Stock Market Technical Analysis Today - 12-1-24

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Stock Market Performance: The U.S. stock market showed resilience, with the S&P 500 gaining 1.7% after a previous week's decline, indicating a recovery led by cyclical stocks. This recovery was partly fueled by better-than-expected earnings from tech giants like Nvidia, despite mixed signals on future revenue guidance.

Bitcoin's Ascent: Bitcoin continued its upward trajectory, surpassing $99,000, driven by increasing institutional interest, ETF speculation, and positive market sentiment towards cryptocurrencies. This surge was highlighted by significant daily gains and a notable increase in Bitcoin's market cap, reflecting strong investor confidence.

Economic Indicators: Inflation remains a key concern, with the core PCE price index rising, influencing market expectations on Federal Reserve actions. Despite this, gold and oil also rallied, with gold gaining over 4% and oil 6%, signaling a broader market shift towards commodities as hedges against inflation.

Market Sentiment: The market's reaction to economic data and Bitcoin's performance suggests a broadening of the rally, with investors rotating into various sectors. However, there's also caution regarding overvalued conditions in some assets, particularly in Bitcoin, where technical analysis indicates potential corrections.

Looking Ahead: Investors are now focusing on upcoming economic data, including nonfarm payrolls and ISM PMI's, which could further influence market directions. The interplay between traditional markets and cryptocurrencies continues to evolve, with Bitcoin's momentum potentially setting the stage for further financial innovation and investment strategies.

This week's dynamics illustrate a market at a pivotal point, balancing between traditional economic indicators and the burgeoning influence of cryptocurrencies, particularly Bitcoin, in shaping investor portfolios and market trends.

Sahm Rule confirms a recession
Yield De-inversion confirms a recession
US Debt - ~$36T and climbing

Stock market technical analysis today shows that the markets may be ready to drift higher again, but in dangerous territory.

#stocktrading #technicalanalysis #investing

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