October 2024
October 2024
31/10/24 22:33
S&P 500
In October 2024, the S&P 500 ended a five-month winning streak, declining by about 1% as it closed at 5,705 points. This pullback was driven by volatility in bond markets, with rising yields adding pressure to equities, especially in tech-heavy segments. Despite this monthly drop, the index’s overall year-to-date gains remained strong, attributed to earlier rallies fueled by optimism in sectors like technology and financials, as well as AI-driven market enthusiasm
CRUDE OIL
Crude oil prices experienced fluctuations due to geopolitical tensions, market uncertainty, and changes in global supply-demand dynamics. Brent crude prices began the month around $81 but steadily declined, reaching approximately $71.63 per barrel by late October. Similarly, West Texas Intermediate (WTI) prices fell to about $67.38 per barrel as of October 28. These shifts were influenced primarily by supply disruptions from the Middle East and fluctuations in demand forecasts amid global economic concerns.
This month also saw resistance and support levels shifting in line with these changes, and overall market sentiment leaned bearish by the end of the month as prices trended lower compared to earlier highs in September. While initial supply fears drove prices up, a re-stabilization of production levels and inventory build-up contributed to price softening in the latter part of October.
BITCOIN
Bitcoin saw a strong surge, aligning with the “Uptober” trend often associated with this month. Early October showed solid gains as Bitcoin’s price initially surged past $68,000. This upward momentum was sustained by increasing institutional interest and positive sentiment across the cryptocurrency market, which fueled both volume and investor optimism. Mid-month, Bitcoin experienced a brief dip due to some profit-taking, but it quickly regained strength, ending October around $70,000, up significantly from its start-of-month levels
Analysts see this rally as part of a larger bullish trend, suggesting the potential for further price growth as Bitcoin heads toward the end of the year. October’s performance was particularly significant, as it not only boosted Bitcoin but also had a ripple effect on altcoins and general market sentiment, reinforcing the market’s enthusiasm for “Uptober.”
In October 2024, the S&P 500 ended a five-month winning streak, declining by about 1% as it closed at 5,705 points. This pullback was driven by volatility in bond markets, with rising yields adding pressure to equities, especially in tech-heavy segments. Despite this monthly drop, the index’s overall year-to-date gains remained strong, attributed to earlier rallies fueled by optimism in sectors like technology and financials, as well as AI-driven market enthusiasm
CRUDE OIL
Crude oil prices experienced fluctuations due to geopolitical tensions, market uncertainty, and changes in global supply-demand dynamics. Brent crude prices began the month around $81 but steadily declined, reaching approximately $71.63 per barrel by late October. Similarly, West Texas Intermediate (WTI) prices fell to about $67.38 per barrel as of October 28. These shifts were influenced primarily by supply disruptions from the Middle East and fluctuations in demand forecasts amid global economic concerns.
This month also saw resistance and support levels shifting in line with these changes, and overall market sentiment leaned bearish by the end of the month as prices trended lower compared to earlier highs in September. While initial supply fears drove prices up, a re-stabilization of production levels and inventory build-up contributed to price softening in the latter part of October.
BITCOIN
Bitcoin saw a strong surge, aligning with the “Uptober” trend often associated with this month. Early October showed solid gains as Bitcoin’s price initially surged past $68,000. This upward momentum was sustained by increasing institutional interest and positive sentiment across the cryptocurrency market, which fueled both volume and investor optimism. Mid-month, Bitcoin experienced a brief dip due to some profit-taking, but it quickly regained strength, ending October around $70,000, up significantly from its start-of-month levels
Analysts see this rally as part of a larger bullish trend, suggesting the potential for further price growth as Bitcoin heads toward the end of the year. October’s performance was particularly significant, as it not only boosted Bitcoin but also had a ripple effect on altcoins and general market sentiment, reinforcing the market’s enthusiasm for “Uptober.”
September 2024
30/10/24 14:48
S&P500
In September 2024, the S&P 500 index experienced a modest gain, closing the month with a 2.02% increase. This performance marked a slight decrease from its 2.28% gain in August, yet remained significantly better than the -4.87% loss seen in September 2023. Despite market volatility and ongoing economic pressures, the index maintained its upward trajectory, supported by factors like strong earnings from technology and financial sectors and relatively stable economic indicators. For the year-to-date period, the S&P 500 posted an impressive cumulative gain, nearing 23% by the end of October
CRUDE OIL
Crude oil prices saw significant declines. Both Brent crude and U.S. West Texas Intermediate (WTI) futures fell, with Brent crude dipping below $69 per barrel for the first time since May 2023 and WTI reaching around $65 per barrel, its lowest since March 2023. This decline was influenced by OPEC’s reduction in its demand forecast for 2024, primarily due to economic concerns in China, one of the world’s largest oil consumers. Weakness in China’s real estate sector and increased use of alternatives like LNG trucks and electric vehicles have raised concerns about future oil demand from the region.
OPEC’s decision to limit production increases, combined with recent volatility in global markets, has also contributed to supply-side uncertainty, especially amid ongoing geopolitical tensions. However, demand from U.S. consumers remains relatively stable, driven by strong household consumption, which has helped mitigate some of the downward pressure on oil prices. Looking ahead, analysts predict that while there may be some stabilization, oil prices could remain vulnerable to fluctuations depending on global economic and geopolitical developments.
BITCOIN
Bitcoin defied its traditionally poor performance during this month, closing with a notable gain of around 8-10%, marking one of its best September performances in a decade. This increase was driven by a favorable economic environment with interest rate cuts by major central banks, including the Federal Reserve and the People’s Bank of China, spurring risk appetite and positive sentiment in financial markets. The “Coinbase Premium”—a metric reflecting increased buying pressure on U.S.-based Coinbase versus Binance—also showed heightened demand in the U.S., contributing to the asset’s price rise to over $66,000 in late September.
Analysts are optimistic about Bitcoin’s performance in the upcoming fourth quarter, with historical patterns indicating strong Q4 gains when September is positive. Bitcoin’s upward trend through September and its resilience amid volatility have many investors watching closely, as Q4 has often proven bullish following gains in September
In September 2024, the S&P 500 index experienced a modest gain, closing the month with a 2.02% increase. This performance marked a slight decrease from its 2.28% gain in August, yet remained significantly better than the -4.87% loss seen in September 2023. Despite market volatility and ongoing economic pressures, the index maintained its upward trajectory, supported by factors like strong earnings from technology and financial sectors and relatively stable economic indicators. For the year-to-date period, the S&P 500 posted an impressive cumulative gain, nearing 23% by the end of October
CRUDE OIL
Crude oil prices saw significant declines. Both Brent crude and U.S. West Texas Intermediate (WTI) futures fell, with Brent crude dipping below $69 per barrel for the first time since May 2023 and WTI reaching around $65 per barrel, its lowest since March 2023. This decline was influenced by OPEC’s reduction in its demand forecast for 2024, primarily due to economic concerns in China, one of the world’s largest oil consumers. Weakness in China’s real estate sector and increased use of alternatives like LNG trucks and electric vehicles have raised concerns about future oil demand from the region.
OPEC’s decision to limit production increases, combined with recent volatility in global markets, has also contributed to supply-side uncertainty, especially amid ongoing geopolitical tensions. However, demand from U.S. consumers remains relatively stable, driven by strong household consumption, which has helped mitigate some of the downward pressure on oil prices. Looking ahead, analysts predict that while there may be some stabilization, oil prices could remain vulnerable to fluctuations depending on global economic and geopolitical developments.
BITCOIN
Bitcoin defied its traditionally poor performance during this month, closing with a notable gain of around 8-10%, marking one of its best September performances in a decade. This increase was driven by a favorable economic environment with interest rate cuts by major central banks, including the Federal Reserve and the People’s Bank of China, spurring risk appetite and positive sentiment in financial markets. The “Coinbase Premium”—a metric reflecting increased buying pressure on U.S.-based Coinbase versus Binance—also showed heightened demand in the U.S., contributing to the asset’s price rise to over $66,000 in late September.
Analysts are optimistic about Bitcoin’s performance in the upcoming fourth quarter, with historical patterns indicating strong Q4 gains when September is positive. Bitcoin’s upward trend through September and its resilience amid volatility have many investors watching closely, as Q4 has often proven bullish following gains in September