|

Santa knocking on the door

S&P 500 held Thursday‘s regular session lows, and just rose after Friday‘s opening bell. Those intraday retreats were good enough just for quick intraday gains, particularly as it became apparent that Nasdaq leadership is starting to wane (intraday, I mean) – that‘s a sign of broadening breadth as S&P 500 still kept making higher highs intraday.

After 6,850 was overcome (reaching it first premarket provided one of those shorting opportunities – only after the opening bell the level was broken), the market was consolidating below 6,889 – and that level too was overcome in the latter half of the session.

Semis and discretionaries were sold into the closing bell – unlike Nasdaq, biotech or smallcaps, which is a sign good enough that the final full week‘s message is that Santa Claus rally can enter its opening stage over the next two shortened weeks – time to show for institutions that they have 2025 winners in their portfolio after all (hello NVDA scoring almost 4% on the day – I was though clear that finally we‘ll have a fine day in ORCL, and that‘s way more important for tech as such at the moment). Volatility metrics have declined, and Wednesday‘s one-way flush was fully erased.

So much for BoJ supposed shocker – did you see how the yen depreciated since? We've seem an important stock market turn Friday.

Author

Monica Kingsley

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

More from Monica Kingsley
Share:

Editor's Picks

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD clings to gains above 1.3600

GBP/USD reverses three consecutive daily pullbacks on Friday, hovering around the low-1.3600s on the back of the vacillating performance of the Greenback in the wake of the release of US CPI prints in January. Earlier in the day, the BoE’s Pill suggested that UK inflation could settle around 2.5%, above the bank’s goal.

Gold: Upside remains capped by $5,000

Gold is reclaiming part of the ground lost on Wednesday’s marked retracement, as bargain-hunters seem to have stepped in. The precious metal’s upside, however, appears limited amid the slightly better tone in the US Dollar after US inflation data saw the CPI rise less than estimated at the beginning of the year.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest 

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.