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Markets Rise to New All Time Highs
Happy Sunday Investors. The markets briefly hit new all-time-highs this week, lets discuss what happened.
MARKET RECAP
Markets Rise After Another Strong Week
SPY Daily Chart
The market rode the 8 ema to steadily rise throughout the week. It was a relatively quiet week on the news front until the jobs report on Friday. The jobs report smashed expectations, causing the market to drop slightly. Despite the drop on Friday, the S&P 500 held strong on the week and remains comfortably above all moving averages.
Across the ocean we saw the European Central Bank cut interest rates for the first time since 2019, this could certainly influence the fed moving forward and perhaps pressure them to cut rates sooner than they would like.
TRENDWATCH
UBER Tries to Gain Momentum
UBER Daily Chart
UBER has been in a free fall since reaching an all time high in March. After a few strong sessions, the transportation company is flirting with the 50 ma and the 8 ema just crossed the 21 ema. I am keeping my eye here to see if UBER can break out of its downward trend.
Last Weeks Trend: Microsoft
Microsoft Daily Chart
Last week I pointed out MSFT to see how it would respond after closing below the 50 ma. The largest company in the world responded strongly and now is above all moving averages.
In the News
💻 NVDA briefly overtook Apple as the worlds 2nd largest company, before sliding back to 3rd.
🏦 European Central Bank Cuts Interest Rates for the First time since 2019
UPCOMING WEEK
We have a big week ahead of us with the CPI inflation report on Wednesday, followed by the Feds Interest Rate decision the same day.