Green Horizons Weekly Market Report

22/12/2024

By : Green Horizons

Green Horizons Weekly Report

23/12/2024 – 27/12/2024

Jordan Daily – The US market saw a great deal of volatility last week, with abrupt swings pushing the fear index to noteworthy heights. On the last trading day, however, markets began to show indications of recovery. Due to planned vacations and less liquidity, trading activity is anticipated to be muted from December 23 to December 27, 2024. Key data releases like Core Durable Goods Orders might still offer moments of intrigue, influencing USD dynamics as the year comes to an end, even though the week may see lower market moves.

S&P 500 (SPX500)

Technical Analysis:

Support Level: 5680 / 5760 / 5836 – a critical level of support where the index remained stable during the previous weeks.
Resistance Level: 5960 / 6010 / 6060 – Breaking this mark might signal more upward momentum.
Outlook: “We observed a somewhat sharp decline in this index; however, it quickly rebounded during last Friday’s trading session, as it halted at very strong support levels and resumed its upward trajectory. Caution is advised regarding key levels that will provide clear direction for its upcoming movements. A break below the 5790 level and stabilization beneath it could support a potential decline towards the 5695 level. Conversely, holding above the 5837 level and continued trading above it would be a strong indication that the decline has ended, potentially paving the way for the index to reach the 6001, 6060, and 6100 levels.”

Russell 2000 (RUSS2000)

Technical Analysis:

Support Level: 2100 / 2155 / 2190 / 2208 – the support floors that are in place now.

Resistance Level: 2290 / 2320 / 2371– The index may exhibit upward momentum if it breaks through this barrier.

Outlook: “This index experienced a notable decline but has begun to show slight signs of recovery and a potential return to upward movement. However, attention must be given to key levels that will define its upcoming clear direction. Stabilizing above the 2200 level and maintaining closures above it will support a renewed rise toward the 2280 and subsequently the 2340 levels. On the other hand, any clear break below the 2178 level and continued trading beneath it will support further declines, potentially reaching the 2120 and 2100 levels.”

Dow Jons (US30)

Technical Analysis:

Support Level: 41590 / 42140 / 42665 – a solid support level currently.

Resistance Level: 43570 / 44080 / 44310 / 44675 – Crossing the threshold would validate the uptrend.

Outlook: “Dow Jones index saw a sharp decline during last week’s trading sessions but found support at strong daily levels, leading to a slight rebound. Attention must be given to critical levels to determine the next direction. Stabilizing above the 41,650 level will support a renewed rise toward the 43,485 and subsequently the 44,435 levels. Conversely, any clear break below the 41,650 level and stabilization beneath it will support further declines, potentially reaching the 41,100 and 40,650 levels.”

Nasdaq 100 (US100)

Technical Analysis:

Support Level: 20600 / 20780 / 21075– a crucial support if declines occur.

Resistance Level: 21810 / 22045 / 22215 – breaking this level could signal a more upward trend.

Outlook: “This index also experienced a somewhat notable decline during last week’s trading sessions but quickly recovered with a strong rally on Friday, the final trading day of the last week. Sustaining its position above the 20,775 level and maintaining trading above it will support a renewed rise toward the 21,800 and subsequently the 22,360 levels. However, caution is advised, as any break below the 20,600 support level and a closure beneath it will pave the way for further declines toward the 20,330 and 20,120 levels.”

GOLD (XAUUSD)

Technical Analysis:

Support Level: 2578 / 2605 / 2620

Resistance Level: 2650 / 2675 / 2689

Outlook: “The yellow metal witnessed sharp declines that captured the attention of both investors and traders, sparking concerns across the board. These price movements have raised questions about whether the decline is merely a corrective move or the beginning of a new bearish trend.

Key levels to watch include the 2605 level, as sustained closures above it will support a somewhat positive outlook. However, the critical zone separating bullish from bearish movements lies between 2647 and 2659. A break and stabilization above this range will support a rise toward the 2676 and subsequently the 2710 levels. On the other hand, any clear break below the 2605 level could pave the way for a decline toward 2550, with some support levels potentially halting the drop along the way.”

Weekly News

Key market and financial events scheduled for December 23 to December 27, 2024, are expected to play a significant role in shaping trading activity throughout the week.

Monday (December 16, 2024):

CB Consumer Confidence: Improved consumer optimism is anticipated in the Conference Board’s Consumer Confidence Index, which is scheduled to be released on December 23, 2024, and is predicted to increase from November’s 111.7 to 113.0. This information, which is essential for evaluating the state of the economy, will provide information about holiday consumer attitude and its possible effects on economic expansion.

Tuesday (December 17, 2024):

Core Durable Goods Orders m/m: Changes in new orders for durable manufactured goods, excluding transportation, will be highlighted in the November 2024 Core Durable Goods Orders report, which is scheduled for release on December 24, 2024. Higher values indicate economic development, and this important indicator provides information on corporate investment and manufacturing activity in the United States.

Durable Goods Orders m/m: The monthly change in new orders for durable manufactured products will be tracked in the November 2024 Durable products Orders report, which is scheduled to be published on December 24, 2024. It is a crucial gauge of industrial strength; results that are greater than anticipated point to economic expansion, while numbers that are lower imply possible decline.

New Home Sales: Data on the quantity of newly sold homes will be available in the November 2024 New Home Sales report, which is scheduled to be released on December 24, 2024. Higher sales indicate robust demand and economic confidence, which is a measure of the housing market’s health.

Richmond Manufacturing Index: On December 24, 2024, at 10:00 AM ET, the Richmond Manufacturing Index for December 2024 will be released. This index evaluates the Fifth Federal Reserve District’s business environment, including employment, new orders, and shipping. The indicator stayed at -14 in November 2024, showing that the manufacturing sector was still contracting. Analysts predict that December will see an improvement to -9, indicating that the slump may be abating. This study offers insightful information about the state of manufacturing in the region as well as general economic trends.

Wednesday (December 18, 2024):

Bank Holiday

Thursday (December 19, 2024):

Unemployment Claims: The Unemployment Insurance Weekly Claims Report will be released by the U.S. Department of Labor on December 26, 2024, at 8:30 AM ET. Data on first unemployment claims for the week ending December 21, 2024, will be included in this report to give information on the state of the labor market.
According to the previous report, initial unemployment claims for the week ending December 14, 2024, dropped from 242,000 to 220,000, suggesting that employment circumstances may have improved.
These weekly claims are frequently watched by analysts to gauge the health of the job market; lower figures often indicate a more favorable work climate.
As the year draws to a close, the next publication will provide further light on employment patterns.

Friday (December 20, 2024):

Goods Trade Balance: Preliminary information on the November 2024 goods trade balance is included. In order to shed light on trade trends and the state of the economy, this report offers an early assessment of the gap between the country’s imports and exports of products. The goods trade deficit shrank from $108.7 billion in September to $99.1 billion in October 2024, suggesting that the gap between imports and exports is closing. A narrower gap indicates better export performance or lower import demand, both of which can affect GDP growth. Analysts use this data to evaluate changes in global commerce. The trade balance at the end of the year will be clarified by the next publication, which will offer useful data for economic analysis and policy considerations.

Prelim Wholesale Inventories m/m: the U.S. Census Bureau will make available preliminary wholesale inventory data for November 2024. Changes in the total value of products held by wholesalers are reflected in this report. Wholesale inventories increased by 0.2% to $905 billion in October. To evaluate supply chain trends and company confidence, analysts keep an eye on these developments. While a drop in inventory would suggest prudence, an increase could reflect stronger expectations for demand. Important information on the state of the economy going into the new year is provided by this release.

Due to the holiday season, it is anticipated that the week of December 23–27, 2024, would be somewhat calm, with little trading activity and reduced liquidity. Market sentiment may be influenced by important economic indicators, such as those on consumer confidence, orders for durable goods, and sales of new homes. Because market volatility may be muted but still responsive to important economic developments and holiday trading circumstances, traders should exercise caution.

Corporate Earning

There aren’t any large business earnings releases anticipated for the week of December 23–27, 2024, that may have a big effect on the US market. In commemoration of Christmas Day, the stock market will shut early on Tuesday, December 24, at 1 pm Eastern time, and on Wednesday, December 25, it will be closed.

It is expected that trade volumes would be lower due to the Christmas season, which might lead to less market volatility. During this time, investors should keep an eye out for any unexpected business announcements or releases of economic data that can affect market sentiment.

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Disclaimer: The information provided in this report is for informational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. Jordan Daily, Green Horizons, and any affiliated advertisers disclaim all liability for any decisions made based on this report. Investors should conduct their own research or consult with a licensed financial advisor before making any investment decisions.

22/12/2024