Monday's Market Update: (Jan 30, 2023)
On Monday, NASDAQ experienced a setback starting with a morning gap at 11512 and continued to decline throughout the day, reaching a low of 11393 (-1.0 percent). Meanwhile, BTC, which had started correcting the night before, began the day at 23057 and ended the session at 22743 (-1.3). It appears that the January rally may become more challenging as both NASDAQ and BTC are approaching strong resistance levels (11.5K-12K and 23K-25K).
On January 30, the only notable macroeconomic data released was from the Dallas Federal Reserve's Business Outlook Survey, which gathered information from over 1,000 executives in the manufacturing, services, energy, and lending industries in Texas. The general business activity index remained negative but improved by 12 points to -8.4, while the employment index rose to 17.6, significantly higher than its average of 7.9.
It aligns with other macro indicators from this month, signaling slightly improved economic conditions, supported by a robust job market - exactly what the FOMC hawks need to continue harassing the markets.