Stock Market Update
S&P500 Ending Flat
The S&P500 ends the week flat and at the 2500 level. There was some heavy choppiness and a rise in volatility due to Wednesday’s Fed decision to hold rates, which was expected, but also the fact that there is potential for one more rate hike before we end off 2017. This led the markets slightly lower, along with Kim Jong Un making his weekly missile threat and subsequent test.
Oil at 50 a barrel
Oil is hanging on to the $50 level and currently trades at $50.65 a barrel. This is surprising as the $50 mark is a strong resistance point for Oil and we shall get a better idea of future direction this Wednesday when inventory stockpile numbers are released.
Gold Going Down?!
Gold continues its downward move and currently is at the crucial $1,300 an ounce area. Again an important number and a strong long-term resistance level for gold. The price per ounce will highly depend on if their is more geopolitical uncertainty.
Cryptocurrencies Choppy This Week
Cryptocurrencies have remained severely choppy this week as they are still unable to get back to the levels they were at two weeks ago. We are looking for a direction as right now there seems to be some weakness developing in the long term bullish narrative for all the major cryptocurrencies.
Other than that it has been a relatively quiet week. I hope everyone has a solid weekend and if you have any questions pertaining to anything, feel free to reach out!