Nasdaq Defies Trend with Fifth Consecutive Bullish Day

Nasdaq Defies Trend with Fifth Consecutive Bullish Day
Good morning, traders! As we close out this rollercoaster of a week, let's take a quick look at what's shaping the markets today and reflect on yesterday's activities.
Today, all eyes are on the non-farm payrolls from the U.S., with market expectations set at 169,000. Given that the previous figure was 187,000, traders will be watching closely to gauge the health of the job market. Also on tap are inflation data from Switzerland and GDP numbers from Canada. The week will wrap up with ISM manufacturing PMIs from the U.S., expected to come in at 46.9.

Yesterday brought us some divergent trends in the indices. While the S&P 500 and Dow Jones experienced a slight bearish correction, NASDAQ continued its upward march with a fifth consecutive bullish day. Commodities remained robust, with WTI and Brent both hovering near significant long-term highs.

The currency market is serving up some interesting dynamics this Friday morning. European currencies like the Euro, Swiss Franc, and British Pound faced a rough Thursday, declining in value. In contrast, currencies outside of Europe, including the American Dollar, Japanese Yen, and Canadian Dollar, held strong. Today, we're seeing a slight dip in the Australian and New Zealand Dollars, suggesting that traders may be shifting their focus.

Despite not being the star players this week, commodities have been quietly making strides. WTI oil is tantalizingly close to its key horizontal support level of $83 per barrel, and Brent is not far behind, aiming for $88 per barrel. On the precious metals front, Silver seems to be retreating from the upper line of its symmetric triangle, providing a potential sell signal for traders watching closely.

As we go into the last trading hours of the week, keep an eye on EURUSD and USDJPY pairs. We're noticing early signs of bearish reversals that could provide some intriguing opportunities for those looking to make end-of-week trades.
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