Is September Set to Stir Up Trouble? 03/09/2024

US Pre-Market

Futures: The S&P 500 is down 0.11%, the Dow Jones Industrial Average is down 0.16%, and the Nasdaq 100 is down 0.28%.
Asian-Pacific markets mostly fell, European markets are set to start in positive territory, and US futures remain muted after Labor Day Weekend. From a technical standpoint, the SPY is forming an ideal bull flag pattern on the daily chart, with resistance near the all-time high at 560.80 and support around the 555 level. This week’s economic data could be crucial in determining whether this technical setup holds or breaks down.
Watchlist for today: AMZN, INTC, INTU, SMCI, NVDA, UBER, WOLF

UBER the daily chart has formed a strong consolidation pattern with support at 71.48 and resistance at 74.86.

Cryptocurrency Market

Bitcoin (BTC), the top cryptocurrency by market value, dropped over 10% in the week leading up to September 1, erasing the previous week's gains as the dollar index's decline paused. This week's upcoming U.S. economic data could be vital in deciding if the dollar will continue its two-month weakening trend, potentially boosting risk assets like cryptocurrencies.
Watchlist: Bitcoin: 57 000-61 850 Ethereum: 2390-2600, Solana: 126.6-133.80

 Forex Market

PMI data could impact the USD/JPY currency pair. The preliminary Jibun Bank Manufacturing PMI indicated a rise from 49.1 in July to 49.5 in August. If the final figure is revised upwards above 50, it may increase demand for the Japanese Yen. Given that the manufacturing sector represents about 20% of Japan's economy, a boost in activity could strengthen economic prospects, potentially leading to expectations of a Bank of Japan rate hike in Q4 2024
The USD/JPY maintained strong support at the 144.4 level on the daily chart. The next resistance to overcome is 147Whatchlits: EUR/USD: 1.1039-1.1100, USD/JPY: 144.40-147

Basic Materials

The Dangote refinery in Nigeria, Africa's largest and most recent crude processing plant, is expected to commence gasoline production soon, potentially disrupting global gasoline trade flows. A Reuters survey of refining industry sources revealed that deteriorating refining margins in China and across the broader Asian region, coupled with weaker Dubai benchmark prices, might prompt Saudi Arabia, the world's leading crude oil exporter, to lower the price of its crude shipments to Asia in October.
On the daily chart of USOIL, forming a triple bottom with resistance at 75.10 and support at 72.80.Watchlist: GOLD 2510.00, Crude Oil: 72.83-75.10

The TEFS Analyst team wishes you a successful day!