Today's Fed meeting gave us some insight on what could happen with the USD and the US indices as Powell now points towards tapering this year while holding off on the interest rate hikes. SPX500 is up 0.65% on the day while DXY is down 0.32%.
This updated stance given by Fed Chairman Jerome Powell suggests that we could be could be seeing some more bullish potential on the US indices going into the last four months of the year, taking into account the historically-bad month for stocks in September. If there is tapering, that's a sign of an economy that's healthy enough to start operating on its own. And if rates continue to stay this low, there is really no other place to make good return on your money- at least for the remainder of this year.
The S&P went ahead and made all-time-highs again this morning after yesterday's dip from the start of the Jackson Hole Symposium event. The markets could be pricing in the potential tapering by the Fed and buying up stocks. The index could find support around $4484, the 50 DMA, or $4455 on the 4H timeframe if we see a dip.
The NAS100 hits ATH as well breaking the previous high at $15,404 as tech stocks rebound from this week's consolidation and minor pullback. New support lies around $15,264 where price bottomed out which also seems to be the beginning of a rising trend line on the 4H chart.
9/24/2021 The People's Bank of China banned all crypto transactions on overseas Chinese services along with its domestic ban. Bitcoin is down over 8% today and Ethereum is down 11.48%. Our outlook I think we're seeing a lot of noise around China and their condemning of cryptocurrencies before they digitize their own. In the short […]
Let's look into the Bank of England's Monetary Policy Summary which took place on Thursday the 23rd of September, 2021. Quick Summary: BoE keeps interest rates unchanged at 0.10% BoE will maintain its asset purchasing target at £875B The vote to keep policy unchanged passed with a 7-2 vote The minutes of the MPC meeting […]
9/23/2021 The precious metal snapped three days of gains and tumbled back down to the support range from $1740s-1760s approximately. Gold is down -.56% on the day going into the opening of the NY session. Our outlook Gold will likely rise on the US indices falling, and is usually due to slowing economic growth. Because […]
9/21/2021 Bitcoin Update For the past month, Bitcoin went on a tear rising over 20% from the beginning of August. Recently, however, China and other risk-off factors have contributed to a 23% decline from the recent highs around $52,760. Now the most prominent crypto has touched these monthly lows which could be a potentially good […]