At-a-Glance
Key Takeaways with Craig
Due to vacation schedules, today’s InFocus will be released before the close and will detail the market action for this week
Equity markets continue to shine off the back of strong economic data that has been released throughout the week with the ES leading the charge. The long awaited FED decision to cut interest rates came in with a 50 basis point cut, and still pricing in another 25 basis point cut coming in the November meeting and potentially another 25 points in December according to the CME FEDWatch Tool.
Along with the indices, the precious metals complex has seen significant gains in the past few weeks as well, with Gold climbing to a new all time high. December Gold was a range bound market from April until June, and then after a triple bottom near the 2350 level, the market pushed higher and has not retested these low levels. Relative strength has steadily been rising yet continues to be in neutral territory. All eyes will be on the FEDs decision for the rest of the year with the deployment of the remaining rate cuts and the hawkish or dovish tone traders will hear from Powell.
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