February 28th Market: Stocks Diverge, Commodities Rise, Dollar Steady

DAILY MARKET NEWSLETTER

February 28, 2024

MARKET WRAP: STOCKS, BONDS, COMMODITIES

• US stock indexes closed mixed:

• Dow Jones Industrial Average: -0.25%

• S&P 500: +0.17%

• Nasdaq 100: +0.21%

• Gaining sectors: Utilities, financials, and materials

• Losing sectors: Energy and Healthcare

• Notable stock movers:

• Meta Platforms (META): +1.10% (record close)

• Zoom Video Communications (ZM): +8.00% (strong earnings)

• Macy's (M) +3.37% and Lowe's (LOW) +1.76% (positive results)

• Microstrategy (MSTR): +9.46% (Bitcoin surge)

• Bitcoin topped $57,000

• US 10-year Treasury yield: 4.303%

• US Economic Data:

• Durable goods orders fell 6.1% (vs -4% expected)

• Richmond Fed manufacturing index improved

• Consumer confidence dropped to 106.7

MARKET WRAP: FOREX

• US Dollar Index: Little changed

• EUR/USD: -4 pips to 1.0843

• USD/JPY: -20 pips to 150.49

• GBP/USD: Steady at 1.2683

• AUD/USD: +3 pips to 0.6543

• NZD/USD: Little changed at 0.6170

• Bitcoin: +4%

KEY INTRADAY LEVELS & TRADING STRATEGIES

• GBP/USD

• Pivot: 1.2685

• Preference: Short positions below 1.2685 (targets: 1.2660 & 1.2645)

• Alternative: Long positions above 1.2685 (targets: 1.2700 & 1.2715)

  

• USD/JPY

• Pivot: 150.30

• Preference: Long positions above 150.30 (targets: 150.70 & 150.85)

• Alternative: Short positions below 150.30 (targets: 150.15 & 150.00)

  

• EUR/USD

• Pivot: 1.0850

• Preference: Short positions below 1.0850 (targets: 1.0825 & 1.0810)

• Alternative: Long positions above 1.0850 (targets: 1.0865 & 1.0880)

  

• Dow Jones (CME) Intraday

• Support: 38900.00

• Pivot: 38900.00

• Preference: Long positions above 38900.00 (targets: 39070.00 & 39170.00)

• Alternative: Short positions below 38900.00 (targets: 38790.00 & 38680.00)

  

Important Note:Market volatility can invalidate these strategies.