DAILY MARKET NEWSLETTER - December 20, 2023

DAILY MARKET NEWSLETTER - December 20, 2023

MARKET WRAP: STOCKS, BONDS, COMMODITIES

• U.S. Stocks: Rally driven by Fed's rate cut hint, Dow Jones hits record close of 37,557.

• Nasdaq 100 and S&P 500: Record closes, strong sector gains in automobiles, energy, and consumer durables.

• Key Stock Movements: Tesla, Meta, Alphabet, Apple, Affirm Holdings, Block Inc, PayPal, Bitcoin-related stocks.

• U.S. Economic Data: Building permits and housing starts, European market closes.

• Oil Prices: Firm amid Red Sea trade disruptions, U.S. WTI at $74.07 a barrel.

• Gold: Price increase to $2,040 an ounce.

MARKET WRAP: FOREX

• U.S. Dollar Index: Slight dip to 102.14.

• Major Pairs: EUR/USD, GBP/USD, USD/JPY movements and Bank of Japan's monetary policy.

• Other Currency Movements: AUD/USD, USD/CHF, USD/CAD.

• Bitcoin: High of $43,460 in Asian trading session, then retreating.

Intraday Analysis and Pivots:

• Dow Jones (CME): Intraday support around 37780.00, potential for long positions above this pivot.

• EUR/USD: Bullish bias above 1.0945, with potential targets.

• GBP/USD: Caution advised, with a long position strategy above 1.2700.

• USD/JPY: Mixed indicators, long positions above 143.40.

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