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Daily Market Outlook - Its official, Biden wins - Pfizer announces an effective vaccine

Market View | Monday, November 9, 2020 4:34 PM GMT

After 5 days of overwhelming suspense, Joe Biden has been named the 46th US President-Elect, trumping Trump with a whopping 290 electoral votes, according to Associated Press. The democratic candidate reversed what was Trump’s initial momentum in the last states of Pennsylvania and Georgia, leaving Trump behind with a mere 214 electoral votes. 

In other major news, Pfizer announced a breakthrough in its experimental COVID-19 vaccine in cooperation with BioNTech. An independent analysis confirmed the vaccine's effectiveness exceeds 90% and it could be available by the end of the year. Most equities markets are surging and recording new highs, with the exception of the NAS100 as tech companies aren’t seeing any material benefits coming from lockdowns, as expected.

SP500 1mim

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On major EU-UK news, Martin Sorell, founder of the world’s largest advertising company WPP, announced he believes the UK might need 5 - 10 years to reverse the economic impact of COVID-19, with Britain recording the deepest economic contraction as compared to all other G7 countries. Germany is considering delaying the implementation of its $4bn tariffs on American products - with the issue to be discussed on Monday during the EU’s trade ministers’ meeting. 

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Reviewing the technicals, SPX500 is exploding to the upside and is recording new all-time highs. Traders should carefully monitor the current area because there are a couple of trendlines that act as resistances. On the other hand, NAS100 is forming a daily Doji as excessive fluctuations are happening during the intraday session.   

SP500 daily

NAS100 daily

Reviewing the gold, it has been disconnected from equities and is having a sharp fall. Traders should watch the 1860 level for a potential upwards reaction.

XAUUSD 240min

Heading to the USoil,  the commodity is rallying and reaching the 41.5 level once again as it is getting benefited by vaccine news as the market anticipates the oil demand to be increased again.

USoil 240min


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