Apple's big event: are prices a bargain? 10/09/2024

US Pre-Market

Futures: The S&P 500 is down 0.12%, the Dow Jones Industrial Average is down 0.14%, and the Nasdaq 100 is down 0.29%.
On Monday evening, stock futures remained near the flatline after major indexes r from their worst week of 2024. Traders are now focused on two key economic reports that could serve as the following drivers for the market: the consumer price index (CPI) for August, set to be released on Wednesday, and the producer price index (PPI) on Thursday.eturnedWatchlist for today: ORCL, DELL, AAPL, ASO, GOOGL, GME, DJT

Bitcoin
Despite the sluggish weekend trading, Bitcoin regained some lost ground and is now in its third consecutive bullish session on the daily chart. The Bitcoin RSI signals optimism, but historically, September has been challenging for Bitcoin and the broader crypto market. Swissblock Insights notes that September often sees a downturn as “summer profits are taken and many companies set new goals for the final quarter of the year." Analysts also caution that "the risk signal indicates no clear bottom yet," suggesting the potential for a further drop to lower levels.
Watchlist: Bitcoin: 55 550-58 000Ethereum: 2300-2560, Solana: 122 -136.50
 

 Forex Market
The EUR has struggled recently, forming a large inverted cup and handle pattern on the daily chart, with significant support at 1.0270. According to a new Fitch Ratings report, the Eurosystem—comprised of the euro area's national central banks (NCBs) and the European Central Bank (ECB)—is facing prolonged losses due to rising interest expenses on commercial bank reserves. Meanwhile, the yen's rebound has led global investors to reduce their exchange-rate hedges, as they no longer expect a rapid decline in the Japanese currency.
Whatchlits: EUR/USD: 1.1027-1.1.080, USD/JPY: 141.7 -144.30
 

Basic Materials
Oil prices climbed by about 1% on Monday amid concerns that an upcoming hurricane, expected to hit Louisiana on Wednesday, could disrupt production and refining along the U.S. Gulf Coast. However, not everyone is optimistic about crude prices. Morgan Stanley lowered its Brent oil price forecast for the fourth quarter from $80 to $75 per barrel, suggesting prices will likely hover around that mark unless demand weakens further. This drop in bullish sentiment is attributed to increasing global oil supply, softer-than-expected demand, and worries about the economic outlook in China and the U.S.

Watchlist: GOLD 2467-2533 Crude Oil: 67.15-70.00