jump in the energy sector with
international-benchmark Brent crude futures reconciling
above $60 per barrel for the first time in more than a year.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
DOWJONES 30 30708.67 30956.67 31112.33 31204.67 31360.33 31452.67 31700.67
S&P 500
S&P 500 posted their sixth consecutive gains, their longest
winning streak since August. S&P 500 gained 28.76 points, or
0.74%, to 3,915.59. Ten of the 11 major sectors in the S&P
500 concluded the session in greens and dominate the
territory, with energy stocks enjoying the largest percentage
gain. Utilities were the sole losers. The fourth-quarter
reporting season has passed the halfway mark, with 294 of
the companies in the S&P 500 having reported. Of those,
83% have beaten consensus estimates.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
S&P 500 3850.08 3875.83 3891.92 3901.58 3917.67 3927.33 3953.08
Financial Glossary Reflation trade - Reflationary trades tend to involve assets exposed to faster economic growth, price pressures and higher yields. Riskier equities tend to benefit at the expense of nominal bonds, or those not protected against inflation. Recuperate – Restore growth Nuts and Bolts – Fundamentals/ Key point Recoiled – Move back Reconciling - Accommodating
DISCLAIMER Information and opinions contained herein is compiled by sources Enrichers Research Team believes to be reliable, but we do not accept any responsibility of its accuracy or completeness. In particular, the report takes no account of the investment objectives. Any opinions, research, news, analysis, prices or other information contained do not constitute an offer or solicitation to make any investment which carries risk. For moreinformation Call or visit us today 3rd Floor High-Q Tower, Gulberg H - Lahore www.enrichers.com.pk 042 111 36 74 24 https://www.facebook.com/EnrichersTrading/
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