A Recap of U.S. Market Performance, Forex Trends, and Intraday Analysis for November 27, 2023

Market Wrap: U.S. Stocks, Bonds, Commodities

• U.S. stocks had a subdued trading day following the Thanksgiving holiday. The Dow Jones Industrial Average gained 117 points (+0.33%) to 35,390, the S&P 500 added 2 points (+0.06%) to 4,559, while the Nasdaq 100 declined 19 points (-0.12%) to 15,982.

• Weekly performance showed a four-week rally in the three major indexes.

• The U.S. 10-year Treasury yield rose by 6.2 basis points to 4.467%.

• S&P Global U.S. manufacturing PMI slipped to a contraction reading of 49.4 in November (vs 50.0 expected).

• Key sector movements included Food & staples retailing (+0.64%), automobiles & components (+0.59%), and pharmaceuticals & biotechnology (+0.58%) sectors gaining the most, while media (-0.76%), semiconductors (-0.61%), and technology hardware & equipment (-0.51%) sectors lagged behind.

• Nvidia (NVDA) saw a 1.93% decline, impacting the Nasdaq 100 index as it delayed the launch of a new AI chip for Chinese customers.

• Tesla (TSLA) closed 0.53% higher despite facing a labor strike in Sweden.

• iRobot Corp (IRBT) surged 39.08% due to news that the European Union is likely to approve its $1.4 billion acquisition by Amazon.com (AMZN).

• Baidu (BIDU) climbed 2.73% after being upgraded to “buy” at Nomura.

• European stocks remained firm with the DAX 40 rising 0.22%, the CAC 40 climbing 0.20%, and the FTSE 100 edging up 0.06%.

• Gold prices gained $8 (+0.43%) to reach $2,000 per ounce.

• U.S. WTI crude oil futures retreated $1.56 (-2.02%) to $75.54 per barrel.

Market Wrap: Forex Trends

• The U.S. dollar continued to weaken against major currencies as the dollar index declined to 103.37.

• EUR/USD rose 42 pips to 1.0947, with Germany's Ifo business climate index improving to 87.3 in November (vs 87.7 expected).

• USD/JPY declined by 9 pips to 149.47.

• GBP/USD climbed 72 pips to 1.2606, supported by the GfK Consumer Confidence Index improving to -24 in November (vs -28 expected) in the UK.

• AUD/USD gained 31 pips to 0.6589.

• USD/CHF fell by 24 pips to 0.8818.

• USD/CAD dropped 68 pips to 1.3628, with Canadian data showing retail sales growth of 0.6% on a monthly basis in September (vs zero growth expected).

• Bitcoin experienced a bounce to a year-to-date high of $38,454 before retreating to $37,700.

Intraday Analysis

• Dow Jones (CME) Intraday:Upside prevails with a pivot at 35,350.00. Long positions are preferred above 35,350.00 with targets at 35,480.00 & 35,550.00. Alternatively, below 35,350.00, look for further downside with 35,280.00 & 35,200.00 as targets. The RSI is mixed to bullish.

• EUR/USD Intraday:Bullish bias above 1.0920. The pivot is at 1.0920. Long positions are favored above 1.0920 with targets at 1.0960 & 1.0975. Alternatively, below 1.0920, expect further downside with 1.0900 & 1.0885 as targets. A support base at 1.0920 has formed, allowing for temporary stabilization.

• GBP/USD Intraday:Bullish bias remains with a pivot at 1.2570. Long positions are preferred above 1.2570 with targets at 1.2630 & 1.2650. Alternatively, below 1.2570, look for further downside with 1.2545 & 1.2520 as targets. The break above 1.2570 is a positive signal, opening a path to 1.2630.

• USD/JPY Intraday:Turning down with a pivot at 149.50. Short positions are favored below 149.50 with targets at 148.90 & 148.60. Alternatively, above 149.50, expect further upside with 149.75 & 150.00 as targets. The immediate trend remains down, and the momentum is strong.