S&P 500 futures are down 0.4% with Nasdaq futures down 0.5% and Dow futures down 0.4% as well. Trading conditions are mired by thin liquidity as we are still in the holiday period for markets. Europe is out for the day and so will Canada, leaving only US markets to open later. But during a period like this, don’t expect market players to do much in any case. Not until the new year at least.

Coming up though, we do have the weekly initial jobless claims. So, that will add to some intrigue on Christmas week. The S&P 500 itself has largely erased its post-Fed drop and that’s vindicating dip buyers going into the turn of the year. Here’s a look at the chart:

This article was written by Justin Low at www.forexlive.com.

This according to the NPC Standing Committee, as announced yesterday. For now, the agenda is said to encompass „reviewing the government work report, and examining the report on the implementation of the annual plan on national economic and social development for 2024 and the draft plan on national economic and social development for 2025“.

Adding to that, there will be the usual budget deliberations for both the central government and local councils.

This is typically China’s biggest political event as it will not only set out their goals and targets for the year, but also outline their resolve in achieving them. This will see all lawmakers and politicians gather in Beijing to sort out these economic and social issues.

The political event tends to last for about two weeks. However, do expect plenty of commentary to follow when we get things started in early March next year.

This article was written by Justin Low at www.forexlive.com.

Bitcoin (BTC/USD) appears poised to cross the $100,000 mark again as current price action aligns with bullish technical indicators on the daily chart. Here’s a quick breakdown:

1. Donchian Channel Basis Acting as a Magnet:The basis of the Donchian Channel sits at $100,252, which is currently acting as a price magnet. This behavior is reasonable because the basis (halfway point between the recent high and low) often represents equilibrium where buyers and sellers converge. Markets naturally gravitate toward this „mean“ before deciding on the next significant move, and with Bitcoin’s price steadily climbing, the basis is drawing it upward.

2. RSI Trending Bullish:The RSI (Relative Strength Index) at 54 is comfortably above the 50-neutral line, indicating mild bullish momentum. Notably, it has been rising for the past three days, signaling strengthening buying pressure. While not yet overbought, the RSI hints at further room for upside.

3. Momentum and Price Structure:Recent candles show a sequence of higher lows, reinforcing the short-term bullish structure. If the $100,252 level is breached decisively, it could act as a springboard for a move toward the recent highs near $108,000.

Outlook:

• Primary Target: Breaching $100,252 should open the door for a test of higher levels, with $105,000 and $108,000as key resistance zones.
• Support to Watch: A failure to sustain above $99,000 could lead to consolidation near $96,000.

Overall, with the RSI rising and the Donchian Channel basis acting as a magnet, Bitcoin seems well-positioned for another push above $100,000. Keep an eye on how price interacts with the basis for confirmation of the next directional move. There are many ways to perform technical analysis and none of this is a crystal ball so always do your own research and invest or trade bitcoin at your own risk only. Visit ForexLive.com for additional views.

This article was written by Itai Levitan at www.forexlive.com.