Market Insights Digest: January 10, 2024 - Key Trends and Opportunities

MARKET WRAP

STOCKS, BONDS, COMMODITIES

On Tuesday, U.S. stocks closed with mixed results. The Dow Jones Industrial Average fell 157 points (-0.42%) to 37,525, the S&P 500 declined 7 points (-0.15%) to 4,756, while the Nasdaq 100 closed 28 points higher (+0.17%) at 16,678.

• Winning Sectors: Semiconductors & semiconductor equipment (+0.79%), retailing (+0.77%), and food & staples retailing (+0.75%).

• Losing Sectors: Automobiles & components (-2.12%), telecom services (-1.92%), and energy (-1.63%).

Notable stock movements:

• Winners: Nvidia (NVDA) +1.70%, Alphabet (GOOGL) +1.52%, Amazon.com (AMZN) +1.52%.

• Losers: Tesla (TSLA) -2.28%, Hewlett Packard Enterprise (HPE) -8.92%, Jetblue Airways (JBLU) -10.24%.

European stocks closed slightly lower, with the DAX 40 declining 0.17%, the CAC 40 down 0.32%, and the FTSE 100 down 0.13%.

U.S. WTI crude oil futures gained $1.44 (+2.03%) to $72.21 a barrel, and gold added $2 to $2,029 an ounce.

MARKET WRAP: FOREX

The U.S. dollar regained strength against major currencies, with the dollar index climbing to 102.51.

• EUR/USD: Fell 20 pips to 1.0929.

• USD/JPY: Gained 25 pips to 144.47.

• GBP/USD: Dropped 41 pips to 1.2706.

• AUD/USD: Slid 32 pips to 0.6686.

Notable movement in USD/CAD, rising 42 pips to 1.3387, with Canada's building permits falling 3.9% in November.

CRYPTO NEWS

The U.S. Securities and Exchange Commission (SEC) tweeted approval of spot Bitcoin exchange-traded funds (ETFs) after market close. Bitcoin initially rose to $47,900 but retreated to $46,000 after the SEC stated the tweet was compromised. Investors anticipate ETF approval on Wednesday.

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DIRECTIONAL VIEWS

• Currency Pair	Intraday Analysis	Pivot	Preference	Alternative
  GBP/USD	Watch 1.2690	1.2730	Short positions below 1.2730 with targets at 1.2690 & 1.2670	Above 1.2730, look for further upside with 1.2750 & 1.2770
  USD/JPY	Continuation of the rebound	144.15	Long positions above 144.15 with targets at 145.00 & 145.40	Below 144.15, look for further downside with 143.70 & 143.40
  EUR/USD	Key resistance at 1.0950	1.0950	Short positions below 1.0950 with targets at 1.0915 & 1.0900	Above 1.0950, look for further upside with 1.0965 & 1.0980
  Dow Jones (CME)	Under pressure	37830.00	Short positions below 37830.00 with targets at 37610.00 & 37470.00	Above 37830.00, look for further upside with 37980.00 & 38110.00

Note: Due to market volatility, some key levels may have already been reached, and scenarios played out.