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Category: Commentary

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SPX Reaches 6000

It’s been 67 years since the S&P 500 has been created. This month, price reached $6000 for the first time. In January 2022, SPX had a peak price at $4821. After price reached this milestone, there was a reversal in price for 10 months, which resulted to price reaching $3501. This stands as the major support level. In the 3rd week of October, a bounce in price started. This rally has been running for the past two years. In January 2024, a breakout to the upside occurred, making the bulls more confident.

On the 11th of November, price reached an all-time at $6010, surpassing the $6000 psychological level for the first time. SPX has reached at least 47 record highs in 2024. The S&P 500 has advanced 23% year to date. Since 1988, the index has achieved an average one-year return of 13.4% after reaching a record high. The future is not guaranteed for SPX at this time, as price might reverse below $4000 in the coming months. Price has fallen from the highs, with the current price at $5916. The smooth ride to new high might take a break as we wrap up the year.

On the weekly chart, though price is still at the upper region of the moving average, there have been a few times that price has been overbought on the RSI.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get indices in your portfolio? Schedule a meeting with us here

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Bitcoin Hits All-Time High As Trump Wins

In March 2024, Bitcoin was able to break out of the previous high at $69,000 which was in November 2021. After the high in November 2021, price dropped to $15, 912. The lowest price since November 2022.

As a result of Trump winning the election on November 5, there was a spike in the value of BTCUSD and major cryptocurrencies. As of the time of this writing, the total market capitalization of the crypto market stands at $2.9Trillion. And in the last 24hrs, the total value of the crypto market has increased by 3.44%. The total crypto market volume over the last 24 hours is $379.33Billion. There is no guarantee of a continued bullish movement. Many holders might decide to sell off.

The current price of BTC is $87,000, a few points down from the all-time high of today at $89,962. In the last 7 days, BTCUSD has gained 16,000points. The gains might be wiped out in the next few months, as price of BTCUSD might fall to $20,000. Between November 2023 and April 2024, RSI has shown that price of BTCUSD has been overbought on the weekly chart. And currently as a result of the highs in the last one week, RSI has also shown that price has been overbought on the weekly chart.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto in your portfolio? Schedule a meeting with us here

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Boeing Stock Price Consolidates

Boeing’s share price opened the year with a series of gap downs. These gap downs are yet to be retraced, as some of the gains of Boeing in 2023 have been lost. The opening price of Boeing in 2024 was $257.29. It has been an awful year for Boeing Investors as the current price stands at $148.65 as at the time of this writing.

For the past two months, Boeing machinists have been on strike. Members of the International Association of Machinists accepted an offer that included 38% pay increases, along with a ratification bonus that workers can elect to use as part of their retirement savings. The union rejected a previous offer from Boeing that included a 35% pay hike, extending the strike that began on Sept. 13.

The striking employees, whose absence had put production at a near-standstill, can return to work next week Wednesday “and must return by beginning of their shift on Nov. 12, 2024,” according to the union and the company. The last 3 months candle sticks closed bearish. There are indications of a possible rally as striking workers resume in 6 days. $BA price has been consolidating since October 10, at a support level at $146.89. We might see price rally to $241 in 2025.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

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Alphabet’s Price Might Break Out Of Range

Alphabet Inc. was founded 26 years ago. The establishment of Alphabet Inc. was prompted by a desire to make the core Google business “cleaner and more accountable” while allowing greater autonomy to group companies that operate in businesses other than Internet services.

$GOOG’s opening price in 2024 was $138.40. Price rallied to an all-time of $191.72 this July. Some of the gains in 2024 have been lost as the current price is at $166.72 per share. Alphabet, Inc will report earnings today, expecting Q3 adjusted earnings of $1.84 per share on $86.37 billion in revenue, up from last year’s $1.55 per share and $76.7 billion in revenue.

The fall in the price of Google made price reach $146.97 on September 9, which stands as the current support level. A bounce from the support started on September 11, 2024. There have been a price range in the value of $GOOG since mid-September. Price has been ranging from $160.01 and $167.43. A breakout of the range to the upside is expected soon. The might lead to price gain in the value of $GOOG after the recent loss. The next rally might lead to the price of GOOG breaking new highs in the coming weeks. We see price hitting 190.40 in a couple of weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

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Oil Price Spikes As Iran Attacks Israel

Crude oil prices jumped and stocks tumbled about two weeks ago after Iran fired an estimated 180 missiles at Israel in retaliation for the ground invasion of southern Lebanon. A warning from White House officials had been given that a strike was imminent. Price jumped from $70 per barrel to $74 per barrel. Price later rose to $78 on Oct 8, 2024 which currently stands as the highest price of crude oil in two months.

Global stocks tumbled as a result of the recent attacks. According to Reuters, Citigroup Inc made a forecast based on fundamentals. According to Citi, if producer group OPEC+ doesn’t reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries.

Our analysts on the other hand, see price rallying and our forecast is based majorly on the technicals. We see price rallying to about $90 per barrel before the end of 2025. Price of crude oil falling to $60 is not guaranteed from our analysis, we only see a rally to $90, as price is retesting the support level above $60 with the current price at $70.16. This retesting is momentum for an upward trend. But it all remains to be seen as this war unfolds.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get commodities in your portfolio? Schedule a meeting with us here

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Gold’s Price Consolidates After Reaching All-Time High

In 2015, the lowest price of Gold was at $1047. The bulls have done tremendously well by making the gold price increase in value in the last 9 years. Even during the pandemic, the price of Gold was not really affected, as it was readily considered as a safe haven. The price of Gold reached a new high at $2082 in 2020 despite the disruption that year. Two years later, price fell to $1615. After this fall, the bulls continued the run.

Between August 2020 and December 2023, price of Gold was moving between $1615 and $2082. In latter days of the year 2023, there was a breakout of the resistance level to the upside. This year’s opening price for Gold was at $2023 per ounce. More than 80% of the monthly candlesticks this year closed bullish. The all-time was reached earlier this month at $2588. Since hitting its highs, price has been consolidating around the highs. The current price of Gold is at $2563.03, we should see price reach new highs above $2600 in the next few weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get commodities in your portfolio? Schedule a meeting with us here

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Google Bounces From Support Level

The fourth most valuable company in the world, Alphabet Inc with the ticker $GOOGL currently has a market capitalization of $1.950 trillion with the current share price at $158.99. $GOOGL has appreciated with 14.41% in the last one year. The monthly chart is majorly characterized with higher highs and higher lows. The total number of employees as of today stands at 182,500 globally and in the last 7 quarters, $GOOG has been consistently profitable.

In July 2024, price of $GOOG reached an all-time high at $194.31. As soon as the high was reached, the bears pushed price lower which resulted in a bearish close for the last two months. Also, price has continued with the downward slope this month with the current price at $158.99 after a rally from the 3 months low at $148.64. The bulls seem to be fully back into action, as we might see a continued rally from the support level of $148.64. We could see price reach new highs, which could eventually make the price of $GOOG reach $200 before the end of this year.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stock in your portfolio? Schedule a meeting with us here

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USDJPY Reaches 2024 Low, Set To Rally

USDJPY down to 2024 Low; Set to Rally

The Ninja popularly known as the USDJPY has been on a downward trend for the past 5 decades. Since the new millennium started, the Japanese Yen has gained more than the US Dollar. In the third quarter of the year 2011, the price of Ninja reached an all-time low at 75.784. From that all-time low in the third quarter of 2011, the US Dollar has been gaining against the yen. This rally has been sustained up until the 2024 high, which is a 112% gain in value, with the 2024 high at 161.923.

A 9-year resistance level of 126.435 was broken to the upside in April 2022 as a result of the above-mentioned rally. Also, a 34-year resistance level at 160.827 was broken to the upside as a result of this same powerful rally.

On the monthly chart, RSI has indicated that price has been overbought at two different times, namely the 2015 and 2022 resistance levels at 126.435 and 152.383 price-points respectively. The last two-month candlesticks closed bearish, but there are possibilities of price rallying to 146.784 in few weeks from the current price at 140.423 as at the time of this writing.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get currencies in your portfolio? Schedule a meeting with us here

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Nvidia Stock Falls After Earning Report

As of September 2024, NVIDIA has a market cap of $2.692 Trillion. This makes NVIDIA the world’s third most valuable company. Nvidia lost $279 billion in value during yesterday’s tech-market selloff, the biggest single-day market-cap decline on record. Prior to this price fall, price of Nvidia fell by 8% on Monday. Nvidia posted modestly better-than-expected second earnings last week, albeit against elevated expectations for the market’s hottest stock.

Despite the recent loss in the value of Nvidia, it’s still been a profitable year for Nvidia. The opening price of Nvidia in 2024 was $49.49. Price reached an all-time high in June 2024 at $141.41. After this high price, there was a correction. This correction made price hit an August low at $90.20. A bounce has since then occurred with the current price at $108.61 as at the time of this publication.

Price of Nvidia might fall to $78.91 in the coming weeks as the bears are active. Price has been overbought using the RSI on the daily chart multiple times, but the four-hour chart shows price has been oversold. This oversold position is not a guarantee for a price recovery. Price is currently in the bear region on the four-hour chart.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stock in your portfolio? Schedule a meeting with us here

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S&P 500 Bounces After A Bearish July

S&P 500 Bounces After A Bearish July

The Stock Index, SPX opened a bit lower yesterday as it lost 15.30points in the first few hours, which is 0.27%. The opening price of SPX in 2024 was $4749. The bulls have since then pushed price to new highs. The January 2024 rally was able to break the resistance of December 2021/January 2023 at $4,821. This year has been good for many tech stocks in the SPX, as the index has appreciated by 17.6%. The all-time high of SPX is at $5671, which was in July 2024.

In July 2024, SPX had an overbought position on the RSI on the weekly chart, and on the monthly chart price has just recently been overbought. From the all-time high in July 2024, price fell to $5124 in the first week of August, a price recovery has started, with current price at $5621. SPX might break new highs in the coming months despite indication of price being overbought.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stock indicies in your portfolio? Schedule a meeting with us here

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