Have Bulls Taken Over? Price Action at Key Resistance Levels May Hold the Answer
8/9 [Strength material]
[Bullish and Bearish Materials] Dow Jones Industrial Average rose (+683.04) to 39446.49, Nasdaq Composite Index rose (+464.22) to 16660.02, 1 dollar = 147.20-30 yen, Chicago Nikkei Futures rose (35575, +795 compared to Osaka), SOX Index rose (+303.74) to 4730.01, VIX Index decreased (-4.06) to 23.79, US crude oil futures rose (+0.96) to 76.19, expectations of subdued inflation in the US, active share buybacks.
S&P rises over 2%, the best in nearly two years, with chip stocks up about 7%, Nasdaq and Chinese stocks up 2.8%, and US Treasury yields and the yen falling for three consecutive days.
The latest employment data alleviates concerns over the US economy, and US stocks rose more than 1.7%. Nvidia's stock rose more than 6%, and Tesla, Alibaba, PDD Holdings, and Tencent ADR rose more than 3%. Bullish on weight loss drug reports, Eli Lilly and Co's stock rose more than 13%, and Novo-Nordisk A/S's US stock rose nearly 8%. The 10-year US Treasury yield rose above 4%, and short-term bond yields rose by 10 basis points. Oil prices rose for the third consecutive day, gold halted its five-day decline, and digital currency had a big increase.
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8/8 [strength and weakness of materials]
Bullish materials: Nikkei average rose (35089.62, +414.16), US crude oil futures rose (75.23, +2.03), expectation for easing US inflation, active share buyback, request for improvement in corporate value by Tokyo Stock Exchange. Bearish materials: Dow Jones Industrial Average fell (38763.45, -234.21), Nasdaq Composite Index fell (16195.81, -171.05), 1 dollar = 146.50-60 yen, Chicago Nikkei futures fell (34370, Osaka daytime ratio -700).
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