Stocks Down - Oil Up -- Nick Santiago 9-27-23 #529

Daily Market Wisdom with Nick Santiago

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1y ago 7:38

MP3•Bölüm sayfası

1. The major indexes have been very weak and are trying to bounce a little today.
2. The main catalyst for the recent declines are two fold. First, the strong US Dollar Index (DXY) has been surging higher and that puts pressure on many multinational US equities.
Second, it is bond yields. Yesterday, the 2-year note yield traded around 5.15% and the markets did not like that. That is a clear signal that the Fed needs to raise the fed funds rate again at the next meeting. Today, the 2-year yield is backing off trading around 5.07% and this is helping stocks to catch a bid.
3. Oil has pulled back recently, but today it is trading higher again today. I still think it is short term overbought, but it has held up well as of late.
4. Gold has pulled back this week and is trading lower again today. Gold futures are now testing the 1900 level. Should this level break down we could see gold fall to around the $1830 area. That is the next major support area on the charts.
5. Bitcoin is catching a bid today. The popular crypto is trading atround 26,500. That is a 1.3% gain. This still has a bearish weekly pattern in place so be aware of that.
Visit Nick at: https://InTheMoneyStocks.com
Visit Kerry at: https://FinancialSurvivalNetwork.com

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