Amid geopolitical developments in the Middle East and rising tensions in Lebanon, oil prices rose in the first session of the day, with contracts up by 0.5%, exceeding $68.50 per barrel. This comes after significant declines in energy prices last week due to increasing concerns about demand, particularly after China’s stimulus package—designed to boost market confidence—failed to do so. However, geopolitical tensions have helped support oil prices today.
Conversely, Chinese stocks experienced a positive impact from the stimulus packages, rising for the ninth consecutive day thanks to government incentives that attracted investors. The index jumped by 6.5%, reaching its highest level since 2015, supported by a series of stimulus measures that included , easing of home-buying rules, and liquidity support, which helped the market recover from its previous losses by 20%.
Wall Street Trends
Shifting to Wall Street, the market is heading to end September with a positive performance. The three major U.S. indices ended the week with gains for the third consecutive time, despite the declines seen at Friday’s close. The gained 0.59%, while the rose by 0.95%, and the recorded weekly gains of 0.62%.
Markets are awaiting further signals this week regarding the magnitude of the interest rate cuts, beginning with a speech by Jerome Powell, Chair of the Federal Reserve, on Monday evening, where he will discuss the outlook for the U.S. economy at the National Association for Business Economics conference. Tomorrow, Tuesday, we will follow the release of the , which is expected to rise to 47.6, along with , which is expected to drop slightly to 7.64 million jobs.
This week will be full of employment data, most notably the report released on Friday, expected to show an increase to 144,000 jobs after being at 142,000. This report will be accompanied by , expected to remain stable at 4.2%, along with the , which are expected to decrease from 0.4% to 0.3%.
Dow Jones Index (DJ30) Analysis:
Bullish Scenario: Break of resistance level (Buy stop) – Entry point: 42340First target (TP1): 42400Second target (TP2): 42640Third target (TP3): 42475Stop loss (SL): 42280
Bearish Scenario: Break of support level (Sell stop) – Entry point: 42230First target (TP1): 42155Second target (TP2): 42040Third target (TP3): 41885Stop loss (SL): 42230
Nasdaq index (NAS100) Analysis:
Bullish Scenario: Break of resistance level (Buy stop) – Entry point: 20100First target (TP1): 20300Second target (TP2): 20510Third target (TP3): 20735Stop loss (SL): 19900
Bearish Scenario: Break of support level (Sell stop) – Entry point: 19825First target (TP1): 19715Second target (TP2): 19565Third target (TP3): 19385Stop loss (SL): 19955
S&P 500 Analysis:
Bullish Scenario: Break of resistance level (Buy stop) – Entry point: 5750First target (TP1): 5765Second target (TP2): 5785Third target (TP3): 5810Stop loss (SL): 5735
Bearish Scenario: Break of support level (Sell stop) – Entry point: 5725First target (TP1): 5705Second target (TP2): 5685Third target (TP3): 5665Stop loss (SL): 5740
Gold XAU/USD Analysis:
Bullish Scenario: Break of resistance level (Buy stop) – Entry point: 2661First target (TP1): 2668Second target (TP2): 2676Third target (TP3): 2685Stop loss (SL): 2653
Bearish Scenario: Break of support level (Sell stop) – Entry point: 2649First target (TP1): 2642Second target (TP2): 2630Third target (TP3): 2613Stop loss (SL): 2657
Bitcoin BTC/USD Analysis:
Bullish Scenario: Break of resistance level (Buy stop) – Entry point: 64850First target (TP1): 65200Second target (TP2): 65650Third target (TP3): 66150Stop loss (SL): 64500
Bearish Scenario: Break of support level (Sell stop) – Entry point: 64350First target (TP1): 64000Second target (TP2): 63450Third target (TP3): 62950Stop loss (SL): 64700
Risk Warning:The scenarios presented above are multiple, and each requires careful consideration. When using this analysis, please adhere to the specified points and conditions to validate a support or resistance break as an entry point. Ensure that exit decisions, whether due to trend reversal or otherwise, align with the defined scenarios or your personal capital management strategy.
Always employ a capital management approach that is suitable for your portfolio and the inherent risks of the market, particularly during major news events. Please note that this technical analysis is subject to error and may not always be accurate. Your decision to enter a trade based on the information in this article is solely your responsibility, and I disclaim any liability for losses incurred.
