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European stocks closed mixed. The DAX 40 fell 0.50%, the CAC 40 declined 0.61%, while the FTSE 100 rose 0.32%

DAILY MARKET NEWSLETTER
December 29, 2022
 
   
 
 
 
Pre-Market Session
News Sentiment
Technical Views
 
 
 
 
 
EUR/USD   Euro Stoxx 50 (Eurex)   Brent (ICE)  
 
 
 
 
 
 
  Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
 
 
 
 
     
 
 
 
Price Movement Analyst Views Target Pivot
 
Dax (Eurex) 13,937.00
-52.00 (-0.37%)
Bearish Read the analysis
13,900.00
13,990.00
 
 
FTSE 100 (ICE Europe) 0.00
0.00 (0.00%)
Bullish Read the analysis
7,500.00
7,450.00
 
 
S&P 500 (CME) 3,810.00
+2.50 (+0.07%)
Bearish Read the analysis
3,788.00
3,837.00
 
 
Nasdaq 100 (CME) 10,796.50
+23.75 (+0.22%)
Bearish Read the analysis
10,700.00
10,890.00
 
 
Dow Jones (CME) 33,021.00
-25.00 (-0.08%)
Bearish Read the analysis
32,920.00
33,240.00
 
 
Crude Oil (WTI) 78.47
-0.49 (-0.62%)
Bullish Read the analysis
79.10
77.90
 
 
Gold 1,808.20
+3.845 (+0.21%)
Bullish Read the analysis
1,814.00
1,801.00
 
 
 
 
     
 
 
  MARKET WRAP  
 
 
 
 
Market Wrap: Stocks, Bonds, Commodities

On Wednesday, U.S. stocks remained under pressure. The Dow Jones Industrial Average dropped 365 points (-1.10%) to 32,875, the S&P 500 fell 46 points (-1.20%) to 3,783, and the Nasdaq 100 was down 143 points (-1.32%) to 10,679.

Technology hardware & equipment (-2.67%), energy (-2.22%), and consumer durables & apparel (-2.17%) sectors lost the most.

Apple (AAPL) slid 3.07% on concerns that a potential recession would impact demand for the company's products. 

Amazon.com (AMZN) fell 1.47%.

Southwest Airlines (LUV) declined 5.16% following its mass flight cancellations and delays due to winter storms in the U.S.

MicroStrategy (MSTR), a big bitcoin-holding listed-company, sank 6.53% as the company sold some of its Bitcoins for the first time ever.

From a technical point of view, Chevron (CVX), IBM (IBM), and Visa (V) crossed under their 50-day moving average.

Regarding U.S. economic data, the number of pending home sales fell for a sixth consecutive month in November, declining 4.0% on month (vs -0.9% expected).

The U.S. 10-year Treasury yield advanced 4.4 basis points to 3.885%.

European stocks closed mixed. The DAX 40 fell 0.50%, the CAC 40 declined 0.61%, while the FTSE 100 rose 0.32%.

U.S. WTI crude futures dropped $0.90 to $78.67 a barrel.

Gold price was down $9 to $1,804 an ounce.

Market Wrap: Forex

The U.S. dollar index climbed to 104.52.

EUR/USD fell 29 pips to 1.0611.

USD/JPY jumped 96 pips to 134.45. The Bank of Japan issued a summary of opinions from its latest policy meeting, showing that policymakers backed a continuation of ultra-accommodative policy. 

GBP/USD declined 7 pips to 1.2018.

AUD/USD added 6 pips to 0.6738.

USD/CHF edged up 4 pips to 0.9294, and USD/CAD gained 85 pips to 1.3608.

Bitcoin traded further lower to $16,490.

Morning Trading

In Asian trading hours, USD/JPY retreated to 133.72.

Meanwhile, EUR/USD edged up to 1.0625 and GBP/USD climbed to 1.2035.

Gold rebounded to $1,807.

Bitcoin remained subdued at $16,523.

Expected Today

The eurozone's November M3 money supply is expected to grow 4.8% on year.

In the U.S., weekly initial jobless claims are estimated at 220,000.
 
 
 
 
  UK MARKET NEWS  
 
 
 
 
Basic Resources, chemicals and insurance shares gained most in London on Friday.

From a relative strength vs FTSE 100 point of view, Aviva (+0.81% to 447.6p), Barclays (+0.72% to 158.88p) crossed above their 50-day moving average.
 
 
 
 
  ECONOMIC CALENDAR    
 
 
 
Time Event Forecast Importance
 
08:30
US
Initial Jobless Claims (Dec/24)
220k
MEDIUM
 
 
08:30
US
Jobless Claims 4-week Average (Dec/24)
225k
LOW
 
 
08:30
US
Continuing Jobless Claims (Dec/17)
1.671M
LOW
 
 
10:30
US
EIA Natural Gas Stocks Change (Dec/23)
-201Bcf
LOW
 
 
11:00
US
EIA Gasoline Stocks Change (Dec/23)
520k
MEDIUM
 
 
11:00
US
EIA Crude Oil Stocks Change (Dec/23)
-1.52M
MEDIUM
 
 
11:00
US
EIA Refinery Crude Runs Change (Dec/23)
 
LOW
 
 
11:00
US
EIA Distillate Stocks Change (Dec/23)
-2.05M
LOW
 
 
11:00
US
EIA Distillate Fuel Production Change (Dec/23)
 
LOW
 
 
11:00
US
EIA Cushing Crude Oil Stocks Change (Dec/23)
 
LOW
 
 
11:00
US
EIA Gasoline Production Change (Dec/23)
 
LOW
 
 
11:00
US
EIA Heating Oil Stocks Change (Dec/23)
 
LOW
 
 
11:00
US
EIA Crude Oil Imports Change (Dec/23)
 
LOW
 
 
11:30
US
8-Week Bill Auction
 
LOW
 
 
11:30
US
4-Week Bill Auction
 
LOW
 
 
13:00
US
7-Year Note Auction
 
LOW
 
 
 
 
     
 
 
Banner Ad
 
 
 
     
 
 
  NEWS SENTIMENT  
 
 
 
 
Argo Group Ltd
11.00 GBp
 
 
 
 
sentiment
 
 
 
↑ ↑
↑ ↑
↓ ↑
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AstraZeneca PLC
11,250.00 GBp
 
 
 
 
sentiment
 
 
 
↑ ↑
↑ ↑
↓ ↑
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BP PLC
480.40 GBp
 
 
 
 
sentiment
 
 
 
↑ ↑
↑ ↑
↓ ↑
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diageo PLC
3,668.50 GBp
 
 
 
 
sentiment
 
 
 
↑ ↑
↑ ↑
↓ ↑
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fresnillo PLC
891.60 GBp
 
 
 
 
sentiment
 
 
 
↑ ↑
↑ ↑
↓ ↑
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CVS Group PLC
1,985.00 GBp
 
 
 
 
sentiment
 
 
 
↑ ↑
↑ ↑
↓ ↑
 
 
 
 
 
 
 
 
 
 
 
  TECHNICAL VIEWS  
 
 

 
 
EUR/USD Intraday: under pressure.
 
Pivot:
1.0645
 
Our preference:
Short positions below 1.0645 with targets at 1.0605 & 1.0590 in extension.
 
Alternative scenario:
Above 1.0645 look for further upside with 1.0660 & 1.0675 as targets.
 
Comment:
As long as the resistance at 1.0645 is not surpassed, the risk of the break below 1.0605 remains high.
 
Analyst Views Chart
 
 
 
 
 
 
 

 
 
Euro Stoxx 50 (Eurex)‎ (H3)‎ Intraday: under pressure.
 
Pivot:
3823.00
 
Our preference:
Short positions below 3823.00 with targets at 3785.00 & 3770.00 in extension.
 
Alternative scenario:
Above 3823.00 look for further upside with 3842.00 & 3858.00 as targets.
 
Comment:
The RSI is below its neutrality area at 50%
 
Analyst Views Chart
 
 
 
 
 
 
 

 
 
Brent (ICE)‎ (H3)‎ Intraday: the bias remains bullish.
 
Pivot:
83.00
 
Our preference:
Long positions above 83.00 with targets at 84.10 & 84.80 in extension.
 
Alternative scenario:
Below 83.00 look for further downside with 82.50 & 81.90 as targets.
 
Comment:
The RSI is mixed with a bullish bias.
 
Analyst Views Chart
 
 
 
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