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17.11.2021: US stocks booming again amid firm USD (S&P500, DXY, USD/CAD, BTC/USD)
Vistas:
Having perked up, major US stock indices are again trading at the strongest levels of the year. Apparently, investors are inspired by the upbeat retail sales report. The question is how long macroeconomic data will be able to support optimistic market sentiment. Share your viewpoint in the comments!
Now let’s discuss the data on building permits in the US. The actual increase has been stronger than expected. Besides, the number of building permits rose in October from a month ago. This is a positive sign that revived optimism on Wall Street.
In this context, the S&P 500 grew nearly 0.5% today. At last, the index has climbed to 4,700 points as predicted earlier. The index is likely to trade higher in a tight corridor between 4,680 and 4,720. The S&P 500 has enough momentum. In light of the strong retail sales report, stocks of large American chain stores appreciated yesterday.
The US dollar is standing tall. Its index surged to 96.20 yesterday, the highest mark since the summer 2020. Today the index is consolidating gains, though with a minor correction to 95.80. The reason for the US dollar’s strength is obvious. Markets are alarmed by soaring inflation in the US, anticipating growth of Treasuries yields and a rate hike by the US Fed in the foreseeable future.
A new bullish wave of the greenback and the upbeat retail sales data dented confidence of the Canadian dollar. Amid the broad-based strength of the US dollar, the USD/CAD pair went up, facing strong resistance at near 1.2600. Today the currency pair is trading at about 1.2550. It is expected to move towards the upper border of the corridor between 1.2550 and 1.2600.
Meanwhile, Bitcoin is trading lower. Today its price sank to 59,000 dollars for the first time in a long while. Why did this happen? What do you think? Please share your opinion with us. Crypto analysts reckon that large investors are willing to push the price down and trigger a wave of selling. This is what is going on now. The nearest support is seen at 57,000 dollars. This level poses a threat. Nevertheless, there is a fair chance that buyers will again enter the market with long position on Bitcoin, betting on its further growth. So, the correction will be over.
To sum up, the upbeat retail sales and building permits propped up the rally on Wall Street. Indeed, investors are encouraged by the spending boom in October. The stock market is widely expected to extend its rally. Importantly, our analysts warn that the time is not right for opening long-term buy positions. The thing is that the US stock market has not made a deep correction yet. Besides, the key indices have not declined to a 50-day moving average. They have to lose another 5% to reach this level. So, let’s wait for a full-fledged deep correction. Subscribe to our channel and leave your comments! See you tomorrow!
00:00 Intro
00:25 US Building Permits
00:42 S&P500
01:15 DXY
01:49 USD/CAD
02:20 BTC/USD
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