Good day, traders!
Welcome to this week's edition of our weekly market review where we share with you some important data and highlight for you, major market events that occurred during the trading week as it relates to DXY, Dow Jones (US30) and the Nasdaq (NAS100).
DXY
- Overall Percentage Loss of the week: -0.39%
- Total Pip-Loss of the week: about 40 pips were lost this week in total. However, later in the week precisely on Wednesday, the DXY rallied up about 39 pips above the opening price before closing back at 40 pips loss.
- Fluctuations of price during the week- The price range for this week on DXY was between a high of 104.213 and a low of 103.178 created on Tuesday.
- The fluctuation in price is seen as a result of some high-impact news including inflation rate news releases and unemployment claims.
- The further decline of this week continues from a huge push downward (-1.88%) from last week's price action.
Dow Jones (US30)
- Overall Percentage gain of the week: +1.32%
- Total Points gained this week: about 462.11 points gained
- Fluctuations of price during the week: With the opening price on Monday at 34595.95, the Dow had its lowest low at 34889.75 on Monday 20th of November 2023 and then went ahead to peak at the week's high at 35399.90 on Friday 24th of November 2023. The price traded within this range and then closed at 35393.90. Hence, this gain is in continuation of its bullish moves from the previous weeks.
Nasdaq (NAS100)
- Overall Percentage gain of the week: +0.86%
- Total Points gained this week: about 135.83 points gained this week in total.
- Fluctuations of price during the week: Price made a peak high of the week at 16124.58 after a second push upward on Wednesday. The first push started on Monday but resulted in a decline before that on Wednesday. Price had its low this week on Monday at 15777.25.
Overall, despite DXY experiencing a modest loss, its midweek rally showcased resilience amidst high-impact news. Dow Jones exhibited a robust uptrend, gaining 1.32% or 462.11 points, sustaining its bullish momentum from preceding weeks. Similarly, the Nasdaq saw a positive trajectory, gaining 0.86% or 135.83 points, overcoming early-week fluctuations. The intricate dance between DXY's decline and Dow's ascent underscores their inverse correlation, a trend warranting vigilant observation.
As we navigate these market intricacies, strategic insights from this week's review position traders for informed decisions in the dynamic landscape ahead
