Skip to main content

Week in Review: 23-27 September 2024

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 conditions index (NFCI) for the week of 16th September 2024 loosened by 2.4% and doesn't translate signs of financial stress in the markets (this data is delayed by a week).

US bond yields now sit at 3.563% for the 2-year and 3.754% for the 10-year.

The VIX remained stable and around 17, showing no particular market fear or search for put options by investors.


Comment Section

This was another average week, with neutral to bullish tendencies, and with no particular news that influenced market sentiment. The next big thing is going to be the November election. Until then, only the middle east tensions can instigate some fear.
 
A small 3-5% correction in the stock markets is possible at any moment, but we would see it as a normal consolidation in the normal process of climbing the wall of worry.

Take care, and good luck.


Recommended Videos

 




 



Channel: Jason Hartman
 

Labels:

Comments

Post a Comment

Most Read

Week in Review: 21-25 October 2024

Financial Markets For the week, the main stock market indices were mixed, with the S&P500 losing 1% and the NASDAQ 100 up by 0.1%. The small cap index (Russel 2000) fell 3.1%, giving up the previous week's gains. The precious metals remained strong but are about to stall. Gold gained 0.9% while silver ended the week unchanged. Recently silver broke out of the 32$ level and now needs to defend this level. WTI jumped off the 68$ level, and gained 4.1% this week -it now sits at ~71.6$/bbl. Bitcoin fell 2.7% and is in the upper range of the channel it has been trading in since March 2024. In our opinion, bitcoin it is not looking particularly bearish nor bullish. It can go up to 74k or down to 60k in the near future. The relative strength of the US dollar (DXY) was again up slightly and into the 104 level. The EUR/USD is around 1.08$, while the USD/JPY is at 152 JPY. US M2 money supply at the date of 30th September 2024 was up by 0.38%. The national financial conditions ...
Post a Comment
Read more

Week in Review: 9-13 September 2024 - The FED Put!

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...
Post a Comment
Read more