Market Wrap: Stocks, Bonds, Commodities - December 11, 2023

Market Wrap: Stocks, Bonds, Commodities

On Friday, U.S. stocks continued their upward trend, with the S&P 500 reaching its highest close since March 2022, the Nasdaq 100 at its highest since January 2022, and the Dow Jones Industrial Average also rising. The U.S. 10-year Treasury yield advanced, and economic data showed positive employment numbers and consumer sentiment. Notable stock sectors and companies included Consumer Durables and apparel, Semiconductors, Banks, Nvidia, Meta Platforms, Microsoft, and Apple. Broadcom and Lululemon Athletica reported gains, while RH faced a decline in quarterly sales. Paramount Global saw a surge in interest from potential buyers. European stocks also closed higher, with gains in the DAX 40, CAC 40, and FTSE 100. U.S. WTI crude oil futures rebounded, but gold prices retreated.

Market Wrap: Forex

The U.S. dollar regained strength against major currencies following a stronger-than-expected November jobs report. The dollar index rose, and the Federal Reserve was expected to maintain its key interest rate. Key currency pairs, including EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and USD/CAD, showed fluctuations. China's consumer price data influenced USD/CNH. Bitcoin experienced volatility.

Morning Trading

In Asian trading hours, Bitcoin faced a flash crash but recovered. Gold prices dipped, while various currency pairs showed mixed movements.

Expected Today

No major economic data are expected.

EUR/USD Intraday Analysis

EUR/USD was under pressure, with a pivot at 1.0785. Short positions were favored below this level, targeting 1.0740 and 1.0725, while an alternative scenario suggested upside potential above 1.0785, targeting 1.0800 and 1.0815.

GBP/USD Intraday Analysis

The downside prevailed for GBP/USD, with a pivot at 1.2570. Short positions were favored below this level, targeting 1.2520 and 1.2500, while an alternative scenario suggested upside potential above 1.2570, targeting 1.2585 and 1.2600.

USD/JPY Intraday Analysis

USD/JPY showed further upside potential, with a pivot at 144.60. Long positions were favored above this level, targeting 146.30 and 146.90, while an alternative scenario suggested downside potential below 144.60, targeting 144.00 and 143.30.

Dow Jones (CME) Intraday Analysis

Dow Jones (CME) exhibited a bullish bias above 36,560.00, with a pivot at that level. Long positions were favored above 36,560.00, targeting 36,720.00 and 36,800.00, while an alternative scenario suggested downside potential below 36,560.00, targeting 36,460.00 and 36,370.00. Technical analysis indicated a positive RSI.

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