Financial Markets
For
the week,
the main stock market
indices were down, with the S&P500 losing 1.4% and
the NASDAQ
100 1.6% in the red. The small cap index (Russel 2000) was unchanged.
Precious metals remain strong but are stalling a bit. Gold and silver fell 0.4% and 3.7%, respectively. Recently, silver broke above 32$ and is now re-testing this level, which must be defended, otherwise we may become bearish.
WTI is still around the 69$ level, which is short-term support. Oil will likely trade sideways in the near future.
Bitcoin
spiked during the week, but ended only 2.3% above the previous week. It remains close to the upper range of the channel it has been trading
in since March 2024. In our opinion, bitcoin is not going above this level easily.
The
relative
strength of the US dollar (DXY) was unchanged. The
EUR/USD is around 1.08$, while the USD/JPY is at 153 JPY.
US M2 money supply at the date of 30th September 2024 was up by 0.38%.
The
national financial
conditions index (NFCI) for the week of 21st October 2024 tightened by 0.24% and doesn’t translate considerable signs of financial stress in
the markets. However, this could be a change in trend and is aligned with the decline that we saw in the stock markets this week.
US
bond yields went up this week, sitting at 4.212% for the
2-year
and 4.386% for the 10-year.
The
VIX went up again, getting closer to the 22 level. The perception of
risk is moderate, but increasing.
Comment Section
the markets. Then, be prepared for volatility.
Take care, and good luck.
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