TECHNICAL ANALYSIS REPORT TODAY – 13 SEPTEMBER 2021

 

Asia Pacific stocks were mostly down on Monday morning. The Shanghai composite is up 0.28% at 3,713.35. Overall, the Singapore MSCI down 1.12% at 352.15. Over in Hong Kong, the Hang Seng Index down 2.03% at 25,610. In Japan, the Nikkei 225 up 0.46% at 30,300, while the Topix index is up 0.48% at 2083.0. South Korea’s Kospi up 0.06% to 3127.40. Australia S&P/ASX 200 up 0.15% at 7417.8.

European equities Friday closing. The DAX futures contract in Germany traded down 0.09% at 15609.81, CAC 40 futures down 0.31% at 6663.78 and the UK 100 futures contract in the U.K. up 0.07% at 7,029.21.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.78% at 34607.73. The S&P 500 down 0.77% at 4458.57 and the Nasdaq 100 up 0.21% at 15482.2, NYSE closes at 16563.47 down 0.60%.

In the Forex market, GBPUSD down 0.04% at 1.38198. The USDJPY up 0.21% at 110.105. The USDCHF up 0.27% at 0.9197. EURUSD down 0.19% at 1.17857, EUR/GBP down 0.09% at 0.8528. The USD/CNY up 0.14% at 6.4541 at the time of writing.

In the commodity market U.S. Gold futures up 0.19% at $1,790.63. Elsewhere, Silver futures down 0.16% to $23.711 per ounce, Platinum up 0.31% at $958.48 per ounce, and Palladium down 0.04% at $2,137.68.

Crude Oil up on Monday; Brent crude oil up 0.99% at $73.58 per barrel while U.S. West Texas Intermediate (CLc1) is up 1.20% at $69.71.

In the Cryptocurrency Markets, BTCUSD at 44819.60 down 2.67%, Ethereum down 3.72% at 3279.02, Litecoin at 176.83 down 3.39%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Nov Inc. up 2.909% at $13.09, General Motors Co. up 2.21% at $49.49, KLA Corp. up 3.29% to $347.83, Biogen Inc. down 6.655% to $300.15, Zoom Video Comm. up 1.906% to $301.50, NVIDIA Corp. up 1.357% at $224.78.

Economic news:

US: U.S. Senator Joe Manchin on Sunday said lawmakers were unlikely to pass their massive budget package by Democrats’ Sept. 27 deadline, adding that he could support a smaller $1.5 trillion bill.

Manchin, a West Virginia moderate who has urged a “pause” on fellow Democrat U.S. President Joe Biden’s $3.5 trillion domestic spending plan, said while he supported some provisions such as universal preschool, he did not back clean energy and other measures.

The plan would also have to include a “competitive tax code” to help pay for it, he told CNN, adding he could support a domestic spending bill costing between $1 trillion and $1.5 trillion.

House Speaker Nancy Pelosi had agreed to hold a Sept. 27 vote on a separate bipartisan $1 trillion infrastructure bill. While Biden and Pelosi had hoped to pass both bills together, centrist House Democrats had objected and pressed for a vote on funding for roads and other projects first.

Eurozone: British businesses demanded that finance minister Rishi Sunak stop raising their taxes and instead offer more help to meet the challenges of Brexit, COVID-19 and climate change when he makes major budget statements next month.

The Confederation of British Industry urged Sunak to “flip business taxation on its head” when he sets out new tax proposals and a three-year spending plan on Oct. 27.

“The lack of detail and pace from the government on some of the big economic choices we must make as a country are the biggest concerns for business,” CBI Director General Tony Danker said in excerpts of a speech to be delivered later on Monday.  

Danker told Sunak to stop hitting companies that invest in making their premises less carbon-intensive with increased property tax payments, a quirk of the business rates system.

He also said more needed to be done to boost skills training, speed up the development of new infrastructure projects such as Britain’s delayed high-speed railway and rewrite market rules to attract more private investment.

Important Data: US Federal Budget Balance (Aug) today at 14:00 this time estimated -173B, previously which was -302B. AUSTRALIA House Price Index (QoQ) (Q2) today at 21:30 this time estimated 6.1%, previously which was 5.4%. AUSTRALIA NAB Business Confidence (Aug) today at 21:30 previously which was -8.0. EURO ZONE ECB President Lagarde Speaks today at 9:30.

TECHNICAL SUMMARY