The S&P500 ends the week up 0.79% and sets another all-time high.
– A solid week by all measures as the White House shed some more light on their tax plan. Anytime tax reform comes into play, the markets rise on positive expectations.
– The 2500 level on the index seems to be safe as we come in to next trading week.
– The market is currently 5% above the 200-day moving average which is a good sign of a long term uptrend on a technical level.
– Oil prices dipped in the last two trading days of the week from $52 a barrel, down from 4-month highs.
– Oil currently trades at $51.50 a barrel and looks to be retreating to the $50 level as Baker Hughes releases reports that there is an increase in oil rig counts.
– Gold drops further this week and currently trades at $1,283 an ounce.
– A clear downwards breach of the $1300 level took place on Wednesday and we are looking for the slide to continue.
– We had an eerily somber week in cryptocurrencies all things considered with No major declines this week.
– Bitcoin currently trades at $4,175 a coin. Up $400 from last week. A good week as the flag-bearer of cryptocurrencies finally gets back above the $4,000 mark it had been struggling to get back to after the massive pullback that took place 3 weeks ago.
– Ethereum is up this week as well and trades at $294 a coin, although it does trail Bitcoin in performance this week. The $300 mark is key for Ethereum and I am noticing that it is a heavy resistance level for the time being.
This wraps up our weekly market snapshot for this week. I hope you all have a wonderful weekend. Ciao!