Friday's Markets Update (November 10, 2023)
On Friday, the Consumer Sentiment Index dropped but Nasdaq gained significantly, along with other major indexes, following hawkish comments from Powell and stabilizing Treasury yields. Major tech stocks saw increases, with Microsoft hitting an all-time high again. Meanwhile, BTC and ETH began to form a double top on the hourly chart just above their key resistance levels.
According to Michigan University the Consumer Sentiment Index fell to 60.40 points in November 2023, down from 63.80 points in October. Historically, from 1952 to 2023, the average has been 85.49 points. The highest recorded level was 111.40 points in January 2000, while the lowest was 50 points in June 2022.
On Week 46 the focus will be on inflation rate data, retail sales, and speeches by Fed officials. Other important data includes producer prices, industrial production, export and import prices, building permits, and housing starts. Playing volatility remains the main theme for traders.