Daily Market Newsletter - December 12, 2023

Daily Market Newsletter - December 12, 2023

Market Wrap: Stocks, Bonds, Commodities

• U.S. stocks closed higher on Monday, with all three major indices reaching new highs for the year.

• Semiconductors, consumer services, and consumer durables & apparel sectors performed best, while automobiles, media, and telecoms services underperformed.

• Broadcom (AVGO) jumped 9%, Advanced Micro Devices (AMD) rose 4%, and Macy's (M) surged 19% following news reports of a potential takeover.

• Oracle (ORCL) slid over 8% in after-hours trading after reporting lower-than-expected revenue.

• In Europe, the DAX 40 and CAC 40 rose, while the FTSE 100 declined.

• U.S. WTI crude oil futures added 0.25%, while gold price dipped further to $1,981 an ounce.

Market Wrap: Forex

• The U.S. dollar remained firm against other major currencies ahead of key U.S. inflation data.

• EUR/USD rose slightly, while USD/JPY jumped and GBP/USD gained modestly.

• AUD/USD dipped following mixed economic data from Australia.

• USD/CHF and USD/CAD declined slightly.

• Bitcoin encountered a flash crash but managed to recover later in the session.

Key Levels and Scenarios

Dow Jones (CME):

• Pivot: 36680.00

• Long positions above: Targets at 36970.00 & 37100.00

• Short positions below: Targets at 36610.00 & 36560.00

EUR/USD:

• Pivot: 1.0735

• Long positions above: Targets at 1.0780 & 1.0800

• Short positions below: Targets at 1.0720 & 1.0700

GBP/USD:

• Pivot: 1.2530

• Long positions above: Targets at 1.2590 & 1.2610

• Short positions below: Targets at 1.2505 & 1.2485

USD/JPY:

• Pivot: 145.25

• Long positions above: Targets at 146.60 & 147.20

• Short positions below: Targets at 144.60 & 144.00

Disclaimer:

Please note that market volatility can lead to these key levels being reached and scenarios playing out quickly. This information should serve as a starting point for your research and is not intended as financial advice.