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Week in Review: 14-18 October 2024

Financial Markets

For the week, the main stock market indices were mixed, with the S&P500 gaining 0.9% and the NASDAQ 100 down by 0.3%. The small cap index (Russel 2000) rose 2% and now approaches short-term resistance.

The precious metals are strong. Gold rose 2.4% and continues with good momentum into uncharted territories. Silver broke out of the 30$ level and rose 6.9% the past week - it can continue upwards or it can retrace back to the 32$ level.

The barrel of WTI fell sharply and stopped at the 69$ support level.

Bitcoin rose almost 10% and is now starting to look more bullish as it escapes the downward channel it was trading in.

The relative strength of the US dollar (DXY) was again up slightly and into the 103 level. The EUR/USD is around 1.08$, while the USD/JPY is at 149 JPY.

US M2 money supply metrics have not been updated since August.

The national financial conditions index (NFCI) for the week of 7th October 2024 loosened by 1.51% and doesn't translate signs of financial stress in the markets.

US bond yields were unchanged, sitting at 3.957% for the 2-year and 4.081% for the 10-year.

The VIX fell to the 18 level during this low-stress week. The perception of risk is low, as investors and speculators don't seek put options expiring in the next 30 days.


Comment Section

 
This week had no noteworthy developments. The US stock market continues with a positive vibe, climbing slowly
 
We now enter a time of reflection for the US elections and we can only speculate about what it can do to the mood of the investors as they ponder about different policy priorities.

Take care, and good luck.


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