March 11, 2024, DAILY MARKET NEWSLETTER- Market Pullback on Friday; Jobs Data Mixed

DAILY MARKET NEWSLETTER

March 11, 2024

Here's your starting point for market research and opportunity identification.

MARKET WRAP

Stocks, Bonds, Commodities

• US stocks fell on Friday, ending a three-day rally. Declines seen in the Dow Jones (-0.18%), S&P 500 (-0.65%), and Nasdaq 100 (-1.53%).

• Weekly losses recorded across major indexes.

• Positive nonfarm payroll numbers (275,000 added) for February, but unemployment also ticked up (to 3.9%).

• 10-year Treasury yield declined to 4.081%.

• Tech stocks underperformed, notably Nvidia (-5.55%).

• Outperformance seen in real estate and energy.

• Costco Wholesale missed sales expectations, stock dropped (-7.64%).

Commodities

• WTI crude oil declined (-1.36%) to $77.86 a barrel.

• Gold surged to an all-time high of $2,195 an ounce.

Forex

• Dollar index (DXY) remained weak at 102.74, posting its largest weekly loss this year (-1.11%).

• EUR/USD dipped to 1.0935.

• USD/JPY declined to 147.05 on speculation of the Bank of Japan ending negative interest rates.

• GBP/USD rose to 1.2854.

• USD/CAD moved higher to 1.3484.

• Bitcoin hit a record high of $70,199, continuing to challenge the $70,000 level.

Key Points

• Market pullback after a positive run.

• Sector rotation evident with tech weakness, and strength elsewhere.

• Dollar weakness continued.

• Speculative interest in gold and Bitcoin drove price action.

Disclaimer:This newsletter provides market commentary and is for informational purposes only.  It does not constitute investment advice. Please conduct your own due diligence before making investment decisions.

GBP/USD Intraday: watch 1.2835.Pivot:1.2870Our preference:Short positions below 1.2870 with targets at 1.2835 & 1.2815 in extension.Alternative scenario:Above 1.2870 look for further upside with 1.2895 & 1.2920 as targets.Comment:A break below 1.2835 would trigger a drop towards 1.2815.

USD/JPY Intraday: key resistance at 147.25.Pivot:147.25Our preference:Short positions below 147.25 with targets at 146.45 & 146.00 in extension.Alternative scenario:Above 147.25 look for further upside with 147.75 & 148.30 as targets.Comment:The upward potential is likely to be limited by the resistance at 147.25.

EUR/USD Intraday: key resistance at 1.0960.Pivot:1.0960Our preference:Short positions below 1.0960 with targets at 1.0920 & 1.0900 in extension.Alternative scenario:Above 1.0960 look for further upside with 1.0980 & 1.1000 as targets.Comment:As long as the resistance at 1.0960 is not surpassed, the risk of the break below 1.0920 remains high.