Weekly Market Report: Monday, May 20th, 2024, to Friday, May 24th, 2024.

Good day, traders!

Welcome to this week's edition of our weekly market review, where we share with you some important data and highlight major market events that occurred during the trading week as they relate to DXY, Dow Jones (US30), and the Nasdaq (NAS100).

DXY

  • Overall Percentage gain of the week: +0.24%
  • Total pips gained of the week: only about 25 pips were gained this week.
  • Fluctuations of price during the week: The price range for this week on DXY was between the low of 104.394 and the high of 105.119.

This week also saw a moderately bullish move which closed at 104.747. 

This week was packed with high-impact news releases that affected the DXY this week, which resulted in the bi directional move for the week. The high-impact news releases this week include Flash Manufacturing PMI, Flash Service PMI, Unemployment Claims, BOE Gov. Bailey Speaks, CPI, and FOMC Meeting minutes among others.

In reaction to the news releases this week, the DXY, began the week bullish with a very strong bullish move on Wednesday. The bullish move of price continued till Thursday. However, Friday saw a very sharp bearish move that closed below Thursday's opening price.

This week's bullish close was in contrast to last week's bearish close.

Dow Jones (US30)

  • Overall Percentage loss of the week: -2.37%
  • Total Points lost this week: a massive 949 points were lost this week.
  • Fluctuations of price during the week: With an opening price of the week on Monday at 39998.26, the DOW moved upwards a bit to take out previous all time high, and made a new all time high on Monday at 40085.69 after which price declined impulsively throughout the week to close at 39048.55 on Friday.

The price action of the DOW this week was over all impulsively bearish closing below last week's low.

Top three gainers this week: Intel Corp (+2.128%), JPMorgan Chase & Co (+1.925%), and Apple Inc (+1.659%).

Three Biggest losses this week: Salesforce Inc (-2.254%), Johnson & Johnson (-1.824%), and Unitedhealth Group Inc (-1.676%).

Nasdaq (NAS100)

  • Overall Percentage gain of the week: +1.28%
  • Total Points gained this week: a moderate 238 points were gained this week in total.
  • Fluctuations of price during the week: The Nasdaq gapped up and opened at 18566.25 and began with an impulsive bullish move this week. However, this bullish movement was sustained till Thursday where the week’s high was formed and a new all-time high at 18804.35, then price saw a retracement. However, Friday's price action closed bullish at 18804.35

The Nasdaq showed a bi directional bullish movement this week in continuation of the previous week’s bullish close.

Top three Gainers this week: Ross Stores Inc (+7.789%), Constellation Energy Corp (+4.282%), and Qualcomm Inc (+4.263%).

Three Biggest losses for the week: Workday Inc (-15.328%), Intuit Inc (-8.346%), and Atlassian Corp (-3.054%).

This week in the market saw a mix of gains and losses across the major indices. The DXY showed a moderate gain of 0.24%, driven by high-impact news releases, including Flash PMI data and FOMC Meeting minutes. 

The Dow Jones experienced a significant downturn, losing 2.37% and nearly 949 points as it closed below last week's low. Conversely, the Nasdaq maintained its bullish momentum, gaining 1.28% and reaching a new all-time high. 

These movements reflect the market's ongoing volatility and reaction to economic indicators and corporate performances. Stay tuned for next week's market insights and analysis.

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