Global Market Highlight
The S&P Global US Manufacturing PMI for November 2024 was revised up to 49.7, from a preliminary 48.8, and higher than October's 48.5, signaling near stabilization in the manufacturing sector. Meanwhile, the ISM Manufacturing PMI rose to 48.4% in November from 46.5% in October, indicating continued contraction, albeit slower. The ISM Manufacturing Prices Index fell to 50.3 from October's 54.8, showing slower price increases.
In October 2024, the Job Openings and Labor Turnover Survey (JOLTS) reported 7.74 million job openings, little changed for the month but down 941,000 from a year earlier, with a job openings rate of 4.6%. In November 2024, the ADP Nonfarm Employment Change showed private employers added 146,000 jobs, below the forecast of 166,000 but still reflecting healthy growth.
The S&P Global Final Services PMI for November 2024 was 56.1, slightly below the preliminary estimate of 57.0, indicating continued expansion in the services sector at a slightly slower pace. The ISM Non-Manufacturing PMI fell to 52.1 in November from 56.0 in October, signaling slower growth. The ISM Non-Manufacturing Prices Index increased to 58.2 from 58.1, reflecting modest price increases in the services sector.
For the week ending November 29, 2024, U.S. crude oil inventories dropped by 5.1 million barrels to 428.4 million, exceeding forecasts of a 1.6 million barrel decline. Initial jobless claims for the week ending November 30 rose by 9,000 to a seasonally adjusted 224,000, above expectations of 215,000. The four-week moving average also increased slightly to 218,250.
In November 2024, nonfarm payrolls rose by 227,000, surpassing expectations of 214,000 and recovering from October's weak 36,000 increase, which was impacted by hurricanes and a major labor strike. The unemployment rate ticked up slightly to 4.2%.
BTC Technical Analysis
The chart displays Bitcoin (BTC/USDT) price action on a daily timeframe. The price is currently experiencing a slight pullback after testing highs around $101,215.93, closing at $99,294.19, down 1.80%. A clear upward trend is visible, with higher lows supported by a dashed ascending trendline.
Key resistance is observed near $104,088, the recent peak, while support lies around $93,227.94. The market remains bullish, but the pullback suggests profit-taking or temporary correction. Traders should watch the $95,000 support level, as a breakdown could signal a shift in momentum. Conversely, a break above $101,215.93 may pave the way toward new highs.
ETH Technical Analysis
The chart shows Ethereum (ETH/USDT) daily price. Ethereum is trading at $3,937.27, down after reaching a high of $4,006.17. A strong upward momentum is evident, with recent gains pushing the price closer to a major resistance zone around $4,087.73, indicated by the green area.
Traders should monitor for a decisive breakout above $4,087.73 to confirm continued bullish momentum. A failure to break higher might result in a retest of immediate supports, particularly around $3,700. The overall trend remains bullish, but caution is warranted near significant resistance levels.
SOL Technical Analysis
The chart shows the price movement of Solana (SOL/USDT) on a daily timeframe. Currently trading at $232.42, Solana has declined after reaching a high of $260. The green zones represent critical support levels, with the most immediate support near $200. This level was previously resistance but has now flipped to support, reinforcing the bullish structure.
The current consolidation just below resistance suggests a potential accumulation phase before another breakout attempt. If the price breaks above $251.88, it may test the $264.39 high and beyond. Conversely, a failure to maintain momentum could result in a retest of the $227 mini support. The overall trend remains bullish, but traders should monitor price action near resistance and key support levels for signs of trend continuation or reversal.
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