Tech Bulls run continued 13/09/2024

US Pre-Market

Futures: The S&P 500 is up 0.10 %, the Dow Jones Industrial Average is up 0.10%, and the Nasdaq 100 is up 0.08%.
U.S. stock futures remained unchanged Thursday evening as traders looked ahead to the Federal Reserve’s Sept. 17-18 meeting, where a 25-basis-point rate cut is expected. Economic data, including August's 2.5% annual inflation rate, the lowest since February 2021, and a 0.2% rise in wholesale prices, supported the case for easing.
Watchlist for today: ORCL, ADBE, RH, WFC, MARA, NVDA, U, DELL

Bitcoin

Bitcoin rose above $58,000 during Thursday's Asian session, driven by a rally in U.S. tech stocks and gains in Asian equities. However, on Wednesday, U.S. bitcoin ETFs saw $43 million in outflows, led by Ark Invest's $54 million withdrawal. Bitcoin is still struggling to break above $58,400, with the 200-day EMA at the $59,500 level acting as further resistance.
Watchlist: Bitcoin: 55 550-58 400 Ethereum: 2150-2400, Solana: 120 -139

Forex Market

Japan's finalized industrial production figures for September 13 could impact USD/JPY demand, with July’s production rising 2.8% after a 4.2% June drop. Increased production may drive job growth, spending, and inflation, raising expectations for a potential Q4 2024 Bank of Japan rate hike. Meanwhile, EUR/USD rose above the 1.0800 level after the ECB rate cut, and GBP/USD climbed back above 1.3100 on Thursday as the Dollar weakened.
Whatchlits: EUR/USD: 1.0998-1.1100, USD/JPY: 140.65 -144.33
 

Basic Materials

Dollar weakness pushed gold to a new record high above $2,550. Meanwhile, oil prices surged 2% early Thursday as Tropical Storm Francine hit Louisiana. An analyst from East Daley Analytics noted that the storm could disrupt oil and gas production in the region for up to two weeks.
Watchlist: GOLD 2530-2580 Crude Oil: 65.15-70.00

The TEFS Analyst team wishes you a successful day!