Back

US Market Review 6th May 2021

May 6, 2021 (11:09)

by Elina Nikolova

AMZN stock is currently trading in a confirmed range between $3,536 and $2868. Tops of this range observed on September 2nd 2020 where price reached an all-time high $3546 and April 30th 2021 top of $3536. Bottoms of this range observed on September 21st 2020 with price low at $2,868 and another bottom on March 5th 2021 with a price low at $2,865. A bearish doji candle on April 30th 021 signalled a reversal of the uptrend and confirmed the reversal with the next trading day’s close at a lower price level on May 3rd 2021. Based on this, if the price penetrates and closes below the important support at $3287 AMZN may continue to drop. Important support levels at $3,157 and $2,867.

• The US markets will be quieter as far as news go, following a day full of action. According to “Investing.com”, the U.S. labor market continued its recovery from the Covid-19 pandemic in April, following comments by Janet Yellen who said that interest rates “may have to rise” to stop the economy overheating.

• According to Bloomberg, Oil fell as traders assessed an uneven recovery in demand, with U.S. stockpiles dropping but concern about consumption in virus-hit India.

• Gold was up as the U.S. ADP Nonfarm Employment Change climbed to 742,000 in April, which was however lower than expected. Chicago Federal Reserve Bank President Charles Evans remained concerned that the economy might not reach the Fed’s 2% inflation goal.

• At 12:30 GMT we have the Unemployment Claims data. This report shows the number of individuals who filed for unemployment insurance for the first time during the past week.

• At 14:30 GMT the Natural Gas storage levels are expected to be announced. This records the change in the number of Natural Gas held in in storage during the past week. If inventories drop it signals that there was increased demand for the period.
US Indices yesterday:

• Dow Jones +0.29%
• S&P 500 +0.07%
• Nasdaq -0.37%

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

Risk Warning and Disclaimer: Major risks connected with recommendations or opinions in this research report, including sensitivity analysis of relevant assumptions, are stated herewith. Contract for Differences (CFDs) are complex instruments and come with a high risk of losing money rapidly due to leverage. Trading Over The Counter (OTC) CFDs carries a high level of risk and can result in the loss of all of your investment. CFDs may not be appropriate and/or suitable for all investors. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. You should not invest money that you cannot afford to lose. Before deciding to trade, you should be aware of all the risks associated with OTC CFD trading, and seek advice from an independent and suitably licensed financial advisor. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. This research report provided by Depaho Ltd is a marketing communication that should not be interpreted as investment advice. This material is non-independent research. Non- independent research is “marketing communication”as indicated in Article 24(3) of MiFID II. It has not been prepared in accordance with the full legal requirements designed to promote independence of research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. This material may include “Investment recommendations” as defined in Article 3(1)(35) of the Market Abuse Regulation (“MAR”), namely any publications which may contain information that explicitly or implicitly recommends or suggests an investment strategy concerning a financial instrument, including opinion as to the present or future value or price of such instruments. Additional information with respect to any financial instrument referred to herein may be made available on request. The content of this material does not take into account the particular investment objectives, financial situation or needs of the recipients of this material. Before acting on any recommendations in this material, recipients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional independent advice.

Live Feed

Instrument	Bid	Ask

Traders Trends new

See what others are Trading

Start trading