Week in Review: 20-24 May 2024

Financial Markets (Weekly)

Week-on-week, the main stock market indices were mixed, without noticeable change on the S&P500, the NASDAQ 100 up 1.3%, and the RUSSEL 2000 down 1.3%.

Gold fell 3.3% from recent all-time highs, and silver fell 3.6%.

The barrel of WTI is down 2.1% to ~78$ per barrel.

Bitcoin rised 3.7% and seems to be topping around 68700$.

The relative strength of the US dollar is almost unchanged (+0.2%).

Financial conditions (NFCI) loosened AGAIN relative to the previous week.

M2 money supply (USM2) rised slightly and is around 20.8T$.

US bond yields rised slightly, now sitting at 4.95% for the 2-year and 4.47% for the 10-year.

Comment Section

The US stock market looks like it's topping and investors are not very motivated to sell or buy. The VIX (volatility index) is very low, indicating that investors are not seeking puts for protection or speculation on a market downturn in the next ~25-30 days. Liquidity and financial conditions seem normal, thus anything can happen at this moment: either a pullback for a healthy consolidation around current levels, or a continuing uptrend for the coming months.

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Comments

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