DAILY TECHNICAL ANALYSIS WITH CANDLESTICK CHARTS – 28 OCTOBER 2021

 

Asia Pacific stocks were mostly down on Thursday morning. The Shanghai composite is down 1.16% at 3,521.29. Overall, the Singapore MSCI down 0.36% at 369.15. Over in Hong Kong, the Hang Seng Index down 0.32% at 25,560.00. In Japan, the Nikkei 225 down 0.83% at 28,760.00, while the Topix index is down 0.65% at 1995.5. South Korea’s Kospi down 0.53% to 3009.55. Australia S&P/ASX 200 down 0.25% at 7430.4.

European equities Wednesday closing. The DAX futures contract in Germany traded down 0.33% at 15705.81, CAC 40 futures down 0.19% at 6753.53 and the UK 100 futures contract in the U.K. down 0.06% at 7,249.4.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.74% at 35490.70. The S&P 500 down 0.51% at 4551.67 and the Nasdaq 100 up 0.10% at 15622.9, NYSE closes at 16920.38 down 1.31%.

In the Forex market, GBPUSD up 0.05% at 1.374. The USDJPY down 0.20% at 113.598. The USDCHF up 0.09% at 0.9188. EURUSD down 0.01% at 1.1600, EUR/GBP down 0.01% at 0.84382. The USD/CNY up 0.10% at 6.3977 at the time of writing.

In the commodity market U.S. Gold futures up 0.32% at $1,801.75. Elsewhere, Silver futures down 0.04% to $24.04 per ounce, Platinum up 0.80% at $1016.09 per ounce, and Palladium up 1.15% at $1984.50.

Crude Oil down on Thursday; Brent crude oil down 0.78% at $83.50 per barrel while U.S. West Texas Intermediate (CLc1) is down 2.34% at $82.70.

In the Cryptocurrency Markets, BTCUSD at 59217.31 up 1.29%, Ethereum up 2.94% at 4038.59, Litecoin at 184.40 up 2.88%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Teradyne Inc. up 6.878% at $123.07, Masco Corp. up 5.206% at $64.26, Microsoft Corp. up 4.211% to $323.17, Twitter Inc down 10.777% to $54.81, Fiserv Inc. down 10.024% to $98.83, Visa Inc. down 6.919% at $215.78.

Economic news:

US: U.S. Treasury Secretary Janet Yellen will use her third trip to Europe to push a slew of White House global economic priorities on corporate taxes, climate financing, preventing new pandemics and easing inflationary supply chain disruptions.

Over the next week, she will make the pitches at Group of 20 meetings in Rome and at the United Nations Climate Change Conference 26 (COP26) in Glasgow, with an interim stop in Ireland to thank the low-tax country for its hard-fought decision to support a deal for a 15% global minimum corporate tax.

U.S. President Joe Biden and other G20 leaders at a weekend summit are expected to endorse the tax deal agreed by 136 countries, cementing progress made this year under Yellen’s leadership.

Eurozone: The European Union published draft laws on Wednesday to “faithfully” implement the final batch of tougher global bank capital rules from 2025, two years later than agreed internationally.

Following the initial batch of rules, banks in Europe hold roughly triple the amount of capital that they did in the run up to the 2007-09 global financial crisis that saw governments bail out collapsing lenders.

Brussels says its proposals would modestly increase capital requirements by less than 9% on average by 2030, but banks argue the hit will be bigger in practice and will make it harder for them to help the economy recover from COVID-19.

The European Parliament and EU states have the final say on the European Commission’s proposals for transposing the ‘Basel III’ global bank capital accord, with haggling and tweaks likely.

“We are faithfully implementing the agreement on Basel III while taking into account some European specificities, and ensuring it does not lead to a significant overall increase in capital requirements,” European Commission Executive Vice President Valdis Dombrovskis told reporters.

Important Data: Germany Unemployment Rate (Oct) today at 3:55 this time estimated 5.4%, previously which was 5.5%. EURO ZONE Deposit Facility Rate (Oct) at 7:45 this time estimated -0.50%, previously which was -0.50%. US GDP (QoQ) (Q3) today at 8:30 this time estimated 2.7%, previously which was 6.7%. US Initial Jobless Claims today at 8:30 this time estimated 290K, previously which was 290K.

TECHNICAL SUMMARY