SPX500 climbed nearly 1% today after earnings beats in the bank sector and jobless claims came in under the expectations at only 293K. The Fed also said that they may start to taper as early as November now which would mean a decrease in the hundred-something billion dollars in asset purchases each month.
Good economic news from the past two weeks has relieved some of the pressure the markets have experienced from inflation fears to NFP. On a technical basis, however, the index just broke out of a falling channel and has come back from the lows of last week. This is good news for investors who have been worried about a continued stretch to the downside, so we may start to see some more buying to finish out the week.
SPX500 made a clear break out of a falling trend line on the 1D chart and is nearing resistance at the 50 DMA. A close above this falling trend line will be good for the index as it would indicate a larger move to the upside. Today's 1% move in the morning is a good sign already showing us that there is some momentum here. If price can't break above, we may see a retrace to around $4370.
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 […]