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05.11.2021: US stocks at new highs amid better-than-expected NFP (S&P500, DXY, USD/CAD, BTC/USD) - YouTube
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The US stock market has been accelerating
its stunning rally over the four recent weeks.
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The S&P 500 has jumped 5% for the last three
weeks.
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This is a notable increase, even though Wall
Street has been already trading at elevated
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levels this year.
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Apparently, the equity market is expected
to exhaust its momentum in the not-too-distant
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future.
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So, analysts warn about either a strong retracement
or a downward correction.
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Now let’s discuss the current market situation.
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Investors found out fresh evidence of improvement
in the US labor market.
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The jobless rate edged down 0.1% last month.
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Besides, the employment growth in the US public
and private sectors was beyond the consensus.
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In light of the strong nonfarm payrolls, the
US stock market is trading higher.
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Since October 18, the S&P 500 has surged 240
points.
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As a result, the index surpassed a 50-day
moving average.
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This proves robust bullish momentum.
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Today futures on the S&P 500 are trading at
near 4,680.
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The quote is likely to rise to 4,700 points
by Monday.
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Let me remind you that large hedge funds commonly
buy shares when their quotes retrace to a
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50-day moving average.
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Hence, analysts predict a correction for the
S&P 500 in the near future, though not until
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next week.
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The US dollar advanced notably yesterday.
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The Bank of England was the catalyst for the
greenback’s strength.
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Defying investors’ hopes, the regulator
did not announce a rate hike.
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Hence, the pound sterling plummeted 150 pips
against the US dollar.
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The euro is trading steadily versus its American
rival.
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All in all, the US dollar index is consolidating
gains.
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Now it is trading at about a one-year peak
of 94.45.
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Analysts foresee a retracement to nearly 94.20.
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The index is set to trade at around the current
levels in the medium term.
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The broad-based strength of the US dollar
pushed the USD/CAD pair up.
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The loonie weakened due to a temporary decline
of oil prices.
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Crude oil abruptly pulled back to a one-week
low.
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Today the USD/CAD pair is trading at about
1.2466.
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The expected corridor for the pair is between
1.2400 and 1.2500.
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Another point for consideration is that the
currency pair logged a modest climb yesterday.
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So, when crude oil resumes its overall uptrend,
the loonie will receive a boost and the USD/CAD
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pair will reverse downwards.
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Meanwhile, Bitcoin is still trading sideways
at the level slightly above 60,000 dollars.
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Yesterday, the whole crypto market made a
correction following a decline of the flagship
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cryptocurrency.
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As long as Bitcoin remains in a tight range,
we would warn you against opening short-term
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positions on this trading instrument.
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All we can do is to wait until Bitcoin exits
the trading range.
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The question is open when it will happen.
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The number one cryptocurrency has been trading
at around 61,700 dollars for a few days in
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a row.
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Any news, either positive or negative, will
enable the price to escape the range in any
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direction.
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To sum up, the upbeat US nonfarm payrolls
might trigger further growth both in stock
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and commodity markets.
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Nevertheless, our experts reckon that there
is a strong likelihood of a deep correction
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on Wall Street.
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This can happen anytime in 1-2 weeks.
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At present, there are no preconditions for
the immediate correction.
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That’s all for today!
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See you again next week!
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