Abstract:U.S. stocks retreated from record highs on Monday, with technology stocks leading the decline.
DAILY MARKET NEWSLETTER - March 5, 2024
Directional Views from Trading Central
Here's your starting point for identifying market opportunities today. Always conduct your research to confirm and tailor these insights.
Market Wrap: Stocks, Bonds, Commodities
US stock indexes retreated slightly from highs on Monday. Tech stocks saw pressure, while utilities, real estate, and financials held stronger.
10-year Treasury yield rebounded slightly to 4.219%.
Stock movers:
Nvidia (+3.60%) hit another record high.
Apple (-2.54%) fined by EU.
Tesla (-7.16%) on reports of slowing sales in China.
MicroStrategy (+23.59%) soared on Bitcoin strength.
European stocks were mixed.
WTI Crude Oil: -$1.24 to $78.73/barrel
Gold: +$32 to $2,115/ounce
Market Wrap: Forex
US Dollar Index declined to 103.84.
EUR/USD: +18 pips to 1.0855
USD/JPY: +42 pips to 150.53 (Tokyo inflation data)
GBP/USD: +37 pips to 1.2687
Bitcoin neared its all-time high
Key Strategies from Trading Central
GBP/USD: Intraday bullish. Look for long positions above 1.2665. Targets: 1.2705, 1.2720.
USD/JPY: Intraday bullish above 150.30. Long positions with targets at 150.60, 150.80.
EUR/USD: Intraday bullish above 1.0835. Long positions with targets at 1.0870, 1.0885.
Dow Jones (CME): Watch resistance at 39105.00. Consider short positions below with targets at 38910.00, 38840.00.
Important Reminders
Market volatility can invalidate strategies quickly.
These views are NOT investment advice. Do your research.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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On Wednesday, U.S. stocks rebounded, recovering a part of losses caused by the prior session's sell-off. The Dow Jones Industrial Average rose 75 points (+0.20%) to 38,661, the S&P 500 climbed 26 points (+0.51%) to 5,104, and the Nasdaq 100 was up 119 points (+0.67%) to 18,017.
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