Daily Market Outlook, 15 Mar, 2024

Market Wrap: Stocks, Bonds, Commodities

US stocks dropped on Thursday, with chipmaker stocks extending losses for a second day, and as a jump in producer prices left investors wondering if the Federal Reserve might wait longer than expected to cut interest rates.

The Dow Jones Industrial Average fell 137.66 points to 38,905.56, the S&P 500 lose 0.29% to 5,150.48 and the Nasdaq Composite subtract 49.24 points to 16,128.53.

MSCI’s index of Asia-Pacific stocks outside Japan is decline 1.57% to 651.27 levels. The Australian index was lower by 0.33% to 7,670.30. Japanese Nikkei Index drop 0.33% today.

European stocks were mixed on Friday, with the Stoxx Europe 50 Index rose 0.05% to 4,995.35, Germany’s DAX ascend 0.15% to 17,948.35, and France’s CAC decline 0.02% to 8,160.25 and U.K.’s FTSE 100 add 0.02% to 7,744.58.

Benchmark 10-year U.S. Treasury fell as demand for safe assets drop again, today 10-year bond yields negative 0.30% to 4.285.

Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices.

Spot Brent crude oil drop 0.89% to $84.66 per barrel. US West Texas Intermediate crude is down 0.89% to $80.55 a barrel.

The yellow metal gold is advance 0.22% to 2,172.30 dollars per ounce.

Market Wrap: Forex

Most Asian currencies fell on Friday, while the dollar hit an over one-week high as hotter-than-expected U.S. inflation data ramped up fears of any hawkish signals from a Federal Reserve meeting next week.

Today, the U.S. dollar index measures the Greenback against a trade-weighted basket of six major currencies, which surged 0.05% to 103.040.

The Euro US Dollar (EUR/USD) is a widely traded pair that is up 0.06% today. This left the pair trading around $1.08870.

The Japanese yen was positive against the U.S. dollar on Friday. Today USD/JPY is surged 0.26% to the 148.700 level.

Another commodity-related currency negative against the U.S dollar, AUD/USD fell 0.30% to 0.6560, and NZD/USD slipped 0.58% to 0.6094 level.


EUR/USD Intraday: Trend on the downside

Our pivot point is at 1.08930

Preferable Price Action: Take sell positions below pivot level with targets at 1.08690 & 1.08520 in extension.

Alternative Price Action: Above pivot looks for a further upside to 1.09150 & 1.09310.

Comment: RSI is below 50 levels and pairs below 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


GBP/USD Intraday: Trend on the downside

Our pivot point is at 1.27570

Preferable Price Action: Sell positions below pivot with targets at 1.27280 & 1.27050 in extension.

Alternative Price Action: The price above pivot would call for further upside to 1.27840 & 1.28050.

Comment:  RSI below 50 levels and pairs below 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


USD/JPY Intraday: Trend on the downside

Our pivot point is at 148.370

Preferable Price Action: Sell position below pivot with the target at 148.020 and 147.740 in extension.

Alternative Price Action: The upside breakout of the pivot would call for 148.700 and 148.900.

Comment: MACD is below 50 levels and Pairs below 20MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


AUD/USD Intraday: Trend on the downside

Our pivot point is at 0.65790

Preferable Price Action: Sell positions below pivot with targets at 0.65600 & 0.65470 in extension.

Alternative Price Action: Above pivot looks for a further upside with 0.65970 & 0.66110 as targets.

Comment: RSI is below 50 levels and pairs below 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


CRUDEOIL Intraday: Trend on the upside

Our pivot point is at 80.33

Preferable Price Action: Above pivot buy oil with 81.23 & 81.87 as targets.

Alternative Price Action: Sell crude below pivot with targets at 79.40 and 78.65 in extension.

Comment: MACD is positive territory and Pairs above 55MA.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


XAU/USD Intraday: Trend on the upside

Our pivot point is 2166.10

Preferable Price Action: Further upside to 2171.60 and 2175.90.

Alternative Price Action: If the price gives an downside breakout of a pivot, then the price extends to 2166.60 and 2156.30.

Comment: MACD is above 50 level and Pairs above 20MA & 55MA

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced


Dow Jones Intraday: Trend on the upside

Our pivot point is 38,880.30

Preferable Price Action: Take buy positions above the pivot with targets at 39,005.30 & 39,093.00.

Alternative Price Action: Below 39,088.50 looks for further downside to 38,754.10 & 38,663.90.

Comment: RSI is above 50 levels.

Green Lines Indicate Resistance Levels  – Red Lines Indicate Support Levels 
Light Blue is a Pivot Point   – Black represents the price when the report was produced