Daily Market Update - December 18, 2023

Daily Market Update

December 18, 2023

U.S. Stocks & Commodities Markets

• Dow Jones Industrial Average: Rose by 56 points (+0.15%) to 37,305, marking the third consecutive record close.

• S&P 500: Marginally down by less than 1 point to 4,719.

• Nasdaq 100: Increased by 85 points (+0.52%) to 16,623.

• U.S. 10-Year Treasury Yield: Declined by one basis point to 3.910%.

• Sector Performance:

• Best performers: Food & Staples Retailing (+1.71%), Software & Services (+1.17%), Semiconductors (+1.03%).

• Underperformers: Utilities (-1.73%), Real Estate (-1.3%), Health Care Equipment & Services (-1.10%).

• Key Stock Movements:

• Amazon (AMZN): +1.73%

• Microsoft (MSFT): +1.31%

• Nvidia (NVDA): +1.12%

• DocuSign (DOCU): Surged 12.46% on news of potential sale.

• Costco (COST): +4.45% after announcing a special dividend.

• Lennar (LEN): -3.57% due to disappointing profit margin data.

• Boeing (BA): +3.13% after UBS raised target price.

• U.S. Economic Data:

• New York State Manufacturing Index dropped to -14.5 points.

• Industrial production grew by 0.2% in November, as expected.

• European Markets:

• DAX 40: Little changed.

• CAC 40: +0.28%.

• FTSE 100: -0.95%.

• Commodities:

• WTI Crude Oil: Slightly up by $0.07 to $71.65 per barrel.

• Gold: Down $7 to $2,019 per ounce.

Forex Markets

• U.S. Dollar Index: Rebounded to 102.61.

• EUR/USD: Down 98 pips to 1.0895.

• GBP/USD: Down 94 pips to 1.2673.

• USD/JPY: Up 37 pips to 142.26.

• AUD/USD: Up 3 pips to 0.6702.

• USD/CHF: Up 32 pips to 0.8708.

• USD/CAD: Down 33 pips to 1.3374.

• Bitcoin: Struggled to hold above $42,000, sliding to $41,670.

Currency Pair Focus

• EUR/USD - Daily View: Downtrend.

• Pivot Point: 1.0950

• Bearish Strategy: Below 1.0950, target 1.0860, then 1.0830.

• Bullish Strategy: Above 1.0950, target 1.0980, then 1.1010.

• Technical Note: Break below 1.0860 could trigger a drop to 1.0830.

• GBP/USD - Daily View: Awaiting 1.2645.

• Pivot Point: 1.2730

• Bearish Strategy: Below 1.2730, target 1.2645, then 1.2605.

• Bullish Strategy: Above 1.2730, target 1.2765, then 1.2795.

• Technical Note: Break below 1.2645 could lead to a drop to 1.2605.

• AUD/USD - Daily View: Range-bound.

• Pivot Point: 0.6730

• Bearish Strategy: Below 0.6730, target 0.6665, then 0.6635.

• Bullish Strategy: Above 0.6730, target 0.6770, then 0.6800.

• Technical Note: Upside could be capped by the 0.6730 resistance level.

• USD/JPY - Daily View: Uptrend.

• Pivot Point: 141.40

• Bullish Strategy: Above 141.40, target 142.80, then 143.55.

• Bearish Strategy: Below 141.40, target 140.90, then 140.50.

• Technical Note: RSI indicator above the 50% neutral zone.

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Reminder:

Due to market volatility, prices may have crossed key levels, potentially invalidating strategies.