Important Information

You are visiting the international Vantage Markets website, distinct from the website operated by Vantage Global Prime LLP
( www.vantagemarkets.co.uk ) which is regulated by the Financial Conduct Authority ("FCA").

This website is managed by Vantage Markets' international entities, and it's important to emphasise that they are not subject to regulation by the FCA in the UK. Therefore, you must understand that you will not have the FCA’s protection when investing through this website – for example:

  • You will not be guaranteed Negative Balance Protection
  • You will not be protected by FCA’s leverage restrictions
  • You will not have the right to settle disputes via the Financial Ombudsman Service (FOS)
  • You will not be protected by Financial Services Compensation Scheme (FSCS)
  • Any monies deposited will not be afforded the protection required under the FCA Client Assets Sourcebook. The level of protection for your funds will be determined by the regulations of the relevant local regulator.

If you would like to proceed and visit this website, you acknowledge and confirm the following:

  • 1.The website is owned by Vantage Markets' international entities and not by Vantage Global Prime LLP, which is regulated by the FCA.
  • 2.Vantage Global Limited, or any of the Vantage Markets international entities, are neither based in the UK nor licensed by the FCA.
  • 3.You are accessing the website at your own initiative and have not been solicited by Vantage Global Limited in any way.
  • 4.Investing through this website does not grant you the protections provided by the FCA.
  • 5.Should you choose to invest through this website or with any of the international Vantage Markets entities, you will be subject to the rules and regulations of the relevant international regulatory authorities, not the FCA.

Vantage wants to make it clear that we are duly licensed and authorised to offer the services and financial derivative products listed on our website. Individuals accessing this website and registering a trading account do so entirely of their own volition and without prior solicitation.

By confirming your decision to proceed with entering the website, you hereby affirm that this decision was solely initiated by you, and no solicitation has been made by any Vantage entity.

I confirm my intention to proceed and enter this website Please direct me to the website operated by Vantage Global Prime LLP, regulated by the FCA in the United Kingdom

By providing your email and proceeding to create an account on this website, you acknowledge that you will be opening an account with Vantage Global Limited, regulated by the Vanuatu Financial Services Commission (VFSC), and not the UK Financial Conduct Authority (FCA).

    Please tick all to proceed

  • Please tick the checkbox to proceed
  • Please tick the checkbox to proceed
Proceed Please direct me to website operated by Vantage Global Prime LLP, regulated by the FCA in the United Kingdom.

×

Are you long or short on indices?

Trade Indices Now >
Long Or Short On Indices?
View More
SEARCH
  • All
    Trading
    Platforms
    Academy
    Analysis
    Promotions
    About
  • Search
Keywords
  • Forex Trading
  • Vantage Rewards
  • Spreads
  • facebook
  • instagram
  • twitter
  • linkedin
  • youtube
  • tiktok
  • spotify

Stocks near record highs, Dollar sell-off continues

Vantage Updated Updated Tue, 2023 December 26 11:13
Stocks near record highs, Dollar sell-off continues

Headlines

* US data generally better than expected including Services and Manufacturing data

* US small caps continue to surge higher as indices near record highs    

* Gold prices rallied back above $2,065 as Red Sea tensions linger

* Crude oil jumped with WTI back above $76, first time since December 1st

FX: USD is hovering just above a five-month low after its technical breakdown a few sessions ago. Trading was thin with several markets including the UK, Australia, Hong Kong and Germany on holiday. Today’s second-tier US data added to the favourable narrative for risky assets. Friday’s low on the DXY is 101.42.

EUR moved beyond its recent multi-month top at 1.1040. The soft dollar helped the world’s most popular currency pair. US prices (core PCE deflator) fell in November for the first time more than three and a half years last week.  The single currency is on track for over a 3% gain this year.

GBP edged higher in quiet trade. Cable closed above 1.27 for the first time in a week.

USD/JPY traded in a very narrow range. It remains below the 200-day SMA at 142.90.

AUD advanced to recent highs above 0.68. The summer highs around 0.69 are being eyed up by bulls. USD/CAD dropped sharply through 1.32 on stronger oil and risk appetite.

Stocks: US equities advanced higher and close to record highs. The S&P 500 added 0.42% to settle at 4,774. The tech-dominated Nasdaq 100 finished 0.60% higher at 16,878. The Dow was up 0.43% at 37,545. All S&P 500 sectors were higher with energy rallying the most. The benchmark index is up for a ninth consecutive week. Expectations that the Fed will begin cutting rates in March are high. Intel surged over 5% after news of a $3.2bn grant to build a chip plant in Israel.

Asian futures trade in the green. Japanese shares ended higher as shipper gains outweighed retailer losses. Narrow ranges were seen with a lack of obvious catalysts.  

Gold moved higher for a third straight day and is into its third consecutive positive week. Resistance sits around recent highs at $2070/5.

Day Ahead/Chart of the Day Santa rally eyeing up record highs in S&P 500

After a stellar year, US stocks are hoping to hit fresh all-time highs with a Santa rally. Of course, 2023 has seen the “Magnificent Seven” take all the plaudits as they have propelled the S&P 500 to the dizzy heights. The key benchmark hasn’t actually notched a record close in nearly two years.

The classic Santa Rally, according to research going back to 1950, is specifically the last week of December and the first two trading days of the new year. This period has produced a positive return for the S&P 500 nearly 79% of the time. No other similar duration of trading sessions is more likely to be higher. The statistics also indicate that this seven-day span has averaged a 1.3% gain which is the third-best seven-day run of the year.

Of course in some years, stock markets have performed poorly. For example, the 2010s saw the average Santa rally dip. So seasonality and calendar theories are not a guaranteed way to make profits as it is tough to predict what will impact markets in any given year, especially when volumes are light. But bullish momentum appears strong coming in to the final few sessions of the year.