🏛 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