Stocks face second day of struggle 05/09/2024

US Pre-Market

Futures: The S&P 500 is down 0.10%, the Dow Jones Industrial Average is down 0.08%, and the Nasdaq 100 is down 0.26%.
Stock futures mainly remained flat Wednesday evening as Wall Street aims to regain momentum following a rough start to September. Key labor market data is due this week, with Unemployment Claims set to be released an hour before the market opens today.
From a technical standpoint, the SPY formed a Doji candle on the daily chart, indicating a tug-of-war between buyers and sellers throughout the day. Today's jobs report could determine whether we see further declines towards the gap fill at 545.41 or if the bulls push the ETF higher, potentially breaking through the 550 level.
Watchlist for today: NVDA, INTC, AAPL. NIO, TSLA, DLTR, X, DKNG

Cryptocurrency Market

Bitcoin (BTCUSD) fell to $56,000 on Wednesday morning during a broader stock market sell-off, driven by declines in Nvidia (NVDA), but later regained some ground. According to Farside Investors, investor concerns extended beyond the cryptocurrency itself, as bitcoin ETFs saw $287.8 million in outflows on Tuesday, marking the fifth consecutive day of withdrawals.
Watchlist: Bitcoin: 56 000-60 050 Ethereum: 2300-2560, Solana: 122 -136.50

Forex Market

EUR/USD is in focus as it hits a new weekly high (1.1095) but remains below the 2023 peak (1.1276). The RSI has pulled back from overbought levels, suggesting recent weakness may continue as bullish momentum fades. However, the Euro could still outperform the USD in 2024, with further attempts to test the 2023 high likely if the pair follows the upward trend in the 50-Day SMA (1.0931).
The yen continued strengthening, getting closer to breaking the year's low.
Whatchlits: EUR/USD: 1.1027-1.1.0966, USD/JPY: 143.4 -147

Basic Materials

Oil extended its losses on Wednesday, with concerns about an oversupplied market and increasing demand risks. Gold reversed earlier losses after US job openings data pointed to a cooling labor market, increasing expectations that the Federal Reserve may soon lower borrowing costs.
The daily chart of USOIL fell below yesterday's 69.70 mark with a significant red candle; the bearish sentiment seems to be strengthening, raising concern over the world economy's situation. The next support is at 2023, and the last low is at 67.90 level.
Watchlist: GOLD 2467-2533 Crude Oil: 67.9-70.00

The TEFS Analyst team wishes you a successful day!