Daily Market Newsletter - September 13, 2023

Market Wrap: Stocks, Bonds, Commodities

• U.S. stocks were under pressure as investors awaited closely-watched inflation data.

• Major indices: Dow Jones Industrial Average (-0.05%), S&P 500 (-0.57%), Nasdaq 100 (-1.11%).

• U.S. 10-year Treasury yield declined to 4.272%.

• Strong performing sectors included Energy, Banks, and Insurance, while Software & Services, Household & Personal Products, and Automobiles sectors faced losses.

• Apple (AAPL) fell 1.71% after unveiling the new iPhone 15 model.

• Oracle (ORCL) saw a significant decline of 13.5% due to slowing cloud sales growth.

• RTX Corp (RTX) dropped 1.74% after losing nearly 8% in the prior session and was downgraded to “equal-weight” at Barclays.

• WestRock (WRK) gained 2.76% as it agreed to be acquired by Smurfit Kappa Group in an $11.2 billion deal.

• The National Federation of Independent Business (NFIB) business optimism index dipped to 91.3 in August (vs 91.7 expected).

• European stocks closed mixed, with the DAX 40 falling 0.54%, the CAC 40 dropping 0.35%, and the FTSE 100 rising 0.41%.

• U.S. WTI crude futures closed at $88.89 a barrel, the highest close since November.

• Gold price declined to $1,913 an ounce.

Market Wrap: Forex

• The U.S. dollar remained stable against major currencies ahead of inflation data, with the dollar index at 104.73.

• EUR/USD fell to 1.0735, with Germany's ZEW economic sentiment index posting at -11.4 for September (vs -14.0 expected).

• GBP/USD dropped to 1.2493, with the UK jobless rate rising to 4.3% (vs 4.2% expected).

• USD/JPY rebounded to 147.13 after Japan's producer prices increased 3.2% year-on-year in August (as expected).

• AUD/USD dipped to 0.6423.

• USD/CHF added to 0.8915, while USD/CAD slipped to 1.3558.

• Bitcoin rebounded over 3% to around $26,000.

EUR/USD Intraday: the upside prevails.

• Pivot: 1.0725

• Preference: Long positions above 1.0725 with targets at 1.0780 & 1.0800 in extension.

• Alternative scenario: Below 1.0725 look for further downside with 1.0705 & 1.0690 as targets.

• Comment: The RSI advocates for further upside.

• 

GBP/USD Intraday: rebound.

• Pivot: 1.2470

• Preference: Long positions above 1.2470 with targets at 1.2515 & 1.2530 in extension.

• Alternative scenario: Below 1.2470 look for further downside with 1.2450 & 1.2435 as targets.

• Comment: Technically the RSI is above its neutrality area at 50.

• 

USD/JPY Intraday: further advance.

• Pivot: 146.90

• Preference: Long positions above 146.90 with targets at 147.65 & 147.85 in extension.

• Alternative scenario: Below 146.90 look for further downside with 146.65 & 146.40 as targets.

• Comment: The RSI advocates for further advance.

• 

Dow Jones (CME)‎ (Z3)‎ Intraday: under pressure.

• Pivot: 35070.00

• Preference: Short positions below 35070.00 with targets at 34850.00 & 34760.00 in extension.

• Alternative scenario: Above 35070.00 look for further upside with 35200.00 & 35340.00 as targets.

• Comment: The RSI is below its neutrality area at 50%.

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Please keep in mind that market conditions can change rapidly, and it's important to perform your own research and risk assessment before making any trading decisions. These views and levels are based on the information available at the time of this newsletter and may have already evolved by the time you read it.