🏛 Market Overview: Indices Show Rebound - Testing Levels...
🔙 Previous Trading Day: The indices demonstrated decent rebound attempts following a pullback on Wednesday's trading session, especially NQ showing relatively stronger dynamics. SPX made attempts at a local rebound, continuing to move near the crucial resistance at 4600. NQ showed solid rebound attempts, testing the boundary of the inclined channel and resistance at 16040.
🔆 Today: It is crucial for the indices to maintain positions above local support levels at 15700 for NQ and 4500 for SPX to prevent a rollback from current levels and ensure the possibility of continued growth if the nearest levels at 16040 for NQ and 4600 for SPX are breached.
🔎 Current Market Focus:
(1) The focus is currently shifting to Friday's US employment report.
(2) To gather information on the upcoming Fed meeting next week.
📊 Sectors:
Among cyclical sectors, XRT, XLY, and XLB led the rebound, while XLI, ITA, and XLE were weaker than others. Most growth sectors outperformed the market, with SOXX, XLC, IPO, and XLK showing the highest growth. Among defensive sectors, XLU and XLV experienced a slight pullback from local resistances, while XLP attempted to rebound from the trend.
💼 Stock News:
(=) CVX - Chevron faces new risks in Venezuela as Maduro threatens Guyana.
(+) BA - Boeing is close to securing an order for approximately 80 wide-body 787 Dreamliner aircraft from Thai Airways.
(+) AMZN - Amazon is testing a new unlimited grocery delivery service for Prime members.
(+) AVGO - Broadcom falls despite strong 2024 forecasts and Q4 results.
(+) SQ - Block launches a Bitcoin wallet that allows users to independently store their tokens on hardware.
(=) XOM - Exxon plans to respond to the Federal Trade Commission's second request for the $59 billion Pioneer deal as soon as possible.
(=) NKE - Nike's long-standing partnership with Tiger Woods may come to an end.
(+) LLY - Eli Lilly announces that its breast cancer drug Verzenio has received an expansion of labeling from the Canadian Ministry of Health.
(+) AMD - AMD's latest AI accelerator, Instinct MI300X, received mostly positive reactions on Wall Street.
(=) TTWO - According to BofA, Grand Theft Auto 6 from Rockstar may be delayed.
🌐 Intermarket Analysis:
Oil attempts a local rebound from support at 68.8 and the lower boundary of the descending channel. Yield is consolidating near the boundaries of the inclined channel and the 4.17% level. VIX continues to move in consolidation near the 13 level. Gold continues to move along the 50-MA and the boundaries of the local uptrend.
🗣 Market Discussions:
Here's what the market will be looking for in the Friday key job report.
Economists expect non-farm payrolls to increase by 190,000 last month compared to 150,000 in October. However, investors and policymakers expected the situation to slow down enough to at least allow the Fed to end this rate hike cycle. A report of stronger job market could undermine this confidence and darken the positive mood on Wall Street. There's also some risk of growth due to returning workers in the automotive industry who have announced a strike. Thus, it appears to be a resilient but slowing labor market. #MarketAnalysis #Indices #StockNews #EconomicIndicators
🔙 Previous Trading Day: The indices demonstrated decent rebound attempts following a pullback on Wednesday's trading session, especially NQ showing relatively stronger dynamics. SPX made attempts at a local rebound, continuing to move near the crucial resistance at 4600. NQ showed solid rebound attempts, testing the boundary of the inclined channel and resistance at 16040.
🔆 Today: It is crucial for the indices to maintain positions above local support levels at 15700 for NQ and 4500 for SPX to prevent a rollback from current levels and ensure the possibility of continued growth if the nearest levels at 16040 for NQ and 4600 for SPX are breached.
🔎 Current Market Focus:
(1) The focus is currently shifting to Friday's US employment report.
(2) To gather information on the upcoming Fed meeting next week.
📊 Sectors:
Among cyclical sectors, XRT, XLY, and XLB led the rebound, while XLI, ITA, and XLE were weaker than others. Most growth sectors outperformed the market, with SOXX, XLC, IPO, and XLK showing the highest growth. Among defensive sectors, XLU and XLV experienced a slight pullback from local resistances, while XLP attempted to rebound from the trend.
💼 Stock News:
(=) CVX - Chevron faces new risks in Venezuela as Maduro threatens Guyana.
(+) BA - Boeing is close to securing an order for approximately 80 wide-body 787 Dreamliner aircraft from Thai Airways.
(+) AMZN - Amazon is testing a new unlimited grocery delivery service for Prime members.
(+) AVGO - Broadcom falls despite strong 2024 forecasts and Q4 results.
(+) SQ - Block launches a Bitcoin wallet that allows users to independently store their tokens on hardware.
(=) XOM - Exxon plans to respond to the Federal Trade Commission's second request for the $59 billion Pioneer deal as soon as possible.
(=) NKE - Nike's long-standing partnership with Tiger Woods may come to an end.
(+) LLY - Eli Lilly announces that its breast cancer drug Verzenio has received an expansion of labeling from the Canadian Ministry of Health.
(+) AMD - AMD's latest AI accelerator, Instinct MI300X, received mostly positive reactions on Wall Street.
(=) TTWO - According to BofA, Grand Theft Auto 6 from Rockstar may be delayed.
🌐 Intermarket Analysis:
Oil attempts a local rebound from support at 68.8 and the lower boundary of the descending channel. Yield is consolidating near the boundaries of the inclined channel and the 4.17% level. VIX continues to move in consolidation near the 13 level. Gold continues to move along the 50-MA and the boundaries of the local uptrend.
🗣 Market Discussions:
Here's what the market will be looking for in the Friday key job report.
Economists expect non-farm payrolls to increase by 190,000 last month compared to 150,000 in October. However, investors and policymakers expected the situation to slow down enough to at least allow the Fed to end this rate hike cycle. A report of stronger job market could undermine this confidence and darken the positive mood on Wall Street. There's also some risk of growth due to returning workers in the automotive industry who have announced a strike. Thus, it appears to be a resilient but slowing labor market. #MarketAnalysis #Indices #StockNews #EconomicIndicators
📈 Indices aim to continue their upward momentum, testing resistances...
#Market #Trading #Indices
🏛 What's happening in the market today? For more #freshupdate:
🔙 In the previous trading day, indices showed efforts to sustain positive dynamics, approaching local resistance levels and channel boundaries. The SPX index attempted growth, testing resistance at 4610 and the upper channel boundary. The NQ index also tried to continue its upward movement, successfully breaking through the boundaries of the inclined channel and testing the level of 16117.
🔆 Today, it's crucial for indices to maintain positions above local support levels at 15700 for NQ and 4500 for SPX to prevent a pullback from current levels and ensure the possibility of further growth upon surpassing the nearest levels at 16100 for NQ and 4610 for SPX.
🔎 What factors is the market currently focused on?
(1) China's inflation index dropped at the fastest pace in three years.
(2) Traders await data on inflation in the U.S. and the Federal Reserve's meetings later this week.
#Inflation #FinancialMarkets #Economy
📊 Sectors
Among cyclical sectors, XLE performed the best, bouncing back from local lows. ITA, XLF, and XLY attempted to continue growth in line with the market, while XLRE pulled back and showed less stability.
Among growing sectors, MJ, IPO, XLK, SOXX, and SKYY demonstrated growth, confirming local highs. Meanwhile, IBB and TAN retreated and were less successful.
Among defensive sectors, XLP showed a decline in relative strength compared to the market, testing lows, while XLV and XLU also lagged, showing more stable dynamics.
#Sectors #FinancialMarkets #Trading
💼 Stock News
(+) TSLA, RIVN - Piper Sandler highlights growth prospects for the electric vehicle sector.
(+) GOOGL - The launch of Google Gemini promises a successful 2024 for the company, according to Citi.
(+) BA - Boeing has modified a contract with USSOCOM worth $271.22 million.
(+) BA - China expresses interest in strengthening cooperation with Boeing.
(=) SBUX - Starbucks is ready to resume union negotiations in 2024.
(=) AAPL - Head of iPhone and smartwatch design at Apple is stepping down.
(+) AAPL - Production of iPads by Apple may be moved to Vietnam from China.
(+) MU - Micron reaches a labor agreement with the union at its Idaho plant worth $15 billion.
(=) AVGO - 2024 could be challenging for Broadcom, but Wall Street expects growth in the second half of the year.
(+) QRVO - Qorvo's rating is raised by Morgan Stanley; ratings for Qualcomm and Lam Research are lowered.
#Stocks #Exchange #FinancialNews
🌐 Intermarket Analysis
Oil continues attempts at a local recovery, overcoming inclines and approaching a test of the $72.6 level.
Yield also tries to move upward, approaching the 50-day moving average and incline boundaries.
VIX continues to decline, attempting to refresh lows at the 12.5 level.
Gold continues its correction, moving toward the lower boundary of the ascending channel and the $2000 level.
#GlobalMarkets #Oil #Yield #Gold #FinancialMarkets
🗣 Market Discussions
Stocks are rising on the "liquidity rally," and it is expected they will reach new highs in 2024, according to Fundstrat.
Tom Lee of Fundstrat suggests that stocks will reach new record highs in 2024.
This is tied to the Federal Reserve transitioning to a less restrictive monetary policy, paving the way for a "liquidity rally" in the market.
Lee claims that the S&P 500 index could rise to 5200 by the end of 2024, anticipating potential growth of 13% compared to current levels.
This is associated with expectations of a possible reduction in Fed interest rates next year, as inflation in the economy continues to show a weakening trend.
"The Fed is no longer waging an inflation war but is really transitioning to business cycle management — these are huge changes," says Lee.
#FinancialMarkets #Stocks #Fundstrat #Fed #Liquidity #Forecasts
#Market #Trading #Indices
🏛 What's happening in the market today? For more #freshupdate:
🔙 In the previous trading day, indices showed efforts to sustain positive dynamics, approaching local resistance levels and channel boundaries. The SPX index attempted growth, testing resistance at 4610 and the upper channel boundary. The NQ index also tried to continue its upward movement, successfully breaking through the boundaries of the inclined channel and testing the level of 16117.
🔆 Today, it's crucial for indices to maintain positions above local support levels at 15700 for NQ and 4500 for SPX to prevent a pullback from current levels and ensure the possibility of further growth upon surpassing the nearest levels at 16100 for NQ and 4610 for SPX.
🔎 What factors is the market currently focused on?
(1) China's inflation index dropped at the fastest pace in three years.
(2) Traders await data on inflation in the U.S. and the Federal Reserve's meetings later this week.
#Inflation #FinancialMarkets #Economy
📊 Sectors
Among cyclical sectors, XLE performed the best, bouncing back from local lows. ITA, XLF, and XLY attempted to continue growth in line with the market, while XLRE pulled back and showed less stability.
Among growing sectors, MJ, IPO, XLK, SOXX, and SKYY demonstrated growth, confirming local highs. Meanwhile, IBB and TAN retreated and were less successful.
Among defensive sectors, XLP showed a decline in relative strength compared to the market, testing lows, while XLV and XLU also lagged, showing more stable dynamics.
#Sectors #FinancialMarkets #Trading
💼 Stock News
(+) TSLA, RIVN - Piper Sandler highlights growth prospects for the electric vehicle sector.
(+) GOOGL - The launch of Google Gemini promises a successful 2024 for the company, according to Citi.
(+) BA - Boeing has modified a contract with USSOCOM worth $271.22 million.
(+) BA - China expresses interest in strengthening cooperation with Boeing.
(=) SBUX - Starbucks is ready to resume union negotiations in 2024.
(=) AAPL - Head of iPhone and smartwatch design at Apple is stepping down.
(+) AAPL - Production of iPads by Apple may be moved to Vietnam from China.
(+) MU - Micron reaches a labor agreement with the union at its Idaho plant worth $15 billion.
(=) AVGO - 2024 could be challenging for Broadcom, but Wall Street expects growth in the second half of the year.
(+) QRVO - Qorvo's rating is raised by Morgan Stanley; ratings for Qualcomm and Lam Research are lowered.
#Stocks #Exchange #FinancialNews
🌐 Intermarket Analysis
Oil continues attempts at a local recovery, overcoming inclines and approaching a test of the $72.6 level.
Yield also tries to move upward, approaching the 50-day moving average and incline boundaries.
VIX continues to decline, attempting to refresh lows at the 12.5 level.
Gold continues its correction, moving toward the lower boundary of the ascending channel and the $2000 level.
#GlobalMarkets #Oil #Yield #Gold #FinancialMarkets
🗣 Market Discussions
Stocks are rising on the "liquidity rally," and it is expected they will reach new highs in 2024, according to Fundstrat.
Tom Lee of Fundstrat suggests that stocks will reach new record highs in 2024.
This is tied to the Federal Reserve transitioning to a less restrictive monetary policy, paving the way for a "liquidity rally" in the market.
Lee claims that the S&P 500 index could rise to 5200 by the end of 2024, anticipating potential growth of 13% compared to current levels.
This is associated with expectations of a possible reduction in Fed interest rates next year, as inflation in the economy continues to show a weakening trend.
"The Fed is no longer waging an inflation war but is really transitioning to business cycle management — these are huge changes," says Lee.
#FinancialMarkets #Stocks #Fundstrat #Fed #Liquidity #Forecasts
📈 #Market #Indices #TradingDay
🏛 What's happening today in the market?
🔙 Previous trading day. Indices continued the upward trend, moving near important maximum levels from 2021-2023. SPX maintained its growth momentum, surpassing the July 2023 highs, hovering around the level of 4630. NQ also showed a continuation of the upward trend, moving near the 2021 highs and the level of 16600.
🔆 Today. It is crucial for indices to maintain positions above local support levels at 16000 for NQ and 4560 for SPX to avoid a pullback from current levels and ensure the possibility of further growth if the nearest levels at 16600 for NQ and 4630 for SPX are breached.
🔎 What's driving the market now?
(1) Bond yields and the dollar declined ahead of U.S. economic data.
(2) Traders await U.S. inflation data and the Federal Reserve meeting this week.
(3) The yen rebounded after its sharpest decline in over a month.
📊 Sectors
Cyclical sectors continued their upward momentum, with XRT, ITA, and XLI leading the upward movement ahead of the market. Growth sectors demonstrated mixed dynamics, with SOXX, XLK, and IBB showing the most significant growth, outperforming the market, while MJ and XLC lagged behind, experiencing a local pullback. Defensive sectors showed growth dynamics, with XLP and XLU bouncing off local trend levels, and XLV breaking through resistance in the form of a local maximum.
💼 Stock News
(+) NVDA - U.S. Department of Commerce Head stated that Nvidia "can, will, and should sell AI chips to China" for commercial purposes.
(+) XLP - HSBC believes that 2024 should be a more normal year for the consumer goods sector after a prolonged downturn.
(=) LLY - Patients taking Eli Lilly's obesity drug, tirzepatide, regained weight after discontinuing therapy.
(+) META - Meta Platforms is BofA's top pick among large-cap companies for the online media sector in 2024.
(+) BA - Boeing received an order for 6 Chinook helicopters from the U.S. Army worth $271 million.
(+) AMZN, GOOGL - According to Goldman Sachs, Amazon and Google will be major winners in the AI race in 2024 and beyond.
(+) AVGO - Broadcom is rising after Citi resumed coverage with a Buy rating, seeing strength in its core business.
(+) OXY - Occidental Petroleum and Devon upgraded to Overweight at Morgan Stanley.
(+) JETS - Booking trends for airline tickets have strengthened by +10.7% in recent weeks, according to BofA.
(+) NKE - Citi rates Nike as Buy. The bank is more optimistic about Nike's ability to protect profits in 2024 and 2025.
🌐 Intermarket Analysis
Oil attempted a local rebound, approaching resistance at 72.6 and the 50-MA. Bond yields retreated from the edges of the sloping channel and the 4.3% level after an attempt to rise. VIX continues to move near lows after attempts at local growth. Gold is trying to rebound locally from the lower boundary of the rising channel and the 2000 level.
🗣 Market Discussed Topics
Goldman says: "Buy the Dip" if stocks fall after the review of Federal Reserve rate cuts. Unexpectedly strong hiring figures in November led to a reassessment of Federal Reserve rate hike expectations. Meanwhile, swap contracts indicate that investors consider a rate cut in March unlikely. After a $4 trillion rally since October, there is a possibility of stock weakening as the market may reassess the future interest rate trajectory. However, any pullback according to this premise will be considered a fakeout and a good opportunity to rebalance or buy on the dip. GS believes in the quality factor, and large caps will be stronger than the market, and despite seemingly high valuations, GS believes there is growth potential. #Investing #Economy
🏛 What's happening today in the market?
🔙 Previous trading day. Indices continued the upward trend, moving near important maximum levels from 2021-2023. SPX maintained its growth momentum, surpassing the July 2023 highs, hovering around the level of 4630. NQ also showed a continuation of the upward trend, moving near the 2021 highs and the level of 16600.
🔆 Today. It is crucial for indices to maintain positions above local support levels at 16000 for NQ and 4560 for SPX to avoid a pullback from current levels and ensure the possibility of further growth if the nearest levels at 16600 for NQ and 4630 for SPX are breached.
🔎 What's driving the market now?
(1) Bond yields and the dollar declined ahead of U.S. economic data.
(2) Traders await U.S. inflation data and the Federal Reserve meeting this week.
(3) The yen rebounded after its sharpest decline in over a month.
📊 Sectors
Cyclical sectors continued their upward momentum, with XRT, ITA, and XLI leading the upward movement ahead of the market. Growth sectors demonstrated mixed dynamics, with SOXX, XLK, and IBB showing the most significant growth, outperforming the market, while MJ and XLC lagged behind, experiencing a local pullback. Defensive sectors showed growth dynamics, with XLP and XLU bouncing off local trend levels, and XLV breaking through resistance in the form of a local maximum.
💼 Stock News
(+) NVDA - U.S. Department of Commerce Head stated that Nvidia "can, will, and should sell AI chips to China" for commercial purposes.
(+) XLP - HSBC believes that 2024 should be a more normal year for the consumer goods sector after a prolonged downturn.
(=) LLY - Patients taking Eli Lilly's obesity drug, tirzepatide, regained weight after discontinuing therapy.
(+) META - Meta Platforms is BofA's top pick among large-cap companies for the online media sector in 2024.
(+) BA - Boeing received an order for 6 Chinook helicopters from the U.S. Army worth $271 million.
(+) AMZN, GOOGL - According to Goldman Sachs, Amazon and Google will be major winners in the AI race in 2024 and beyond.
(+) AVGO - Broadcom is rising after Citi resumed coverage with a Buy rating, seeing strength in its core business.
(+) OXY - Occidental Petroleum and Devon upgraded to Overweight at Morgan Stanley.
(+) JETS - Booking trends for airline tickets have strengthened by +10.7% in recent weeks, according to BofA.
(+) NKE - Citi rates Nike as Buy. The bank is more optimistic about Nike's ability to protect profits in 2024 and 2025.
🌐 Intermarket Analysis
Oil attempted a local rebound, approaching resistance at 72.6 and the 50-MA. Bond yields retreated from the edges of the sloping channel and the 4.3% level after an attempt to rise. VIX continues to move near lows after attempts at local growth. Gold is trying to rebound locally from the lower boundary of the rising channel and the 2000 level.
🗣 Market Discussed Topics
Goldman says: "Buy the Dip" if stocks fall after the review of Federal Reserve rate cuts. Unexpectedly strong hiring figures in November led to a reassessment of Federal Reserve rate hike expectations. Meanwhile, swap contracts indicate that investors consider a rate cut in March unlikely. After a $4 trillion rally since October, there is a possibility of stock weakening as the market may reassess the future interest rate trajectory. However, any pullback according to this premise will be considered a fakeout and a good opportunity to rebalance or buy on the dip. GS believes in the quality factor, and large caps will be stronger than the market, and despite seemingly high valuations, GS believes there is growth potential. #Investing #Economy
Important Events Today:
1. At 16:30 Moscow time - U.S. Producer Price Index.
2. At 18:00 Moscow time - FOMC Member Neel Kashkari's speech.
The EURUSD pair maintains a positive trend despite a renewed demand for the U.S. Dollar in the early Asian session on Friday. The pair's growth is supported by a risky environment ahead of key U.S. data releases. At the time of publication, the EUR/USD pair is trading at the level of 1.0977.
On January 11, the U.S. Department of Labor reported that initial claims for unemployment benefits for the week ending January 6 reached the lowest level since mid-October, decreasing by 1,000 to 202,000 from the revised previous week's figure of 203,000. The Consumer Price Index (CPI) in the U.S. for December increased by 3.4% compared to the previous value of 3.1%, surpassing the market consensus forecast of 3.2%. The core CPI, excluding volatile food and energy prices, rose by 3.9% YoY in December, exceeding expectations of 3.8%.
Christine Lagarde, President of the European Central Bank (ECB), stated on Thursday that interest rates would be lowered if the ECB is confident that inflation will decrease to the 2% level. Lagarde added that interest rates in the eurozone have peaked after a rapid rise in response to high inflation last year. Traders anticipate at least five rate cuts in 2024, with the first move expected in March or April.
Today, the U.S. Producer Price Index (PPI) is set to be published, with forecasts indicating a 1.3% growth compared to the same period last year in December. Trading recommendation: Buy from the current price level. For more in-depth analytical reviews, you can visit the FreshForex website.
#FinancialEvents #EURUSD #Indices #Dollar #Inflation #Rates #ECB #TradingRecommendation #ProducerPriceIndex #FreshForex #Analytics
1. At 16:30 Moscow time - U.S. Producer Price Index.
2. At 18:00 Moscow time - FOMC Member Neel Kashkari's speech.
The EURUSD pair maintains a positive trend despite a renewed demand for the U.S. Dollar in the early Asian session on Friday. The pair's growth is supported by a risky environment ahead of key U.S. data releases. At the time of publication, the EUR/USD pair is trading at the level of 1.0977.
On January 11, the U.S. Department of Labor reported that initial claims for unemployment benefits for the week ending January 6 reached the lowest level since mid-October, decreasing by 1,000 to 202,000 from the revised previous week's figure of 203,000. The Consumer Price Index (CPI) in the U.S. for December increased by 3.4% compared to the previous value of 3.1%, surpassing the market consensus forecast of 3.2%. The core CPI, excluding volatile food and energy prices, rose by 3.9% YoY in December, exceeding expectations of 3.8%.
Christine Lagarde, President of the European Central Bank (ECB), stated on Thursday that interest rates would be lowered if the ECB is confident that inflation will decrease to the 2% level. Lagarde added that interest rates in the eurozone have peaked after a rapid rise in response to high inflation last year. Traders anticipate at least five rate cuts in 2024, with the first move expected in March or April.
Today, the U.S. Producer Price Index (PPI) is set to be published, with forecasts indicating a 1.3% growth compared to the same period last year in December. Trading recommendation: Buy from the current price level. For more in-depth analytical reviews, you can visit the FreshForex website.
#FinancialEvents #EURUSD #Indices #Dollar #Inflation #Rates #ECB #TradingRecommendation #ProducerPriceIndex #FreshForex #Analytics