SGT Chart Book 25.03.24

sgt_chartbook

US Stock markets pushed to new highs by hopes that high borrowing costs are coming to an end. On Wednesday, after Fed Chair Jerome Powell indicated that the central bank was still on track to cut interest rates three times this year, all three major indexes hit new record highs. FOMC forecasts shows 75 bps of rate cuts in 2024.

The Dow and S&P 500 rose 2% and 2.3% respectively for the week despite Friday’s declines. The Nasdaq gained about 2.9%.

 

The US Justice Department and more than a dozen states filed an antitrust lawsuit against Apple on Thursday, accusing the giant company of illegally monopolizing the smartphone market.

 

The yield on the 10-year Treasury note closed lower on the week at 4.217%.

 

The US House passed a $1.2 Trillion spending bill.

 

The Bank of England kept rates unchanged @ 5.25%, the Swiss National bank (SNB) reduced rates by 25 basis points to 1.5%. The Bank of Japan raised interest rates for the first time since 2007, and the Nikkei 225 rallied over 5% on the week. European stocks continued to rally too.

USA30

New all-time highs - the gift that keeps on giving…

USA500

Continues to run higher after the Fed announcement. A staggering statistic is that since the October 2023 lows, the S&P500 has added over $10 trillion in market capitalization, with the index up over 28%.

USA100

All-time highs seen after Fed.

US10YEAR

Rates lower on the week after testing previous highs around 4.35%.

USDJPY

After an historic rate hike, JPY weakens, falling back to significant area on the charts.

GBPUSD

Having breached the trendline on a bar chart, if we use the close-only chart, we can see that the down trendline is still intact. Some technical traders watch close-only charts as better confirmation of trend changes.

XAUUSD

After gold spiked to new highs, we ended the week mostly unchanged.

XAGUSD

Will silver follow its big brother gold and breakout soon?

USOIL

Golden cross 50/200 day moving averages. A bullish chart signal ……………but let’s see

BTCUSD

Weekly outflow in BTC ETFs.

Join us next week for more market insights.

 

Happy trading,
SGT Trading Desk

trading@sgt.markets

Disclaimer: Trading Desk Observations are not trade recommendations. The purpose of these charts is to bring to your attention potential chart patterns you may wish to monitor.

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