US indices hit all-time highs at the open today led by tech and energy stocks and their strong earnings numbers. The Fed is expected to announce the start of their tapering on bond purchases by $15 billion which is not a very big amount compared to the $120 bn they've been purchasing each month since the crash in March 2020.
I think that this is good for the economy and investors now that the Fed thinks the economy doesn't need as much help as it did a year ago. I also think that for the rest of 2021, we may see a surge in stock prices up until the New Year because the Fed will not raise rates until at least 2022. And once, the Fed does that, we may start to see some heavy selling before the first raise.
SPX500 is flat now after touching new highs on the 1D chart with support lying beneath around the $4550s. We could see a minor pullback from the highs here, but it may turn into a small stair-like move as it looks like that has already started on this timeframe.
NAS100 on the 1D came up above all-time highs from August and is flat right now like the S&P. Support lies around $15705 after a strong Friday last week. Additional support is around the $15500s.
12/2/2021 US equities fell 5% from the highs after fears of a new coronavirus variant emerged and the first case was recorded in the US. SPX500 is up .10% on the day at the time of writing this. Our outlook The new omicron variant is definitely concerning most investors right now as the US will […]
Check out my previous G/U deep dive from early October here to see how we have progressed... Technical Outlook: Price has mainly been travelling in channels throughout the past year. As we saw the ascending channel formed post-Covid last year, price began retesting all previous key horizontal levels. Over the past couple of months, price has […]
11/30/2021 Gold price rose 0.59% on the day at the time of writing this in light of the uncertainty surrounding the Fed's policy towards the new variant and tapering of asset purchases. Our outlook I think gold will likely see some green today as the virus concerns can cause a slow in growth since the […]