TECHNICAL ANALYSIS REPORT TODAY – 28 JULY 2021

 

Asia Pacific stocks were mostly down on Wednesday morning. The Shanghai composite is down 0.37% at 3,368.75. Overall, the Singapore MSCI down 0.10% at 357.95. Over in Hong Kong, the Hang Seng Index up 1.02% at 25,321. In Japan, the Nikkei 225 down 1.25% at 27,570, while the Topix index is down 0.80% at 1918.5. South Korea’s Kospi down 0.03% to 3231.49. Australia S&P/ASX 200 down 0.57% at 7388.8.

European equities Tuesday closing. The DAX futures contract in Germany traded down 0.64% at 15519.13, CAC 40 futures down 0.71% at 6531.93 and the UK 100 futures contract in the U.K. down 0.42% at 6,996.07.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.24% at 35058.52. The S&P 500 down 0.47% to 4401.47 and the Nasdaq 100 up 0.36% at 14950.0, NYSE closes at 16520.96 down 0.27%.

In the Forex market, GBPUSD up 0.03% at 1.38777. The USDJPY up 0.08% at 109.857. The USDCHF up 0.10% at 0.91521. EURUSD down 0.01% at 1.1815, EUR/GBP flat at 0.85133. The USD/CNY down 0.10% at 6.5047, at the time of writing.

In the commodity market U.S. Gold futures up 0.41% at $1,805.61. Elsewhere, Silver futures up 0.64% to $24.82 per ounce, Platinum up 0.81% at $1062.32 per ounce, and Palladium down 0.82% to $2,628.00.

Crude Oil mix on Wednesday; Brent crude oil up 0.28% at $74.93 per barrel while U.S. West Texas Intermediate (CLc1) is down 0.28% at $71.56.

In the Cryptocurrency Markets, BTCUSD at 39810.00 up 0.9%, Ethereum at 2283.05 down 0.94%, Litecoin at 134.29 down 0.41%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Fiserv Inc. up 2.991% at $114.68, PTC Inc. down 5.102% at $143.6, FedEx Corp. down 4.998% to $282.63, KLA Corp. down 3.022% to $309, Baidu Inc. down 2.796% to $157.83, Paccar Inc. down 2.646% at $84.61.

Economic news:

US: The Biden administration on Tuesday will announce a new push to expand business ties between U.S. companies and Africa, with a focus on building needed digital, health and physical infrastructure on the continent, a senior U.S. official said.

U.S. industry executives welcome the interest, but say dollar flows will lag until the Biden administration wraps up its lengthy review of Trump administration trade measures and sets a clear policy on investments in liquefied natural gas.

Dana Banks, senior director for Africa at the White House National Security Council, will kick off a U.S.-Africa business summit, with a pledge to “re-imagine” and revive Prosper Africa, an initiative unveiled by the Trump administration in 2018.

President Joe Biden, who requested nearly $80 million for the initiative in his budget proposal in May, aims to focus the initiative on women and equity, with an expanded role for small- and medium-sized businesses, she said.

Eurozone: European Central Bank policy makers have acknowledged that their new push to boost inflation expectations could take quite a while to kick in, according to officials familiar with the discussions.

In its strategy review this month, when it raised its inflation goal and acknowledged that it might overshoot, the ECB’s Governing Council discussed the experience of the U.S. Federal Reserve, the officials said.

U.S. expectations — a critical signal of future price gains — were slow to move last August when the Fed adopted average inflation targeting and said it was willing to overshoot its 2% target. They only started to gather pace months later when the incoming Biden administration started to discuss a fiscal boost to the economy.

They accelerated again early this year when the Fed kept policy loose despite price growth jumping well above 2% on soaring demand. While expectations have eased since May as Fed officials started to broach the topic of tapering stimulus, they remain relatively robust.

Important Data: CANADA Core CPI (MoM) (Jun) today at 8:30 this time estimated 0.4%, previously which was 0.4%. US Crude Oil Inventories today at 10:30 this time estimated -2.928M, previously which was 2.108M. Fed Interest Rate Decision today at 14:00 this time estimated 0.25%, previously which was 0.25%. RUSSIA Unemployment Rate (Jun) today at 15:00 this time estimated 5.0%, previously which was 4.9%.

TECHNICAL SUMMARY