September 3-7 Weekly Trading Update PMs, S&P500, BTC, EMs

We change our market focus from a daily call to a weekly market wrap, and what may have caused the move in the individual trading entities.

This week most indexes were less volatile, the moves were less violent, but most established trends which may carry over next week. Charts presented are weekly charts using candlestick references using Investing.com services.

Precious metals were mostly flat for the week along with the movement of the USD, which greatly effects the price of the metals. Silver created a new multi-year low from December 2016, but closed slightly higher. Gold fared much better as the lows have not been breached, but closed almost flat for the week.

USD closed at 95.38, up for the week about 0.27 points deeply affecting the Emerging market currencies, showing no bottom at this point. Inflation fears are beginning to effect the people of those countries as their import costs are rising quickly.

The S&P500 closed lower for the week, most of the moves lower we a result of the FAANG stocks in the technology segment showing weakness. The candles show this weeks low negated last weeks rise and the index ended near the previous all-time high level from August. Economic news affected the stocks with economic indicators mostly negative. Tech and Apple were affected by trade war effects with China. Musk even showed he can smoke a legal stogie in CA. on television, and Tesla stock drops 10%.

Crypto started the week on a positive note but through the end of the week was affected by news that the trading desk at Merrill Lynch would be delayed or indefinitely postponed. Hedge funds have also been reluctant to trade the crypto, which in my opinion need new buyers for significant rise in the price. Mid-week, BTC, printed a $950 drop on Wednesday, before rallying late on Friday.

Keep stacking. Go get you some.

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