Financial Markets For the week, the main stock market indices were slightly up, with the S&P500 gaining 0.6% and the NASDAQ 100 up by 1.1%. The small cap index (Russel 2000) dropped 0.5%. Only the S&P closed at an all-time-high. Gold closed the week at a new all-time-high of 2657$/oz. Silver is still holding the 31$ level and it can go in either direction in the coming weeks, although we favor the downside from a fundamental perspective (slowing industrial demand). The barrel of WTI fell 3.7% and is again around 68$, which is a short-term technical support level. Bitcoin was up by 3.1% and seems to be in the top end of the 53-66k$ range it has been following for the past couple of months. The relative strength of the US dollar (DXY) fell slightly but is still around the 100-101 support level. The EUR/USD is at 1.12$, while the USD/JPY is slightly down to 142 JPY. US M2 money supply metrics have not been updated since the 26th of August. The national financial condit...

Financial Markets For the week, the main stock market indices were up, with the S&P500 gaining 1.4% and the NASDAQ 100 up by 1.4%. The small cap index (Russel 2000) was 2.6% in the green. Gold closed the week at a new all-time-high of 2622$/oz. Silver is now at the 31$ level and we are not sure it will hold the current levels or if it will return to the 28-30$ range. The barrel of WTI recovered 2.9% and is at ~71$, around a support level. Bitcoin followed the stock market direction, with a 7.5% pop! It still seems likely that bitcoin will trade in the range of 53-66k$ in the following weeks. The relative strength of the US dollar (DXY) was nearly unchanged and around 101. The EUR/USD is at 1.109$, while the USD/JPY is down to 140.8 JPY. US M2 money supply has not been updated this week. The national financial conditions index (NFCI) for the week of 9th September 2024 loosened by 2.6% and doesn't translate particular signs of financial stress in the markets (this...

Financial Markets For the week, the main stock market indices were up, with the S&P500 recovering 4% and the NASDAQ 100 up 5.9%. Last week's losses were eliminated. The small cap index (Russel 2000) was 4.4% in the green. Gold closed the week at a new all-time-high of 2577$/oz. Silver followed gold and popped 10%! We now need to see if silver holds the current levels or if it fails and returns to the 28-30$ range. The barrel of WTI recovered 1.7% but still looks bearish. Bitcoin followed the stock market direction, but with less enthusiasm, recovering 7.8%. It still seems likely that bitcoin will trade in the range of 53-66k$ in the following weeks. The relative strength of the US dollar (DXY) was nearly unchanged and around 101. The EUR/USD is at 1.109$, while the USD/JPY is down to 140.8 JPY. US M2 money supply has not been updated this week. The national financial conditions index (NFCI) for the week of 2nd September 2024 loosened by 2.9% and doesn't transla...

  Financial Markets For the week, the main stock market indices were down, with the S&P500 dropping 4.3% and the NASDAQ 100 5.9% in the red. The small cap index (Russel 2000) fell 5.7%. Gold is still hovering close to all-time-highs, but lost 0.2% - even if it falls to 2400$, it could still be part of a bullish consolidation. Silver fell 3.3% and is around the 25$/oz level. Silver should remain in the 23-28$ range in the near future. The barrel of WTI fell an amazing 7.5% and reached support at 68$. We expect a small bounce/recovery this week. Bitcoin fell 4.3% and continues on a downward trend with the next target around 53000$. The relative strength of the US dollar (DXY) was nearly unchanged and around 101. The EUR/USD rised slightly to 1.108$, while the USD/JPY is down to 142 JPY. US M2 money supply has not been updated this week. The national financial conditions index (NFCI) for the week of 26th August 2024 loosened by 1.1% and still doesn't seem to transla...

Financial Markets For the week, the main stock market indices were close to unchanged, with the S&P500 gaining 0.2% and the NASDAQ 100 down by 0.7%. The small cap index, the Russel 2000, lost 0.3%. Gold is still hovering close to all-time-highs, but lost 0.4% - even if it falls to 2400$, it could still be part of a bullish consolidation. Silver fell 3.2% and is around the 29$/oz level - we favor the downside from here, towards ~27$. The barrel of WTI fell 1.87%, below the support level that we were watching. We we wouldn't be surprised if it continues falling towards 71$. Bitcoin lost the gains from the previous week and is down to ~57900$. The trend for bitcoin is downwards in the short term. The relative strength of the US dollar (DXY) recovered ~1.1% and is holding the support level around 100-101, which is coinciding with the 200-week moving average. The EUR/USD fell to 1.10$, while the USD/JPY is up to 146 JPY. US M2 money supply has not been updated this week...