Weekly market outlook
Wall Street ended last week with the Dow and S&P 500 in the green while the NASDAQ 100 lagged, and oil and gold both pushed higher on a tense geopolitical backdrop. I'm leaning cautiously bullish on the Dow this week, but earnings season and rising yields mean the levels matter more than the narrative.
US indices closed mixed last week with tech leading the charge whilst the Dow lagged, and this week's divergence sets up some interesting setups heading into October. With Treasury yields still elevated and a weak jobs report in the rear-view mirror, I'm watching how price reacts at key technical levels before committing to directional plays.
Last week delivered a classic risk-off rotation as equity indices pulled back whilst oil surged over 6% on geopolitical tensions. This week, I'm watching whether US30 can reclaim the 53,000 zone or if we're setting up for a deeper retracement into month-end.
Last week delivered a masterclass in range-bound chop across US indices, with the Dow and S&P 500 closing marginally lower despite Friday's stronger-than-expected payrolls data. Metals stole the show—gold and silver both surged over 3%—whilst USD/JPY collapsed nearly 2%, signalling renewed risk-off flows beneath the surface calm.
US indices closed mixed last week as Fed Chair Warsh's hawkish Jackson Hole comments rattled tech whilst oil surged on renewed Iran tensions. This week, I'm watching whether US30 can hold the 53,260 floor and if NAS100 finds buyers at the 28,875 low — both critical for maintaining bullish structure into September.