Charting the markets: 3/1/24
With the US jobs reports this week for private and public payrolls as well as JOLTs job openings, we’ll have a better fundamental understanding of the direction of travel.
Before then, IGTV’s Jeremy Naylor looks at the charts and, using technical analysis, looks at the potential moves around the fundamental world. Here he takes a look at the FTSE 100, the DAX 40, and the tech-heavy NASDAQ 100. On the currency markets is the dollars move just a retracement on the recent losses or is the stronger dollar more entrenched. We look at USD vs EUR, GBP and JPY. Finally on the commodity markets its gold, Brent crude oil and copper.
(AI Video Summary)
Relatively low trading right now
In today's "Charting the markets", IGTV's Jeremy Naylor talks about what's happening in the market right now and what important information is coming up. He mentions that the amount of trading happening is still relatively low, which means that the market can make unexpected moves. People are taking their money out of risky investments and putting it into safer ones, like the US dollar. There are some important reports coming out soon that will show how the economy is doing and what the Federal Reserve might do.
Stock market indices anlaysis
He then looks at different stock market indexes, starting with the London FTSE 100. He explains that the market has been going up and down a lot lately, but right now it's going down. He points out a specific level that, if it's broken, could mean that the market will go up. However, he thinks that the market might need to go down more first, and gives some possible prices where it might stop.
Next, Naylor talks about the German DAX 40, which did well last year but is now losing money. He says that if it breaks a certain level, it could go down even more. They also give some prices where it might stop.
He also looks at the NASDAQ 100, which is also losing money. They point out a specific level to watch and say that if it goes below that level, it could keep going down. They give some possible prices where it might stop.
USD against EUR, GBP and JPY
Then Naylor talks about the US dollar and how it's doing against other currencies like the euro, the British pound, and the Japanese yen. The dollar is getting stronger compared to the euro and the pound, but there are some uncertainties about what the Federal Reserve will do with interest rates. He gives some prices for both short and long-term trades.
Finally, Naylor talk about commodities like gold and Brent crude oil. Gold prices have been going down, but if the dollar gets weaker, the host thinks that gold could go up a lot. They give some prices for both short and long-term trades. Brent crude oil prices have also been going down, and there are worries about the economy and demand. He gives some prices for short-term trades.
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