
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
2021-07-20 • Updated
Global equities took a notable hit on Monday due to the new fears regarding the Covid19 delta variant, which is spreading around the world once again. But what is interesting is that the new variant is also affecting the fully vaccinated people as well. Some countries already reinitiated partial lockdown and restrictions, which sparked a panic selling across the board. S&P500 is now testing its 50-day MA for the fifth time this year, which should be watched very carefully as a breakthrough that support would be another bearish factor not only in the short term but also in the medium term, meaning S&P500 could be heading to 20% correction. Therefore, we prefer to wait and see how the index reacts at the opening bell before we decide on our next trade.
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
4217.90 |
4225.50 |
4231.40 |
4239.00 |
4244.90 |
4252.50 |
4258.40 |
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Last week was truly unforgettable, filled with geopolitical tensions and changes of market sentiment. Russian ruble lost 40% against dollar amid sanctions from EU and US. Brent oil soared to almost $120 a barrel, a 10-year high for the commodity. Chinese stocks are near the covid crash levels. Let’s dive into the market together!
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