Trading Central--MORNING MARKET UPDATE

Market Wrap: Stocks, Bonds, Commodities.

On Thursday, U.S. stocks rebounded, lifting the Nasdaq 100 (up 246 points or 1.47%) to a record close of 16,982.

The S&P 500 rose 41 points (+0.88%) to 4,780, not far away from its record close of 4,796 seen in January 2022. The Dow Jones Industrial Average climbed 201 points (+0.54%) to 37,468.

The U.S. 10-year Treasury yield added 4 basis points to 4.140%.

Technology hardware & equipment (+2.88%), semiconductors (+2.56%), and transportation (+1.81%) stock sectors were market leaders, while automobiles & components (-1.64%), utilities (-1.05%), and household & personal products (-0.79%) sectors were under pressure.

Microsoft (MSFT) rose 1.13% to $393.87, and Nvidia (NVDA) climbed 1.88% to $571.07. Both stocks marked record-high closing levels. 

Apple (AAPL) gapped up 3.26% to $188.63, back to its 20-day moving average. The stock was upgraded to "buy" at Bank of America.

On the other hand, Tesla (TSLA) slipped 1.70%.

Taiwan Semiconductor (TSM) surged 9.79% after projecting higher-than-expected revenue growth for the first quarter.

U.S. data showed that the latest number of initial jobless claims unexpectedly fell to 187,000 (vs 205,000 expected). 

The number of housing starts fell to an annualized rate of 1.46 million units in December (higher than 1.43 million units expected), while building permits increased to 1.50 million units (higher than 1.48 million units expected). 

European stocks also saw a rebound, with the DAX 40 rising 0.83%, the CAC 40 up 1.13%, and the FTSE 100 up 0.17%.

U.S. WTI crude-oil futures gained $1.42 (+1.96%) to $73.98 a barrel.

Gold price rebounded $16 to $2,022 an ounce. 

Market Wrap: Forex

The U.S. dollar index was little changed at 103.43.

EUR/USD eased 9 pips to 1.0872.

USD/JPY was flat at 148.13.

GBP/USD rebounded 33 pips to 1.2705.

AUD/USD gained 20 pips to 0.6570.

USD/CHF added 37 pips to 0.8679, while USD/CAD declined 17 pips to 1.3488.

Bitcoin failed to hold its 50-day moving average, as it sank 3.5% to $41,240.

GBP/USD Intraday: futher advance.

Pivot:

1.2670

Our preference:

Long positions above 1.2670 with targets at 1.2725 & 1.2750 in extension.

Alternative scenario:

Below 1.2670 look for further downside with 1.2650 & 1.2635 as targets.

Comment:

The RSI is bullish and calls for further upside.

USD/JPY Intraday:the bias remians bulish.

Pivot:

147.70

Our preference:

Long positions above 147.70 with targets at 148.50 & 148.75 in extension.

Alternative scenario:

Below 147.70 look for further downside with 147.45 & 147.10 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

EUR/USD Intraday: bullish bias above 1.0845.

Pivot:

1.0845

Our preference:

Long positions above 1.0845 with targets at 1.0905 & 1.0920 in extension.

Alternative scenario:

Below 1.0845 look for further downside with 1.0830 & 1.0815 as targets.

Comment:

The RSI calls for a rebound.

Crude Oil (WTI)‎ (G4)‎ Intraday: intraday support around 73.30.

Pivot:

73.30

Our preference:

Long positions above 73.30 with targets at 74.70 & 75.25 in extension.

Alternative scenario:

Below 73.30 look for further downside with 72.50 & 72.00 as targets.

Comment:

The next resistances are at 74.70 and then at 75.25.

Gold Intraday:2037.00 expected.

Pivot:

2013.00

Our preference:

Long positions above 2013.00 with targets at 2030.00 & 2037.00 in extension.

Alternative scenario:

Below 2013.00 look for further downside with 2007.00 & 2001.00 as targets.

Comment:

The RSI calls for a rebound.

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