Daily Market Newsletter - January 29, 2024: Stocks, Forex, and Crypto Updates

DAILY MARKET NEWSLETTER

January 29, 2024

📊 MARKET WRAP: STOCKS, BONDS, COMMODITIES

On Friday, the U.S. Dow Jones Industrial Average charged 60 points (0.16%) higher to another record close of 38,109, while the S&P 500 and Nasdaq 100 halted their six-session winning streaks.

• Top Performers:

• Alphabet (GOOGL) gained 0.21% to $152.19, reaching another record close.

• American Express (AXP) rose 7.10%, surpassing full-year earnings expectations.

• Tech Giants:

• Microsoft (MSFT) eased 0.23%, and Nvidia (NVDA) declined 0.95% after recent record-breaking streaks.

• Intel (INTC) tumbled 11.91% due to a disappointing first-quarter forecast.

• Crypto Boost:

• Bitcoin-related stocks surged as Bitcoin reclaimed $40,000. Marathon Digital (MARA) jumped 9.71%, Microstrategy (MSTR) rose 8.02%, and Coinbase Global (COIN) was up 3.46%.

• Market Indices:

• U.S. 10-year Treasury yield dropped 5.8 basis points to 4.120%.

• European stocks closed higher, with DAX 40 rising 0.32%, CAC 40 up 2.28%, and FTSE 100 up 1.40%.

• U.S. WTI crude oil futures added $0.72 to $78.08 a barrel.

• Gold price was little changed at $2,018 an ounce.

🌐 MARKET WRAP: FOREX

• USD Index:103.47

• Major Currency Pairs:

• EUR/USD added 5 pips to 1.0851.

• USD/JPY gained 49 pips to 148.14.

• GBP/USD eased 10 pips to 1.2698.

• AUD/USD eased 6 pips to 0.6575.

• USD/CHF fell 30 pips to 0.8637, and USD/CAD dropped 25 pips to 1.3449.

• Crypto Rebound:

• Bitcoin rebounded over 4% to $41,800 on Friday, reaching $42,800 over the weekend.

📈 GBP/USD

• Intraday View:Under pressure.

• Pivot:1.2730

• Preference:Short positions below 1.2730 with targets at 1.2675 & 1.2655 in extension.

• Alternative Scenario:Above 1.2730 look for further upside with 1.2755 & 1.2775 as targets.

• Comment:As long as the resistance at 1.2730 is not surpassed, the risk of the break below 1.2675 remains high.

📈 USD/JPY

• Intraday View:Bullish bias above 147.75.

• Pivot:147.75

• Preference:Long positions above 147.75 with targets at 148.35 & 148.60 in extension.

• Alternative Scenario:Below 147.75 look for further downside with 147.45 & 147.10 as targets.

• Comment:Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

📉 EUR/USD

• Intraday View:Under pressure.

• Pivot:1.0870

• Preference:Short positions below 1.0870 with targets at 1.0825 & 1.0810 in extension.

• Alternative Scenario:Above 1.0870 look for further upside with 1.0885 & 1.0900 as targets.

• Comment:As long as the resistance at 1.0870 is not surpassed, the risk of a break below 1.0825 remains high.

📉 Dow Jones (CME)‎ (H4)

• Intraday View:Consolidation.

• Pivot:38,280.00

• Preference:Short positions below 38,280.00 with targets at 38,060.00 & 37,970.00 in extension.

• Alternative Scenario:Above 38,280.00 look for further upside with 38,370.00 & 38,490.00 as targets.

• Comment:Technically the RSI is below its neutrality area at 50.

Please note that due to market volatility, some key levels may have already been reached, and scenarios played out.