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21.10.2021: US stock market hits yearly high. Outlook for S&P500, DXY, USD/CAD, BTC/USD

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On Wednesday, the US stock market was rising, but early on Thursday, the S&P500 futures began falling. From the technical point of view, the market is likely to climb further. However, there is a strong probability of a drop in the near future. This could be explained by the fact that the US market has been rising for 6 sessions in a row since October 12. The main indices have already gained 5%. That is why investors may need a pause. Nevertheless, after the small correction, the US market fully recovered by the end of the trading day.
Notably, the US unemployment claims data points to the fact that the market is likely to remain stable. The report unveiled a decline in the number of unemployed people. It is a good sign for the economy.
On Wednesday, the S&P500 added 0.4% to settle a yearly high. Then, the index slid to 4,531 points and now, it is trading between 4,500 and 4,560 points. It is quite possible that the S&P500 will decline from the current levels and then resume rising.
At the same time, the US dollar does not have strong potential for growth. It is supported just by the expectations of the Fed’s actions. The US dollar index is hovering near 93.70 points. The highest level that the index may reach in the near future is located at 93.90.
Meanwhile, the USD/CAD pair is falling. Analysts foresaw such a dynamic since the greenback is stagnant and oil prices dropped from their highs. The pair hit the level of 1.2330. However, in the near future, the price may rebound. At the moment, it is trading within the range of 1.2290-1.2360.
Bitcoin is trading in the green zone. Yesterday’s forecasts have come true. It is very good for holders of the crypto asset. The fact is that those who wanted to sell their coins, did it in the summer. Bitcoin may break the new resistance level of $67 thousand. The cryptocurrency may consolidate above this level as early as tomorrow.
Yesterday, the US published the Beige Book, the main report of the week. The overall summary of the twelve district reports showed that the economy continues growing. However, the pace of expansion and the number of hired employees dropped compared to the previous quarter. At the same time, most regions lack qualified personnel, whereas earnings are steadily increasing. The most important thing is that inflation is surging in all regions. Since the Beige Book is published two weeks ahead of the Fed’s meeting, there is no doubt that the regulator will launch the QE tapering. At least, it is necessary for the market and financial system stability.

00:00 US market
00:46 US Unemployment Claims
01:00 S & P500
01:27 DXY
01:51 USD / CAD
02:18 Bitcoin
02:46 Results

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