1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
Preparing video
Key points:
US indices, particularly Nasdaq, show technical strength after recent pullbacks Alphabet (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META) offset Nvidia (NASDAQ:NVDA) volatility Bitcoin (BTC) may see a near-term rebound if support holds around $80,000 S&P ASX 200 (ASX:XJO) likely to trend higher toward year end after holding key support
Tony Sycamore from IG highlights a shift in market sentiment following a third consecutive night of gains for US equities, particularly noting the Nasdaq’s rebound above the 24,000 support level. Sycamore points to changing expectations on rate cuts from the US Federal Reserve, stating that a pullback in US equity markets now appears complete and the stage may be set for further gains into year end. Developments in the artificial intelligence sector, especially strength from Alphabet (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META), are said to offset recent negative news surrounding Nvidia (NASDAQ:NVDA), which Sycamore expects will support the Nasdaq’s upward momentum.
In the cryptocurrency space, Sycamore sees signs of a low forming around the $80,000 support area for Bitcoin (BTC), suggesting that after leverage-driven selling, a short-term rally towards $95,000 is possible if key support holds. For crude oil, Sycamore observes that positive developments in Ukraine peace talks may unlock Russian supply and push oil prices below year-to-date lows, leading to a more neutral outlook.
On the ASX, Sycamore identifies support for the S&P ASX 200 (ASX:XJO) near the 8,382 level following a recent 7.5% pullback, projecting upside potential toward 8,730 into year end, particularly as seasonality turns more favourable after Thanksgiving.
