March 13, 2024 - Key Market Movements and Trading Insights

DAILY MARKET NEWSLETTER | March 13, 2024

MARKET WRAP

Stocks, Bonds, & Commodities

• U.S. stocks rebounded, S&P 500 hits fresh record high.

• U.S. inflation ticked up in February, core inflation eases slightly.

• Tech, consumer discretionary, and healthcare sectors outperformed.

• Nvidia bounced back, Oracle surged on strong earnings.

• Boeing dropped on audit concerns, airlines under pressure.

• European stocks rose.

• WTI crude oil edged lower on revised production forecasts.

• Gold retreated.

Forex

• U.S. dollar rose slightly, dollar index edged higher.

• EUR/USD, GBP/USD, AUD/USD all dipped.

• USD/JPY gained.

• Bitcoin volatile, hitting a new high before pulling back.

Trading Strategies

• GBP/USD

• Short-term resistance at 1.2810.

• Short positions below 1.2810, targeting 1.2775 & 1.2760.

• Above 1.2810, potential targets at 1.2825 & 1.2840.

• USD/JPY

• Trend turning downward.

• Short positions below 147.80, targeting 147.05 & 146.70.

• Above 147.80, potential targets at 148.15 & 148.50.

• EUR/USD

• Short-term resistance at 1.0940.

• Short positions below 1.0940, targeting 1.0915 & 1.0900.

• Above 1.0940, potential targets at 1.0955 & 1.0970.

• Dow Jones (CME)

• Bullish bias above 38890.00.

• Long positions above 38890.00, targeting 39110.00 & 39200.00.

• Below 38890.00, potential targets at 38820.00 & 38760.00.

Disclaimer:Market volatility can invalidate strategies. Adapt your trading accordingly.