29.11.2021: Wall Street hit by big sell-off. Outlook for S&P500, DXY, USD/CAD, BTC/USD

29.11.2021: Wall Street hit by big sell-off. Outlook for S&P500, DXY, USD/CAD, BTC/USD



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Global financial markets were stricken by massive sell-offs. The major US stock indices also sank sharply on Monday. Experts say that the new omicron Covid variant poses a threat of new lockdown measures. So, investors’ fears triggered a slump in exchange floors worldwide. International airports are suspending flights while experts do not dare to make any forecasts. Nevertheless, we are ready to share comprehensive analysis with you. Watch the video till the end, leave your comments, and subscribe to our channel!
All key stock indices closed on Friday with painful losses of more than 2%. However, analysts are confident that the market is set to make a correctional growth. The US stock market could develop a steady bearish trend on condition that the S&P 500 settles below 4,520. So, the index is resilient enough to stay afloat. Apparently, the S&P 500 will correct upwards to 4,630.
Amid a nosedive in the US equity market, the US dollar also lost ground. A slump of oil prices that shed 10 US dollars intraday also adds to the overall pessimism. No doubt, the greenback has accumulated more bullish energy than the stock market. Its index is still trading at elevated levels near 96.15. Nevertheless, the US dollar has halted its rally, perhaps for a short while. Market sentiment on the US currency will clear up in the nearest days. Meanwhile, its index is expected to trade in the corridor between 95.90 and 96.40.
The US dollar dropped to a one-week low and crude oil lost 10% intraday on Friday. What is going on with the Canadian dollar? This time, crude oil was a catalyst for the loonie’s weakness. Hence, the USD/CAD pair climbed sharply on Friday. On Monday, the currency pair is making a correction as oil prices regained 5%. Meanwhile, the USD/CAD pair is still trading higher, holding in the corridor between 1.2700 and 1.2800. For the time being, the pair is trading at about 1.2735.
The most popular cryptocurrency surged 5.5% overnight. Bitcoin is now trading at near 57,500 dollars per token. The altcoins with large market capitalization quickly followed suit and gained ground. Nevertheless, a further trajectory is still uncertain. The price of 54,000 was strong support from where traders expected growth. At present, the crypto needs to recover to 59 – 60,000 dollars to open the way to the market for bulls. This scenario takes some time, though Bitcoin may reach the level of 58,000 dollars today.
To sum up, the US stock market is regaining footing after a slump on Friday. Let’s see where the stocks close today. Wall Street is likely to find solid support from robust retail sales on Black Friday. According to flash estimates, retail sales expanded to a greater degree this year than online shopping. Americans seem to be fed up staying at home and went out to indulge in a spending spree.
Don’t miss our videos to keep track of all market developments! See you tomorrow!

00:00 Situation on the US market
00:44 S & P500
01:18 DXY
02:03 USD / CAD
02:42 Bitcoin
03:25 Results

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date : 2021-11-29 16:37:58

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