Big news regarding the stock market and USD tomorrow will be the main driver for SPX500's momentum ending the week and going into the next one. NFP and unemployment rate are expected to have improved from last month slightly. But the biggest factor that could turn the market in either direction is this issue with the debt ceiling.
Stock market investors might already be pricing in the expectation of a beat in expectations as the SPX500 is already above the falling trend line and up nearly 1% today. Unemployment claims also beat expectations today which is another good sign for stocks. I think the market has the potential to test up in the $4420s today and possibly range up there until the NFP news tomorrow. The debt ceiling issue that can make the US default seems to be less of an issue now as debates continue. This issue is extremely important and is the main cause of these massive market swings that have been happening recently. Social security and tax refunds are some of the things that can be impacted by a default because these benefits could get delayed indefinitely.
Here is SPX500 on the 4H chart breaking above the falling trend line and nearing resistance around $4420. A close above this falling trend line will give investors some relief that price might be more stable and the downtrend won't continue. However, this could all change tomorrow, although today's jobless claims beat could indicate a lower unemployment rate.
The Nasdaq looks strong today as well as tech stocks recover hard this morning. This index's falling trend line is quite a ways away from price right now, but it could have enough momentum to reach it in the next few trading days. Price just broke above resistance in the $14,900s but needs to close above to help ensure continued upside.
10/26/2021 A string of articles have come out recently that will make you consider crypto and the potential around the emerging industry. Here are a few article headlines that I will summarize and explain why this is really important to the market as a whole. Tesla May Restart Crypto Transactions Again Several months ago, Tesla […]
Today I'll share some economic analysis on the CPI report and what to look for in order to tell if inflation will get worse. Lastly, I'll cover some ways that you can make an investment play on inflation. September CPI Report The Consumer Price Index report for September 2021 was published on October 12, 2021. […]
10/25/2021 Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year. Our outlook I think that gold has been due for […]