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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.


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